Loan Programs
Government Loans
Government loans are insured or backed by the U.S. federal government. There are many types of government loans, including loans for college education, mortgages, disaster relief, opening a business and loans to support veterans. There are also government home loans to help all types of home buyers purchase their dream homes. There are three types of Government Loans:
- FHA Loans
- VA Loans
- USDA Loans
Conventional Loans:
This is possibly the most common Mortgage Loan, typically best fits consumers who have a solid credit history & offering a down payment of at least 5% (3% for First Time Home Buyers). Worth mentioning that if there is a down payment of 20% or more there is no Mortgage Insurance required. Conventional Mortgage Loans are not backed by a government agency instead they are secured by Government sponsored Enterprises such as Fannie Mae & Freddie Mac. There are 2 Types of Conventional Loans:
- Conforming
- Non-Conforming
Construction Loans
Typically include higher interest & financing includes costs of construction. The loan begins with a Lender paying a contractor in installments/draws. Once finished it is often transferred/financed into a normal Mortgage Loan. There are 3 types of Construction Loans:
- Construction-Permanent
- Construction Only Loans
- Renovation Construction Loan
Non-Traditional Mortgage Loans:
These loans normally do not have your typical Amortization Schedule & sometimes offers deferral of Principal or Interest. Though these loans are much riskier due to the abnormal terms regarding payments & lower credit score requirements, they are easier to qualify for than your common Conventional Loan. Loan Types Include:
- Ballon Payments
- Interest-Only Mortgage Loans
- Payment-Option ARM
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