Traditional Mortgages

Conventional Loans

Conventional loans are mortgage loans that are not guaranteed or insured by a governmental agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). They come in both Fixed and Adjustable rates with flexible loan terms.

Key Considerations:

• A great option if you will be in your home for a while
• Terms that may let you pay off your mortgage sooner
• You can choose from a variety of terms

Federal Housing Administration (FHA) Loans: Lower Down Payment Option

A FHA loan is the perfect government-insured loan option if you are looking to refinance or buy a home with a low down payment.

Key Considerations:

• You want to buy a home with a low down payment
• You’re a first-time homebuyer
• You have a qualifying income
• You want to refinance your existing loan at a lower rate
• Sellers can pay closing costs up to an amount equal to 6% of the sales price/value
• You have low or no credit

Fixed-Rate Mortgages 

A Fixed-Rate mortgage features predictable and steady monthly payments with flexible loan terms.

Key Considerations:

• You’re planning to be in your home for the next 10 years
• You’re looking for a mortgage that has a monthly payment that does not change

Adjustable-Rate Mortgages

An Adjustable-Rate Mortgage benefits those who need initial lower payments and interest rates.

Key Considerations:

• You’re planning to be in your home for a shorter term, 10 years or less
• You expect interest rates to remain stable or decline
• You want a lower initial monthly payment and don’t mind a variable interest rate

Veteran Affairs (VA) Loans

A Veteran Affairs loan offers veterans little to no down payment on a home purchase.

Key Considerations:

• You’re a U.S. Military Veteran
• You’re currently serving in the military or military reserves
• You may be eligible if you are a commissioned officer of the Public Health Service

Jumbo (Non-Conforming) Loans

A Jumbo Loan is perfect for those who like to dream big and need mortgage amounts over $647,200.

Key Considerations:

• You want to borrow more than $647,200
• Fixed and adjustable-rate loans available 

Home Equity Loans

A Home Equity Loan is when you use your equity in your home as collateral to borrow money. These can be used for: 

• Education
• House Projects/Renovation
• Debt Consolidation
• Celebratory events, like weddings

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