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Loan Programs

FHA Loans:

If you are a first time buyer, an FHA loan might be the ideal solution for you. FHA loan programs adhere to specific criteria, offering low interest rates, minimal to zero down payments, and reduced closing costs.

Loan Highlights:

  • Minimum 580 FICO score
  • 43% Debt-to-Income
  • Loan amounts within county limits
  • First-time homebuyer eligibility
  • Homeowner education mandatory for at least one borrower
  • Option for non-occupying co-borrowers

VA Loans:

For veterans, active-duty service members, and eligible spouses, VA (Veterans Affairs) loans offer a range of benefits like zero down payment.

Loan Highlights: 

  • Competitive interest rates
  • No requirement for a down payment in many cases
  • Easier qualification criteria
  • No private mortgage insurance (PMI) required
  • Support for buying, building, or refinancing a home

USDA Loans:

USDA (United States Department of Agriculture) loans are designed to assist individuals in rural and suburban areas with low to moderate incomes. 

Loan Highlights:

  • Zero down payment option
  • Competitive interest rates
  • Assistance for low-income borrowers in acquiring homes in eligible rural areas
  • Offerings for eligible homebuyers or those looking to improve or repair properties in qualifying locations

Conventional Loans:

Conventional loans are not backed by a government agency and typically cater to those with stronger credit profiles. 

Loan Highlights:

  • Flexible terms and down payment options
  • Competitive interest rates
  • PMI required if the down payment is less than 20%
  • Suited for those with good credit scores and stable financial situations

HELOC Loans (Home Equity Line of Credit):

HELOC loans enable homeowners to borrow against the equity in their homes. 

Loan Highlights:

  • Revolving line of credit based on home equity
  • Variable interest rates
  • Flexibility to borrow, repay, and borrow again within a specified period
  • Used for various purposes like home improvements or consolidating debt

Fixed-Rate Loans:

Fixed-rate loans offer stability with a consistent interest rate and monthly payment throughout the loan term. 

Loan Highlights:

  • Predictable monthly payments
  • Protection against interest rate fluctuations
  • Various term lengths available (e.g., 15, 20, 30 years)
  • Suitable for those seeking financial predictability and stability

Adjustable Rate Mortgage Loans (ARM Loans):

ARM loans feature an initial fixed-rate period followed by adjustable rates. 

Loan Highlights:

  • Lower initial interest rates compared to fixed-rate loans
  • Rate adjustments after the initial period based on market conditions
  • Caps limiting how much the rate can increase during adjustment periods
  • Suited for those planning to move or refinance before the adjustment period begins

Jumbo Loans:

Jumbo loans are for homebuyers seeking higher loan amounts that exceed the limits set for conventional loans.

Loan Highlights:

  • Financing for properties exceeding conforming loan limits
  • Competitive interest rates
  • Different down payment requirements based on loan size and lender criteria
  • Suited for high-value properties or markets with expensive real estate

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