Fixed Rate Mortgages:
Conventional Mortgages for Primary Residences or Investment Properties.
Best for customers who: Plan to own the property for a long time Are on limited or fixed incomes Are more comfortable with fixed payments Are buying or refinancing when interest rates are relatively low
FHA Mortgages: Federal Housing Administration loans insured by Housing and Urban Development (HUD)Small down payment needed Gift funds allowed Lower credit scores and limited credit history allowable Not restricted to first time homebuyers Refinances: Streamline with no credit re-qualifying
VA Mortgages: Available to qualified veterans of the U.S. Military and National Guard No down payment required on most loans No private mortgage insurance Not restricted to first time homebuyers
Rural Development Mortgages: Guaranteed by United States Department of Agriculture (USDA) for the purchase of homes in rural areas Designed for low to moderate income families Not restricted to first time homebuyers No down payment required No private mortgage insurance Income limits apply
Adjustable Rate Mortgages (ARMs):
Mortgages for Primary Residences or Investment Properties.
Best for customers who: Want lower initial payments Plan to move or refinance within a few years Are purchasing or refinancing when interest rates are expected to move lower Are purchasing acreage or subdivision lots
For customers who: Want to build their custom dream home Want interest-only monthly payments during construction
For customers who:
Have found the perfect lot or acreage to build their dream home Want an interest only balloon note for a residential lot Or, want a low interest adjustable rate loan for a larger tract of ground
Investment Property Loans:
For customers who:
Want to invest money in land, rental homes, second homes, condominiums and even apartment buildings Like the flexibility of a Fixed Rate or Adjustable Rate financing
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