Each Loan type has this click icon within its summary description. Please click for more information on a specific loan product! own payment as low as zero percent down!
For 2023 the Federal Housing Finance Agency, or FHFA, has increase the conventional loan limit to $726,200 for most counties in the United States. Higher cost areas see their conventional loan limits increase to $1,089,300. A conventional, or conforming, loan has several advantages over other products including lower mortgage insurance for borrowers putting less than 20% down, you can put as little as 3% down for first time homebuyers with a conventional loan, as well as a more streamlined mortgage and documentation process over the jumbo loans that would have been previously required.
A FHA Mortgage is often referred to as the original first time homebuyers mortgage. You can put as little as 3.5% down and the entirety of that can be a gift from a family member. This government backed loan has amazing interest rates and protections for the buyer. If you are looking to buy your first home an FHA mortgage may be a tremendous starting point!
VA loans are an amazing option for those who have served this country. If you have a DD214 your qualify! As little as no money down with NO mortgage insurance. If you received a service related disability, thank you for your sacrifice and your service, then you may have no funding fee as well. This program should always be considered if you are a veteran! These are government backed loans with amazing rates below that of conventional loans.
A HECM, or Home Equity Conversion Mortgage, also referred to as a Reverse Mortgage, is one of the best mortgage products out there. It allows homeowners over the age of 62, and in some cases 55, to either purchase a new home or access their equity without requiring a monthly principal and interest payment. The amount accessible, or the required down payment, are calculated against the property value/purchase price and the age of the borrowers. There are limited income or credit requirements and can help retirees stretch their income, pensions or investments much much farther!
USDA loansare intended for rural development and have income and location limitations but if the location you are looking at is in a USDA eligible area this may be the program for you! Amazing interest rates and a down payment as low as zero percent down!