- Reverse Mortgage
- Fixed Rate Mortgage
- Adjustable Rate Mortgage
- FHA Insured Loan
- Jumbo Loan
- Real Estate Investor Loan
- VA Loan
- Home Improvement Loan
- USDA Home Loan
A Reverse Mortgage, or Home Equity Conversion Mortgage (HECM), is a loan that allows borrower(s) age 62 and older to purchase a new home, or access their equity in their existing one, without the burden of monthly mortgage payments.
Fixed Rate Mortgage
With this type of mortgage, the payment stays fixed over the life of the loan. Even if market rates change drastically, payments remain the same from month to month.
Adjustable Rate Mortgage
This type of mortgage loan is characterized by interest rates that adjust or fluctuate in with the market. They typically offer an introductory/lower interest rate which is set for an initial period of time. After that, the interest rate may rise or fall, as will the monthly payments.
FHA Insured Loan
These loans are insured by the Federal Housing Administration and originated by certain FHA-approved lenders. They require a low 3.5% down payment and allow the buyer to finance most of the closing costs.* These loans are designed to assist borrowers who need help getting loan approval because of lower credit scores or limited down payments.
This type of loan is used to purchase higher prices homes. Fannie Mae and Freddie Mac set loan limits for mortgages that are considered “conventional” loans that are taken out in excess of these limits are considered Jumbo Loans.
Real Estate Investor Loan
This type of loan is used to purchase property for investment purposes as opposed to one’s private residence. Often the property will be used for rental purposes, such as a rental home, apartment building, or other space that gives the owners an opportunity to create profit and income over the long term.
These loans are available to active duty or military veterans and are insured by the U.S. Department of Veterans Affairs. They require no down payment and can be used for either a home purchase or a refinance.
Home Improvement Loan
The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property without exhausting their personal savings. Home buyers can purchase a property and also finance the repair or remodel costs up to $35,000 in one simple fixed-rate loan.
USDA Home Loan
This Guaranteed Rural Housing Loan Program is offered through the U.S. Department of Agriculture. The program offers assistance to low and moderate-income rural residents whose income is equal to or less than 115% of the area median income. It allows 100% financing with a 30-year fixed-rate mortgage in specifically designated areas deemed “rural” by the USDA.