Loans

A mortgage loan gives you the necessary funds to purchase                  .

your home

Choosing the loan that is right for you is essential to a less stressful home buying experience. There are a variety of loans available to meet every need. All Financial Services will help you to choose the loan that best suits your needs.

conventional loans

A conventional loan is a great option if you have a solid credit score and little debt. Conventional loans can offer borrowers more flexibility regarding the condition of the home and can save you money on your monthly payment.

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fha loans

FHA insured loans were designed to offer affordable homeownership for low to moderate income applicants who require greater flexibility with credit guidelines compared to conventional loan offers. Now FHA offers much, much, more.

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USDA LOANS

USDA loans are designed for homebuyers in rural locations who may need greater flexibility than what is offered on a conventional loan. The goal of the USDA’s loan program is to provide insurance for  mortgage lenders so that they can offer mortgages to low- to moderate-income home buyers in eligible areas. In most cases the required down payment on these loans is “zero”.

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jumbo loans

A jumbo mortgage is designed to meet the needs of homebuyers who require financing on properties with higher price points where the loan amount is higher than the conforming (other loan programs) loan limits.

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va loans

VA loans are available to military veterans and active service men and women. These loans are easier to obtain with “zero down payment” options and no monthly mortgage insurance.

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Conventional Loans

What are the general qualifications for a conventional loan?

What are the general qualifications for a conventional loan?

A credit score of at least 620 and a stable employment history.

Are conventional loans backed by the federal government?

Are conventional loans backed by the federal government?

Conventional loans are not insured by the federal government.


Are there multiple types of conventional loans?

Are there multiple types of conventional loans?

Conventional loans may be fixed or adjustable interest rate loans. They can be used to purchase or refinance a primary residence, an investment property, and a second/vacation home.

Do you have to have a large down payment with a conventional loan?

Do you have to have a large down payment with a conventional loan?

Down payment amounts can be as low as three percent of the purchase price.

Are a variety of loan terms available?

Are a variety of loan terms available?

Yes. The length of conventional loans terms can range from 10-30 years.

Are there any other benefits to a conventional loan?

Are there any other benefits to a conventional loan?

Yes. For example, a conventional loan may enable you to purchase a home in a high-cost area.


Can I use a conventional loan to buy additional properties?

Can I use a conventional loan to buy additional properties?

Yes. Conventional loans can be used to purchase properties beyond the one you live in. You can purchase a second home, an investment home, etc.

FHA Loans

Why would a buyer apply for an FHA loan?

Why would a buyer apply for an FHA loan?

Partially insured by the Federal Housing Administration (FHA), these loans lessen a lender’s risk when offering loans to buyers with limited funds for down payment and/or with imperfect credit. Credit scores as low as 550 are allowed for fixed-rate loans.

Are fixed rate mortgages the only type available with an FHA loan?

Are fixed rate mortgages the only type available with an FHA loan?

Both fixed-rate and adjustable-rate mortgage (ARMs) are offered. 

What type of properties can be financed with an FHA loan?

What type of properties can be financed with an FHA loan?

You may finance a single-family home, 2–4-unit property, modular home, condominium, a Planned Unit Development
(PUD) property or a mixed-use property (one that is used as both a residence and for business/commercial purposes). Also, you must live in the home you purchase with an FHA loan. You can’t purchase an investment property or second home with an FHA loan.

How much of a down payment is required with an FHA loan?

How much of a down payment is required with an FHA loan?

You may qualify to buy with a down payment as low as 3.5 percent of the purchase price of the home.

Is there any type of financing that would reduce my interest or payments?

Is there any type of financing that would reduce my interest or payments?

Your initial interest rate may be reduced for 1-2 years through a temporary buy down–a portion of monies released monthly from a lump sum contributed to an account.

VA Loans

Who is eligible for a VA loan?

Who is eligible for a VA loan?

VA loans are available for military veterans or active service men and women, with certain number of years of service, and are partially insured by the Veterans Administration (VA).

What type of properties are covered by VA loans?

What type of properties are covered by VA loans?

VA loans are for the primary residence only, which can be a single-family residence, a 2–4-unit property, a VA-approved condominium, a manufactured home, or a property in Planned Unit Developments (PUDs). Additionally, the home you buy with a VA loan must be the one you live in. You cannot purchase an investment or vacation home.

How much of a down payment do I need for a VA loan?

How much of a down payment do I need for a VA loan?

VA loans have easier qualifying guidelines with down payments as low as zero percent.

What are some guidelines for qualifying for a VA loan?

What are some guidelines for qualifying for a VA loan?

Applicants with a minimum credit score of 580 to 619 are subject to stricter guidelines but can still obtain financing.
Adjustable-rate mortgages (ARMs) require a minimum 620 credit score.

Are there loan amount limits?

Are there loan amount limits?

High-balance loan amounts up to $1 million may be available.

What types of mortgages are available with a VA loan?

What types of mortgages are available with a VA loan?

Fixed and variable rate mortgage loans are available.

Jumbo Loans

What makes a loan a jumbo loan?

What makes a loan a jumbo loan?

Any loan amount above the high-cost loan limits set by the Federal Housing Finance Agency (FHFA).

What is the maximum amount you can borrow?

What is the maximum amount you can borrow?

Loan amounts up to $10 million can be borrowed.

Since the amounts are so large, do you have to have a large amount for a down payment?

Since the amounts are so large, do you have to have a large amount for a down payment?

Down payments can be as low as five percent (but generally are 10%) of the purchase price.

Are there a variety of loans and terms available?

Are there a variety of loans and terms available?

Yes. Jumbo loans can be fixed or adjustable rate and are not limited to 15-year and 30-year terms.

What kinds of properties can be purchased with a jumbo loan?

What kinds of properties can be purchased with a jumbo loan?

Single-family residences, warrantable condominiums, and properties in Planned Unit Developments (PUDs) can be
purchased with a jumbo loan.

USDA Loans

What qualifies as a “rural” property?

What qualifies as a “rural” property?

The USDA's definition of "rural" is liberal, meaning many in small towns, suburbs and exurbs of major U.S. cities meet the "rural" requirement.

How much do I need to have for financing?

How much do I need to have for financing?

USDA Loans are one of the last $0 down mortgages with 100% financing, competitive fixed rates, no cash reserves required, guarantee fee can be financed, resulting in low out-of-pocket costs.

What are the requirements for this type of loan?

What are the requirements for this type of loan?

USDA Loans are designed to provide financing for low to moderate income households who are looking to purchase a home in eligible rural areas.

How can I use the funds?

How can I use the funds?

The funds can be used to purchase a home, complete minor repairs/renovations on an existing home, or to build a new home.

Can I refinance my existing property?

Can I refinance my existing property?

Yes

Learn more about Loan Options

Your ability to repay the loan on your home is a significant factor in receiving a loan. Your credit score will play a major role in determining your repayment ability as well as your interest rate and what type of loan(s) you qualify for.

Conventional loans can offer borrowers more flexibility regarding the condition of the home and save you money on your monthly payment. FHA loans can be great for borrowers with lower income and credit scores who need more flexibility in those areas. Which loan is right for you?

Mortgage loan terms are not just for 30 years. Other terms exist depending on your loan type and repayment ability. 

CREDIT SCORE MATTERS

FHA VS
CONVENTIONAL LOANS 

30 YEARS IS A LONG TIME 

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First-Time Home Buying Guide

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Having a guide to help you through the home buying process will ensure that you know where you are in the process and allows you to know what to expect.