February 11, 2018

Loan Options

FHA
Insured by the Federal Housing Administration (FHA) loans available for primary residences allow for a down payment of 3.5% for a variety of credit scores and has Mortgage Insurance Premiums for the life of the loan.

VA Loans
Guaranteed by the U.S. Department of Veterans Affairs (VA) allows veterans to purchase homes without needing a down payment or excellent credit.

Conventional Loans
Conventional Loans allow for as little as 3% down payment and have Private Mortgage Insurance until the loan to value reaches 78% or 80%.

High Balance Conventional Loans
These are an option available in many high cost areas where the limit of conventional loans has been raised to account for home prices higher than the national average.

Jumbo & Super Jumbo Loans
These are loans that are above the conforming limits.

FHA One Time Close Construction Loans
These loans follow the FHA guidelines to build a custom home with as little as 3.5% down payment that closes prior to construction, this sets the rate and loan term eliminating the risk of not requalifying at the end of construction.

VA One Time Close Construction Loans
These loans follow the VA guidelines to build a custom home with as little as zero down payment that closes prior to construction, this sets the rate and loan term eliminating the risk of not requalifying at the end of construction.

Refinance
Refinancing allows for renegotiating terms of current mortgage for a variety of reasons.

Home Equity Line of Credit (HELOC)
HELOC allows the borrower to use the equity that they have in their home to add a second mortgage based on their equity.

Reverse Mortgage
Reverse Mortgages allow homeowners of 62 years of age or older to use the equity in their home for a variety of ways including home improvements and or additional monthly income. This specialty product can also be used to purchase another home.

USDA Loans
USDA Loans are insured by the USDA and allows people to purchase eligible rural homes for zero or low down payment.

First-Time Home Buyer Programs through WSHFC (wshfc.org)
This program allows for first time home buyers of a certain income bracket to purchase homes at competitive interest rates with down payment assistance.

Thirty-Year Fixed Rate Mortgage
The traditional 30 year fixed rate mortgage has constant interest rate and monthly principal and interest payments that remain the same for the life of the loan. This loan is fully amortized meaning it is paid off at the end of the 30 year term. If you plan to stay in your home for the long-term, or if you are in a rising interest rate environment, a 30 year fixed rate is a good choice.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all of the advantages of the 30 year loan, plus a lower interest rate.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These loans offer a fixed payment for a specific period of time before adjusting. Depending on market conditions these may offer a lower rate than a traditional fixed rate.

Adjustable Rate Mortgages (ARM)
When it comes to ARM’s there are many features to consider. Consult your lender for specifics.

Annual ARM
This loan has a rate that is recalculated once a year.