Loan Programs
Which Mortgage is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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Mortgage Rate Options
Fixed Rate
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable ARM
Adjustable-rate mortgages is a type of home loan where the interest rate may change periodically based on a specific benchmark or index. Typically, ARM...
Interest Only
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Loan Program Options
FHA Home Loan
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
USDA Loans
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $806,500 in...
DSCR
A DSCR (Debt Service Coverage Ratio) loan is a type of financing used for investment properties. It measures a property's ability to generate enough income to cover its debt obligations. The DSCR is calculated by dividing the property’s net operating income (NOI) by its total debt service. A ratio above 1 indicates that the property generates sufficient income to cover its debt, making it an attractive option for real estate investors seeking to finance properties with minimal personal income verification.
Conventional Loans
A conventional mortgage loan is a type of home financing that is not insured or guaranteed by the federal government. Typically offered by private lenders, these loans adhere to guidelines set by Fannie Mae and Freddie Mac. They generally require a down payment of 3% to 20% and have fixed or adjustable interest rates. Conventional loans are popular for their flexibility and competitive terms, making them a common choice for homebuyers with good credit.
Bank Statement
A bank statement mortgage loan is a financing option designed for self-employed individuals or borrowers with irregular income who may not have traditional income documentation. Instead of providing pay stubs or W-2s, applicants can use their bank statements—usually for the past 12 to 24 months—to demonstrate their income. This type of loan allows lenders to evaluate cash flow based on deposits, making it a flexible choice for those whose income may not be reflected through standard documentation.
2nd Lien Home Equity
A second lien home equity loan is a type of loan that allows homeowners to borrow against the equity in their property while maintaining their primary mortgage. This loan is secured by the home's equity and is considered a second lien because it is subordinate to the first mortgage. Typically, borrowers can access a lump sum of money, which can be used for various purposes, such as home improvements, debt consolidation, or major purchases. These loans usually have fixed interest rates and repayment terms, making them a predictable financing option.