We know that it can be confusing when it comes to deciding on the loan program that is best for you. There are so many loan programs available in the marketplace and each program has its own advantages and disadvantages. To determine the best loan for your needs, you will first have to decide on one of two LOAN TYPES: Fixed Rate Mortgage or Adjustable Rate Mortgage ad then identify the LOAN PROGRAM that best meets your needs.

STEP 1: Which Loan Type is Best for You?

LOAN TYPES

BENEFITS

DETAILS

Fixed Rate Mortgage

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Predictable monthly payments.
Spread payments over a long period.
Long timeframes keep payments low.
Rates guaranteed to remain the same through the life of th eloan.
Available in 15, 20, 30 year timeframes.

If you think rates are going to rise, locking in a low long-term fixed rate is your best option.
If your income may not increase in the future, a fixed rate mortgage will help you better manage your finances.

Adjustable Rate Mortgage

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ARM’s have lower interest rates than FRM. ARM rates are fixed for an initial term and adjust after this term based on an index.
ARM payments are lower than FRM during the initial fixed interest rate period.
Available in 5, 7, or 10 year fixed rate terms Rates will float after this initial fixed term.

Ideal if you plan on staying in your home for a shorter period of time.
More cost effective if you expect interest rates to decline or stay the same in the future.

After you have selected the most appropriate LOAN TYPE , you will need to determine which LOAN PROGRAM is best for you. There are a many available LOAN PROGRAMS, each program having unique characteristics that may or may not apply to you.

Need some help? Call us at 877-347-9921 to have one of our Mortgage Bankers help you determine which loan program best suits your individual needs.

STEP 2: Which Loan Program Best Meets Your Unique Needs?

LOAN TYPES	BENEFITS	DETAILS
FHA Loan Learn More Apply Now	Down payments as little as 3.5%. More flexible qualification criteria Mortgage insured by government results in attractive mortgage rates.	Fixed and Adjustable rate mortgages are available for FHA mortgages. FHA loans require an initial payment of an insurance payment and annual premium payments, thereafter, until specific equity in home is reached.
Jumbo / Conventional Loan Learn More Apply Now	Most common for mortgages above the FHA Loan limit, which varies by region. Mortgage rates can be very attractive for those with solid credit. May have stricter qualification criteria as compared to FHA Loans..	Variety of mortgage terms available including 15, 20, 25, 30 and 40 years. Ideal for those who want to borrow more than the FHA loan limits. No private mortgage insurance req’d with down payments greater than 20%.
VA Loan Learn More Apply Now	VA Loan designed for active and inactive military families. Mortgage rates are very attractive because they are guaranteed by the US Veteran’s Administration. 100% financing is available with no down payments.	An excellent option for military families to take advantage of due to flexible qualification criteria zero down payment option. VA Loans do require a upfront one-time Funding Fee payment that can be financed into the loan balance. Unlike FHA Loans, VA Loans do not have annual mortgage insurance premiums.
USDA Loan Learn More Apply Now	USDA loans were designed for eligible individuals who live in rural areas of 20,000 or less. USDA Loans are guaranteed by the US Department of Agriculture. USDA Loans allow 102% financing with no down payments.	USDA Loans can be used for home purchases or repair. USDA Loans require the payment of a a one-time upfront Guarantee Fee that can be financed into the loan balance. Like a VA Loan and unlike a FHA Loan, USDA loans do not have ongoing monthly mortgage insurance premiums.
Manufactured Home 1x Close Program Learn More Apply Now	Special program for manufactured homes that requires only one (1) closing instead of two (2) closings. Eliminate the traditional risk associated with re-qualification after the construction is complete. Many programs are available to enable borrowers with lower credit scores to qualify.	Manufactured Home 1x Close Loans require a 3.5% down payment as the permanent loan is often a FHA Loan. Borrowers must pay a upfront mortgage insurance premium and must pay monthly mortgage insurance premiums. These loans require full documentation and the homes must be owner occupied.
Reverse Mortgage Learn More Apply Now	Reverse mortgages enable qualified seniors 62 years and older to tap the equity in their homes. Very few qualification criteria required to obtain a Reverse Mortgage. No minimum income or credit score requirements. Homeowner’s obligation to repay a loan is deferred until the home is sold or owner leaves.	An increasingly popular way for seniors to improve their financial picture by providing seniors with immediate income. The amount that can be borrowed depends on the borrower’s age, prevailing interest rates, and appraised value of the home. Existing mortgages can be paid off completely with the proceeds of a Reverse Mortgage.