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Traditional Fixed Rate Loans
These loans are offered with 30,20, 15 and 10 years.  Each of these terms are fully amortized which means your interest rate and your monthly principle and interest payment will not change over the life of the loan. These loans protect against rate and payment increases due to the current market conditions. 


 USDA/Rural Development

USDA home loan programs are primarily designed to help lower income individuals or households purchase homes in rural areas. USDA Rural Development funds can be used to build, repair, renovate or purchase a home.  You can finance 100% of the home value with no down payment or monthly mortgage insurance required.  Eligibility for the USDA Rural development loan program is dependent upon income and property location. 


This mortgage is designed primarily for first-time homebuyers.   FHA mortgages allow the homebuyer to put down as low as a 3.5% down payment AND have less than perfect credit.   FHA Mortgage loans require a mortgage insurance premium to be collected at closing (upfront MI) and an annual premium is collected in monthly installments. The FHA mortgage insurance premium in not the same as your homeowner’s insurance and is required of all borrowers with less the 20% LTV. A typical monthly mortgage payment on a FHA mortgage loan includes principal and interest, taxes, monthly insurance premium (MIP), homeowners insurance (assuming you have elected to make monthly payments on your taxes and homeowners insurance).


FHA Streamline Refinance
In order to refinance using the FHA Streamline Refinance program, your mortgage must already be FHA insured. The mortgage to be refinanced should be current (not delinquent). The refinance is to result in a lowering of the borrower’s monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the streamline refinance process. Contact a mortgage loan professional near you to discuss FHA Streamline Refinance opportunities.


Federal VA Loan
A VA mortgage loan is a federally guaranteed mortgage loan for veterans that does not require a down payment* or private mortgage insurance. This is an excellent benefit for eligible veterans. Private mortgage insurance is usually required if a down payment of 20% is not provided – with the VA mortgage loan both the down payment and private mortgage insurance requirements are waived for veterans.  To qualify for a VA loan, veterans would have to provide a VA certificate of eligibility. 


 Adjustable Rate Mortgages (ARM)
 ARMS—also called 3/1, 5/1 or 7/1—With arms the initial interest rate is only good for a 3, 5 or 7 year term and then adjusts every year after the initial term.  This product is good for borrowers looking to stay in their home for only a short period of time.