Purchase Home Loans, Conventional, Jumbo, FHA and VA Loans

Conventional A conventional loan is a mortgage loan that conforms to Government Sponsored Enterprises (GSE) guidelines. The loan amount must not exceed guideline limits. Criteria include debt-to-income ratio limits and documentation requirements. The maximum loan amount is set based on the October-to-October changes in median home price. Any mortgage loan other than an FHA, VA or an RHS loan is a conventional one.

FHA Within the government’s Housing and Urban Development (HUD) program operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA who insures the loan for the lender. The credit qualifying criteria for a borrower are not as strict as conventional loan financing and the down payment or Equity requirements are less.

VA Loans The VA loan was designed to offer long-term financing to American veterans or their surviving spouses. A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan may be issued by qualified lenders and allows veterans 100% financing without private mortgage insurance or 20% second mortgage.

Other Loans

Home Equity Loan Home equity loans are tax-deductible loans that can be used for debt consolidation, can be cashed out for any other use, and have fully amortized, fixed rate payments. A home equity loan on your primary residence could provide you with the opportunity to help fund your new vacation or investment condo.

Refinance Home Loan Refinance home loans pay off one loan with the proceeds from a new loan using the same property as security. Refinance home loans come in many formats, including fixed mortgage loan rates, cash out, zero cost, interest only, stated income, and bad credit refinance.

Second Mortgages A second mortgage loan is an additional loan against your property that can provide cash out with little or no equity. One benefit of a second mortgage is retaining a low rate on your existing first mortgage.

Home Improvement Loan Home improvement loans can provide you with the money for improving, repairing, or remodeling your existing home. These loans are often used to maintain or increase the value of your home. It can include repairs, refurbishing of your bathroom, kitchen, property extensions, landscape improvements, swimming pools and many other repairs or renovations.