Whatever you need, we have it...
Whether it's Conventional, FHA, VA, USDA, Alternative ("Alt-A") or Subprime (lower credit score) loans, we have them all, and with the most competitive terms and lowest rates available nationally. Each type of loan has its differences from one another, and based on your specific needs or qualifications, one type will likely be better suited for you than another.
We've provided a basic summary of each loan type below. For a more detailed explanation and analysis of which loan type would best suit your needs, please contact us. We'll be happy to explain things in more detail.
A mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is usually backed by Fannie Mae or Freddie Mac, and is usually fixed in its terms and rate. Generally, it is used by borrowers that can document all income and assets, meet other standard requirements, and have average to excellent credit.
A mortgage insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment (3.5%, or less with assistance from grants or other possible sources), or who's credit history may have imperfections that have resulted in lower credit scores. Unlike many lenders, we can go down to as low as a 560 credit score in many instances.
VA (Veteran) Loans
A mortgage guaranteed and backed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry). For those with full eligibility, it can provide that benefit of as little as zero money down, while having no mortgage insurance.
A mortgage known as the USDA Rural Development Guaranteed Housing Loan Program, offered to rural property owners by the United States Department of Agriculture. The benefit of this loan is that is requires zero money down. It does have a maximum household income limit, which varies by the county, and the home must be located in a census track (USDA "footprint").
Alternative (ALT-A) Loans
A mortgage with more lenient guidelines and is not eligible for purchase by Fannie Mae or Freddie Mac. These loans are determined by credit risk, and tend fall between conventional and subprime loans. Typically these loans are suitable for borrowers with less than full documentation, lower credit scores, higher loan-to-values, and more investment properties. A good example would be borrowers only able to document income with bank statements.
A mortgage with the most lenient guidelines and is not eligible for purchase by Fannie Mae or Freddie Mac. These loans are characterized by lower credit scores (usually < 600) and higher interest rates, with less favorable terms, in order to compensate for higher credit risks. Borrowers that have had difficulty maintaining a timely repayment schedule and who's credit scores have suffered (and can't meet the minimum FHA requirements), are generally best suited for this type of loan.