.png)
Loan options, clearly explained.
FHA LOAN
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.
CONVENTIONAL
A conventional mortgage loan is not directly insured by a government program. Most conventional loans are also “conforming” loans, which simply means that they meet the requirements for Fannie Mae or Freddie Mac. Minimum down payments are typically 3% and with 20% down, you can eliminate mortgage insurance.
JUMBO
A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. The limit is revised each year so be sure to consult with your loan officer for latest limits. Some benefits might include financing up to 2.5 millions, competitive pricing, and more.