Which Mortgage is Right for You?
|Key Loan Program Features||Conventional||FHA||USDA||VA||Jumbo||184 Native|
|Fixed or Adjustable Rates?||yes||yes||yes||yes|
|Down Payment Requirements||3%||3.5%||0%||0%||10%||2.25%|
|Can Gift Funds be Used for Closing Costs?||yes||yes|
|Can Seller Pay Closing Costs?||yes||yes||yes||yes||yes||6%|
|Second Homes or Rental Properties?||yes|
|Mortgage Insurance Required?||yes||yes||yes||yes|
|Flexible Credit Requirements||yes||yes||yes||yes|
FHA mortgages are one of the most popular home financing options for first time and repeat home buyers alike. The low down payment (as low as 3.5%) can make it much easier to purchase a new home. Plus, FHA has less strict qualifying criteria in relation to credit scores and debt-to-income ratios than conventional loans.
Conventional loans are those underwritten to the guidelines of Fannie Mae or Freddie Mac and can be an excellent choice for many scenarios. They have a higher loan limit than FHA and will allow a buyer to finance without mortgage insurance (depending on the down payment).
Did you know it’s possible to purchase a new home with zero down payment? USDA (U.S. Department of Agriculture) has loans that offer up to 100 percent financing for low to moderate income borrowers in eligible rural and less populated areas in the United States.
This program is intended to make home buying more affordable in these areas. Many suburbs surrounding larger metropolitan areas are included in what is considered ‘rural’ for this loan program.
We are proud to work with our Nation’s heroes – the veterans and active duty men and women who serve in the US military and their families. VA loans make it possible for those who qualify to purchase a new home with no down payment.
VA also offers jumbo loans, with some down payment required. This is an excellent financing alternative to a standard Jumbo loan. Refinance loans are also available with a streamlined option for eligible homeowners with an existing VA mortgage.
We have a wide assortment of Jumbo Home Loans to fit every need. A jumbo loan simply has a higher loan amount than the standard conventional loan amount set by Fannie Mae. This amount can vary from year to year and be greater in some cities with higher real estate prices. Your loan officer can advise you of the loan amount that determines a ‘conforming’ vs. jumbo loan.
Jumbo loans each have their own variations for qualifying. Your loan officer can help you understand all the options so you can make the best selection for your circumstances.
Would an updated kitchen, luxurious master suite, or a second bedroom turn your current home into your dream home? Do you love the idea of buying a fixer upper and making it your own? With a renovation loan you can finance the renovation costs into the loan when you buy the home.
Looking to add a rental property to your investment portfolio? Click n’ Close can help make your money work harder for you with competitive mortgage rates on investment property financing.
Buying a first home is extremely exciting, and we are here to help you through each part of the process. We have a wide selection of programs to choose from, including low down payment options, fixed and adjustable rate loans, and repayment terms ranging from ten to thirty years.
We have excellent condo financing options whether you are buying a new property or refinancing. Condo loans can be a little more complex due to the specialized condo qualification process. Our loan originators have extensive experience in this area, and will help you every step of the way.
Credit can often be a challenging part of qualifying for a home loan. While we’re NOT credit counselors, we do have credit review software that can provide advice of how you might improve your credit score. Apply today and we will generate a report through all three credit bureaus and share the results of our credit analysis program with you. Even if you cannot qualify to buy a house right now, you will have the knowledge of what you can do to buy a home in the future.
The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance. We are proud to be the largest loan originators of the Native American housing program in the county.