Today's home buyer has more loan options than ever before. There are loans to fit every type of lifestyle, and while it may seem overwhelming, the ultimate goal is to find a loan that fits your current situation and also lines up with your future plans. Below are some of the most common types of loans to give you an introduction to your options. When you are ready to begin looking for a home, I will work with you to help you find a lender who can offer a program that matches your lifestyle. Scroll down to the bottom of this page for a list of preferred lenders.
Buyers
Loan Options
A fixed-rate mortgage is traditionally the most popular mortgage option for home buyers. With a fixed-rate mortgage, the interest rate remains the same for the life of the loan. The benefits of this type of mortgage are that the loan payments remain the same to help protect against inflation and also because the fixed payment is easy to manage in a budget. Fixed-rate mortgages are most common in 30-year and 15-year terms, but some lenders offer 20-year and even 40-year loans.
The Federal Housing Authority (FHA) and the Veterans Administration (VA) offer loan programs to promote home-ownership for people who might otherwise not be able to qualify for a conventional loan. Both FHA and VA loans have lower qualifying standards than conventional loans and usually require smaller (or even no) downpayment. While these loans are insured by the government, they are still issued by private lenders. FHA loans are available to anyone, but VA loans are only available to veterans or their spouses as well as certain government employees.