We have programs designed to help buyers purchase a home with the lowest rate available at the lowest cost.
Monthly Archives: February 2024
Down Payment Assistance Programs Available **Borrowers with lower credit scores are subject to stricter guidelines**
VA Loans insured by US Department of Veterans Affairs and are a valuable benefit for military veterans and active servicemen/women. A minimum credit score of 600 is required for fixed rate financing, ZERO down payment, and jumbo loans available.
USDA loans are backed by the United States Department of Agriculture and are meant to promote homeownership in rural areas. They offer 0% down payment and lower rates for borrowers who meet the income and location requirements. USDA loans are for individuals or families looking to purchase in rural areas who have limited income but […]
FHA loans are backed by the Federal Housing Administration and are designed for low-to-moderate-income borrowers. They require a lower minimum credit score compared to conventional loans and allow down payments as low as 3.5%. Rates for FHA loans are generally low to help promote homeownership. These loans are ideal for first-time homebuyers or those with […]
Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency, which means they are for high-value properties. Because of the larger loan amounts, jumbo loans often have stricter credit requirements and may require larger down payments. Rates are typically higher than conventional loans due to the increased risk to lenders. Jumbo […]
Home Possible and Home Ready loans are designed for low to moderate-income borrowers with limited down payments. Offered by Freddie Mac and Fannie Mae, respectively, they allow down payments as low as 3%. Rates are competitive and these programs offer flexibility on funding sources for down payments. These loan types are ideal for first-time homebuyers […]
Refinancing involves replacing your existing mortgage with a new one, typically with better terms or rates. This is a strategic move for homeowners looking to lower their monthly payments, shorten their loan terms, or tap into home equity. Current rates for refinances will depend on the same factors as purchase loans but also on the […]
Conventional loans are not insured by any government agency. They often require a higher credit score and offer more flexible terms and lower interest rates. Rates for conventional loans are influenced by the borrower’s credit score, down payment size, loan term, and current market conditions. These loans are best suited for borrowers with strong credit […]