Find the Loan that Fits You

FHA Loans

Federal Housing Administration (FHA) loans are one of the most popular for borrowers who need a low down payment and flexible loan terms.

FHA loans have less stringent qualifying requirements than many other types of home loan. They’re intended to help buyers with low down payments, imperfect credit, or high debt-to-income ratios become homeowners.

FHA loans are insured by the government, and were originally designed for lower-income borrowers. They’ve since become very popular at all income levels: FHA loans now comprise almost a fifth of all new purchase mortgages.

FHA Home Loan Benefits

• Lower Requirements

  The easier qualifying requirements of FHA loans can get you into a home sooner.

• Lower Down Payments

  FHA down payments can be much lower than most other home loan programs.

• Lower Credit Scores

  Lower credit scores are permitted in qualifying for FHA loans.

Conventional Loans

Conventional home loans are standard loans that aren’t insured or guaranteed by the government. Because they fit most buyers, these loans are the most common type of mortgage.

Conventional loans generally conform to Fannie Mae and Freddie Mac guidelines and loan limits set by the Federal Housing Finance Administration. That means they fit within certain lending criteria and county loan limits, which vary from place to place.

You’ll typically need to meet standard lending criteria to get a conventional loan, so you’ll need a down payment of some kind and decent credit.

Conventional Home Loan Benefits

• Save money

  You won’t have to take out mortgage insurance if you have a deposit of 20% or greater.

• Get approved quickly

  Conventional loans require less paperwork, so they can be approved and funded quickly.

• Flexible terms

  Choose the loan terms that suit you: repay over 8 years or over 30.

VA Loans

Veteran’s Affairs (VA) loans are a special category of home loan for current military members and veterans.

They’re guaranteed by the United States Department of Veterans Affairs, and designed to help servicepeople into home ownership. As such, VA loans have less stringent qualifying requirements and are a good option for previous or current military personnel.

VA loans do not require any down payment at all, and mortgage insurance is not necessary. You can buy or build a home, or refinance an existing mortgage with a VA Loan.

VA Home Loan Benefits

• No down payment

  VA loans have no down payment requirement: you can borrow the whole purchase price.

• No mortgage insurance

  Regardless of your deposit or equity in the property, mortgage insurance isn’t required.

• Purchase Or Refinance

  VA loans can be used for new purchases or to refinance existing mortgages.

ARM Loans

An adjustable-rate mortgage (ARM) is a type of loan where the interest rate varies throughout the life of the mortgage.

The initial interest rate is fixed for a specified period of time. After that time period has passed, the rate varies – typically yearly, biannually, or monthly. So an ARM loan is essentially a mortgage that starts off fixed but becomes variable over time.

ARM loans might make sense for buyers planning to pay off the loan in full within a certain time period. And these loans often come with rate caps that limit how high interest rates can rise and how much payments can change.

ARM Home Loan Benefits

• Low monthly payments

  ARM loans let you set lower monthly payments than a typical fixed loan.

• Save money

  If you’ll be moving or paying off your loan soon, an ARM could save you money.

• Enjoy flexibility

  ARMs are designed to be flexible: they suit future plans that aren’t rock solid.

Fixed Loans

A fixed-rate mortgage is a type of loan where the interest rate stays the same throughout the life of the mortgage.

That means that changes in the market won’t affect your loan – even if interest rates go up overall, yours will stay the same. Likewise, if interest rates go down, yours won’t move then either.

Fixed loans provide stability and security as there are no moving parts. Your monthly payments remain the same over the life of the loan, making fixed loans easy to budget for.

• Stability and security

  Know exactly how much your loan will cost with no surprises.

• Fixed payments

  Monthly payments will always be the same, so you can budget easily.

• Secure low rates

  If you think interest rates are going up, you can secure low rates with a fixed loan.

Renovation Loans

Rehab loans allow buyers to add the cost of repair or renovation into a new home loan. The mortgage will cover the purchase price of the property as well as any work to be performed.

These loans are perfect for fixer-uppers: you can borrow the total amount you need to purchase and repair or renovate a property in one lump sum.

Renovating a property can often add value quickly. If you want to renovate an existing property without having to front all the capital, you can refinance to a renovation loan to add those costs into your existing home loan.

Renovation Loan Benefits

• One loan

  Renovation loans allow you one simple loan to cover purchase, repairs, and renovation.

• Get a bargain

  Fixer-uppers often come at lower prices – renovation loans help you take advantage.

• Funding options

  Secure a loan that perfectly fits you: program and structure options are extensive.

Jumbo Loans

Jumbo loans are similar to conventional loans, only the size of the loan is bigger. These loans exceed county loan limits for conforming loans, and so are considered “jumbo”.

Jumbo loans are considered to be riskier for lenders as they can’t be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac – like conventional loans typically can be. This means qualifying requirements are typically more stringent.

Jumbo loans are a great option if you’re looking to purchase a higher-priced property: there’s no value cap on this type of loan.

Jumbo Home Loan Benefits

• Get the home you want

  Don’t be stuck within loan limits: borrow what you need for the home of your dreams.

• Alternative qualification

  You can often use alternative means of qualification to prove income and net worth.

• Save money

  With a 20% deposit, expensive private mortgage insurance isn’t required.

Reverse Mortgages

Reverse mortgages are for seniors looking to get some cash out of the equity in their homes.

This kind of home loan is the opposite of a regular one: funds are paid out instead of in, and the principal loan amount decreases rather than increases. That means your equity in the property will go down over time, and you’ll be receiving payments rather than making them.

You need to own a property outright (or have a very small loan) to be able to take out a reverse mortgage. This type of loan can be a great way to be able to take advantage of the equity in your property, trading it for cash you’re able to use.

Reverse Mortgage Benefits

• Liquidity

  Access the equity in your property in cash form.

• No credit required

  You don’t need any credit score to take out this loan – your property is your qualification.

• No income necessary

  There are no income requirements as you’ve already paid off all or most of your loan.