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Primary Residence
Primary residence loan programs are financing options tailored to individuals purchasing a home to live in as their primary residence. These programs offer benefits such as down payment assistance, favorable interest rates, and flexible loan terms. They prioritize community development and often have more lenient eligibility criteria compared to loans for investment properties. These programs are available to both first-time homebuyers and seasoned homeowners looking to purchase a new primary residence. Borrowers are typically required to occupy the property for a specified period. Primary residence loan programs aim to promote homeownership, provide affordable financing options, and support stability and community growth.
It's important for prospective homebuyers, whether they are first-time buyers or seasoned homeowners, to explore the specific programs available to them.
A 30-year mortgage is a home loan with a 30-year repayment period and a fixed interest rate. It provides stable monthly payments but results in higher total interest paid over the loan term.
30 Year Fixed Loan
An adjustable-rate mortgage (ARM) is a home loan where the interest rate can change periodically based on market fluctuations. This means that your monthly mortgage payments may increase or decrease over time. Usually starting out with a lower interest rate and adjusting at a specific time and rate.
Adjustable Rate Mortgage
VA loans are home loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to help eligible veterans, active-duty service members, and their surviving spouses become homeowners. VA loans offer favorable terms, including no or low down payment options and competitive interest rates.
VA - Veterans
USDA loans are government-backed home loans for low-to-moderate-income borrowers looking to purchase homes in eligible rural areas. They offer competitive interest rates and require no down payment.
USDA - Rural
Condo loans are mortgages for purchasing condominium units. They have specific criteria and considerations related to condo associations and the financial viability of the property.
Condominium
A 15-year mortgage is a home loan with a repayment period of 15 years. It requires higher monthly payments, but this shorter term allows homeowners to pay off their loan quicker, build equity faster, and save a substantial amount on interest payments over the life of the loan.
15 Year fixed Loan
FHA loans are government-backed mortgages that offer flexible eligibility criteria and lower down payment requirements. They are popular among first-time homebuyers and individuals with lower credit scores or income.
FHA
Conventional loans are standard home loans that are not insured or guaranteed by a government agency. Conventional loans offer flexibility in terms of loan amount and repayment options, making them suitable for borrowers with stronger financial profiles.
Conventional
Jumbo loans are large mortgages used to finance high-value properties that exceed the loan limits set by government-sponsored entities. They require higher credit scores and larger down payments.
Jumbo Loan
One-time close construction loans combine financing for both the construction and permanent phases of a home project into a single loan, simplifying the process for borrowers.
Construction Loans
