Our mortgage options

A conventional loan is a type of mortgage that is not backed or insured by the government. It's offered by private lenders like banks, credit unions, and mortgage companies. Borrowers typically need a higher credit score and a larger down payment to qualify for a conventional loan. These loans offer flexibility in terms of loan amounts, repayment terms, and interest rates. However, because they're not government-backed, conventional loans may have slightly higher interest rates and stricter qualification requirements compared to government-insured loans.

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The benefits include:

- Lower mortgage insurance with better credit scores.

- Mortgage Insurance that expires.

- As low as 3% for first time homebuyers or anyone making less than 80% the AMI. See AMI lookup tool. 

​An FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). These loans are designed to help borrowers, particularly those with lower credit scores or smaller down payments, to purchase a home. FHA loans are issued by approved lenders such as banks and mortgage companies, but they are insured by the FHA, which means that if the borrower defaults on the loan, the FHA will reimburse the lender for their losses. This insurance makes FHA loans less risky for lenders, allowing them to offer more favorable terms to borrowers, such as lower down payment requirements and more lenient credit score requirements. However, FHA loans often come with additional fees, such as mortgage insurance premiums, which borrowers must pay to offset the risk to the FHA.

A VA loan is a type of mortgage available to eligible veterans, active-duty service members, and certain spouses of military personnel, guaranteed by the U.S. Department of Veterans Affairs (VA). These loans are designed to help veterans and military families purchase homes without requiring a down payment or private mortgage insurance. VA loans are issued by private lenders such as banks and mortgage companies, but they are backed by the VA, which means that if the borrower defaults on the loan, the VA guarantees a portion of the loan to the lender. This guarantee reduces the risk for lenders, allowing them to offer more favorable terms to borrowers, including competitive interest rates and flexible qualification requirements. VA loans also typically have lower closing costs compared to conventional loans. Overall, VA loans are a valuable benefit for eligible veterans and military personnel, providing them with opportunities for homeownership with favorable terms and protections.

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A USDA loan, also known as a USDA Rural Development Loan, is a type of mortgage program offered by the United States Department of Agriculture (USDA) to help individuals or families with low to moderate incomes purchase homes in eligible rural areas. These loans are designed to promote homeownership in rural communities by offering favorable terms, such as no down payment requirement and low interest rates. USDA loans are available to both first-time and repeat homebuyers and can be used to purchase new or existing homes, as well as to refinance existing mortgages. To qualify for a USDA loan, borrowers must meet certain income requirements and the property must meet specific eligibility criteria, including location in a designated rural area as defined by the USDA. Additionally, USDA loans typically require payment of a mortgage insurance premium to protect the lender against default. Overall, USDA loans provide an affordable option for individuals and families looking to buy a home in rural areas with limited financial resources.

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There is a great number down payment assistance options out there, often provided by both states and lenders. These loans often include a "second mortgage," which is a lien that covers the portion needed for the down payment. This goes in the second lien position, yielding to the main (first lien) mortgage that you get on your home. Some of these are forgivable, some are grants, and some are different forms of a loan. Such as the California Dream for All loan. This option allows you to take up to 20% down from the state of California, and in return you give them 15 or 20% of the appreciation you see in the future. Often referred to as the Shared Appreciation Loan. Given that there are so many options with many different requirements, it is best to reach out to us to get the best option for you. 

A Bank Statement Loan is a type of mortgage program that allows self-employed individuals or those with non-traditional income sources to qualify for a mortgage based on their bank statements rather than traditional income documentation such as tax returns or pay stubs. With a Bank Statement Loan, borrowers provide bank statements over a certain period, usually 12 to 24 months, to demonstrate their income and ability to repay the loan. Lenders analyze the deposits made into the borrower's bank account to determine their average monthly income. This type of loan is particularly beneficial for self-employed individuals or business owners who may have fluctuating income or difficulty documenting their income through traditional means. Bank Statement Loans may have higher interest rates or require larger down payments compared to conventional loans due to the increased risk for lenders. However, they offer a flexible option for borrowers who may not qualify for traditional mortgages based on their income situation.

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A Chattel Loan is a type of loan used specifically for purchasing movable personal property, such as a manufactured home. Unlike traditional mortgage loans that are secured by real estate, Chattel Loans are secured by the personal property being financed. In the case of a manufactured home, for example, the home itself serves as collateral for the loan.

These loans typically have shorter terms and higher interest rates compared to traditional mortgage loans because movable personal property is considered riskier collateral. Additionally, Chattel Loans may have stricter qualification requirements and lower loan-to-value ratios.

While Chattel Loans offer financing options for individuals purchasing items like manufactured homes or vehicles, borrowers should carefully consider the terms and costs associated with these loans before proceeding, as they may not offer the same benefits or protections as traditional mortgage loans.