Loan Programs
In most cases, there are several different types of mortgage loan programs and products available to borrowers. Each situation and scenario is unique and has its own distinctive objective.
Finding The Right Type of Loan
In most cases, there are several different types of mortgage loan programs and products available to borrowers. Each situation and scenario is unique and has its own distinctive objective.
Conventional Loans
Conventional loans are any type of mortgage loan that is not offered or insured by a government entity as part of a specific program. Private lenders, such as any big or small bank, can set the loan terms, including eligibility or qualification criteria, interest rates, down payment thresholds, payment schedule and more.
Conventional Specialty Programs
There are many different types of loan programs out there. Some are available throughout the entire mortgage industry and in addition to those, there are many offered by specific banks. These range from income and location specific situations to employment and credit specific scenarios.
FHA Loans
FHA loans are generally easier to qualify for compared to Conventional loans. They allow for lower credit scores and in many cases, more lenient “debt to income” ratio parameters and higher loan amounts.
VA Loans
VA loans are mortgage loans guaranteed by the United States Department of Veterans Affairs which allow lenders to offer greater flexibility and favorable terms, rates and options. This program is designed for qualifying American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses.
Reverse Mortgages
A reverse mortgage is a special financing tool which allows seniors to utilize equity in their homes for various benefits with flexible repayment options.
Commercial Products
Commercial loans are used in connection with any property types consisting of full commercial space, mixed use (a combination of commercial and residential space), or multi-family residential units at or above 5 individual residential units.