A little education can go a long way! With so many loan programs to choose from, how do you know which one is right for you? Here are the differences between a few of the most common loan programs to determine which best fits your situation and needs.
FIXED RATE LOAN
A loan that is ideal for borrowers who plan on going a minimal down payment.
CONVENTIONAL LOAN
The most popular loan programs available. Backed by Fannie Mae and Freddie Mac.
FHA LOAN
A mortgage loan that is insured by the Federal Housing Administration (FHA). These are great for low to moderate borrowers not planning to make a large down payment.
ARM LOAN
A type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark.
JUMBO LOAN
A loan that exceeds conventional limits set by Fannie Mar and Freddie Mac. These limits range from $417,000 and above.
VA LOAN
A loan guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by the qualified lenders to eligible veterans.
To learn more about which program is right for you, call to speak with one of our experienced loan officers at 952-920-5100.