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Loan Programs

USDA Zero Down Mortgage, Down Payment Assistance and Grant Programs

Fixed Rate Mortgages Loan Program 

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

 

Adjustable Rate Mortgages (ARM) 

Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed interest rate for a set period of time before adjusting.

 

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)

Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed period ARMs.

 

 

FHA Home Loans

FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

 

VA Home Loans Program

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low-interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

 

Components of an ARM

Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

 

Commonly Used Indexes for ARMs

This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

 

Balloon Mortgages

Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.

 

Reverse Mortgages

Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.

 

Graduated Payment Mortgages

Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.

 

What kind of loan program is best for you?

Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.