Loan Programs

Conventional Loans

A conventional loan receives support either from Freddie Mac or Fannie Mae, which are the two organizations that make up the Federal Housing Finance Agency (FHFA). These loans consist of more than fifty percent of every newly-acquired mortgage loan. All domestic households are eligible to receive funding through conventional loans. They require down payments ranging from 3 – 20 % of the entire purchase amount. Mortgage insurance on this type of loan is usually cheaper when compared to other loan types. Down payments which are below 20% usually require mortgage insurance. Conventional loans ranging between 15 -30 years are readily available. You have the option of applying either for a fixed-rate or adjustable-rate mortgage loan. The interest rate for the fixed-rate mortgage loan is fixed, unlike that of the adjustable-rate mortgage loan, which fluctuates in relation to the interesting changing rates.

The two types of conventional mortgages are conforming and non-conforming conventional mortgages. The two government entities, Freddie Mac and Fannie Mae, regulate the conforming loans while the non-conforming loans are not guided by these entities. The best way to determine which loan plan is convenient for you is to be conversant with the loan figures. From 2020 up to date, any mortgage having a loan amount less than $510,400 is classified as a conforming loan. A mortgage having a loan amount above $510,400 is classified as non-conforming, which is commonly referred to as a Jumbo mortgage. The set conditions usually tend to vary depending on the region of the country where you are located. Jumbo mortgages have more stringent conditions since they carry greater risks.

Key Conventional Mortgage Loan Points:

Primary residence down payment as low as 3%
Up to 45% Debt-to-income ratio
Stringent conditions when compared to those of FHA
For down payments which are lower than 20%, monthly mortgage insurance is required
Monthly insurance can be written off at 80% loan-to-value
A total of $510,400 in terms of the loan amount from 2020 (any amount higher than this is considered as jumbo in many regions in the USA)

*Loan terms are subject to change. This information is meant for educational purposes and is not a commitment to lend. To qualify for a conventional mortgage loan, please reach out to our licensed loan officers, or apply online.

FHA Loans

An FHA mortgage requires as low as 3.5% down payment on their homes. FHA loans have one of the most convenient plans for clients who are buying their homes for the first time and even those who might have a low credit score. An FHA mortgage is an excellent alternative for clients who might not have a large amount of funds saved for a down payment or have higher debts that might surpass their incomes.

Why Choose an FHA Home Loan?

Only 3.5% down
Flexible qualification guidelines
Debt-to-income ratio as high as 55%
Requires up-front & monthly mortgage insurance (MI)
Maximum home loan limits vary by county
Mortgage Insurance (MI) required for the entire life of the loan
Allows for no cost, no qualifying “streamline” refinance

*Loan terms and limits subject to change. This page is meant for educational purposes is not a commitment to lend. To qualify for an FHA home loan, please contact one of our licensed loan officers or apply online.

Reverse Mortgages

Is a Reverse Mortgage Right For You?

A Reverse Mortgage may be a great option for you if:

You’re 62 or older
You want to buy a new home with flexible monthly payments (including no payments) or
You own your home and have enough equity in it, and you want to turn some of that equity into funds you can use now or a line of credit that will be there when you need it; and you live in the home as your primary residence.

What are benefits and features of a Reverse Mortgage?

A Reverse Mortgage (HECM) is insured by the Federal Housing Administration (FHA) and provides all of the benefits of a regular line of credit from a bank, as well as additional features such as flexible payments.
You have the option of receiving your funds in the form of a lump sum, a line of credit, monthly advances, or a combination of these.
The non-recourse feature protects you from having to pay the difference if the loan sum ever exceeds the value of your house when the loan is due.
You must meet your loan responsibilities, including property taxes, insurance, maintenance, and any homeowners association (HOA) fees, just as you would with any other mortgage.
There are several additional restrictions and standards that must be met.

Rural USDA Loans

It is one of the most convenient loans we offer to clients who majorly reside in rural regions and less-populated towns. This housing program is managed and facilitated by the federal government. They are usually easy to apply and have lower interest rates. These loans are generally given to boost home buyers in these rural areas, whether they are purchasing or refinancing a home. Most financial institutions do not offer these loans, but we offer them to our clients. Only those clients who live in rural areas and whose housing conditions satisfy the income criteria will access these loans.

Our licensed loan officers are usually on standby to evaluate your housing conditions if you are unsure whether you meet the criteria of residing in a rural location. Only then will you be eligible to apply for the Rural USDA Loans. You can reach our officers at 435.216.3081, and we will be able to help you immediately. These loans have credit standards convenient for our clients and will even allow you to include your closing charges into this loan.

Why Choose a Rural Housing USDA Loan?

Purchase your dream property with a USDA Loan
$0 down payment
Minimum mortgage insurance on a monthly basis
Minimum closing costs
Only applicable to 30-year fixed-rate loans
Only properties situated in stipulated regions are eligible for this loan
Convenient eligibility criteria
Provide prior up-front guarantee and minimum monthly mortgage insurance
Highest income amounts change by county

VA Loans

They are commonly referred to as Veterans Administration loans and is insured loan where only those who have retired from the military are eligible to apply for them. It is a convenient home financing plan for these heroes. These loans incorporate 103% financing plans, which enables the veteran to buy a home with no money down and settle any underlying expenses later. These veterans will be required to make a prior payment, and this will be dependent on whether it is the first time that the borrower is applying for a VA mortgage. This loan is best suited for veterans looking for flexible and cheaper home loan plans.

Loan Terms: 15 & 30 Year Loan
Interest Rate Types: Purchase, Refinance
Loan Types: Fixed, Adjustable
Property Type: Primary Residence

Why Choose a Veterans Administration Home Loan?

Available to eligible veterans only
No down payment required
VA up-front funding fee, but no monthly MI
Allows for no cost, no qualifying “streamline” refinance
Available for 30-year fixed-rate home loans only
Subject to VA eligibility rules

Jumbo Loans

Jumbo loans will enable you to buy your dream home!

What Makes a Jumbo Loan?

If the loan amount for a single-family home surpasses $510,400, it is called jumbo (as of 2020). A loan is termed jumbo if it exceeds the maximum loan amount set by Fannie Mae and Freddie Mac in your area. Jumbo Loans are for properties with a higher purchasing price. A Jumbo House Loan could be right for you and your family if you’re ready to buy or build your dream home.

These larger house loans may have more strict qualifying requirements, such as higher credit scores and down payments. Jumbo Loans follow the same requirements as conventional loans, but borrowers must have larger “reserves” than with other loan kinds.

You can also choose to put more money down.

*Loan terms and limits subject to change. This page is meant for educational purposes and is not a commitment to lend.