There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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A conventional loan is a type of loan that is not insured by the government. Conventional loans offer more flexibility and fewer restrictions for borrowers, especially those borrowers with good credit and steady income.
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 loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
A Jumbo Loan is a type of mortgage used to finance properties that exceed the limits set for conventional conforming loans. The maximum loan amount for a conforming mortgage is either $806,500 or $1,209,750 (high-balance),depending on the county, as determined by the Federal Housing Finance Agency (FHFA). When a home's price exceeds the local conforming loan limit, a Jumbo Loan is required.
A DSCR (debt service coverage ratio) loan, or Investor Cash Flow loan, is a non-QM loan that allows you to qualify for a home loan without relying on personal income.
A home equity loan allows homeowners to borrow money against the equity they have built up in their homes.
A private money loan is a loan provided by an individual or private organization, rather than a bank or traditional lending institution.
This loan type allows borrowers to use their personal assets as a means to qualify for a home mortgage, providing flexibility in obtaining financing.
A reverse mortgage is a loan that allows homeowners aged 62 and older to access a portion of their home equity without selling their property.
A reverse second mortgage is a specialized loan that lets you access your home's equity while maintaining your existing first mortgage.
A 203k Renovation loan is an FHA-backed loan that allows a borrower to finance the purchase and renovation of a home with a single mortgage.
