Loan Types

Couple Making Down Payment for House

Reverse Mortgage for Purchase 

The rising costs of inflation are hitting all American households, but especially senior citizens on a fixed income. If you’re 62 or older, or if you help manage the affairs of a loved one who is a senior citizen, it’s worth it to learn more about reverse mortgages and how to take advantage of the equity built up in your or their home. It could ease the burden of paying for monthly expenses and even help purchase a different home without having to qualify for a conventional loan.  

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Home Loan Comparisons 

We’ve created a loan comparison chart for your convenience. This chart compares some of the most common requirements and the differences between five popular loan programs.

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Investment Loans 

Are you ready to step into the world of real estate investment? This article covers the basics on investment property loans including the difference between residential and investment loans, types of loans, requirements, and pros and cons.

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Accountant is calculate the budget.

Renovation Loans or Rehab Loan Options 

Not every home is turnkey ready. In fact, you may be looking for a house that needs work because of your budget or because you want to make it your own with renovations and remodeling. If you’re in the market for a fixer-upper, there are loans that can help you purchase the property and pay for the improvements. These loans are commonly called rehab or renovation loans.

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FHA 203(k) Rehab Loans 

Have you fallen in love with a home that has great potential, but it needs some (or a lot) of TLC? FHA 203(k) rehab loans are two among several types mortgage rehabilitation loans (a.k.a. renovation loan) that can help you buy a fixer-upper and finance the improvements with one loan. You can also use this loan to refinance your property and fund the cost of renovations. This rehab loan is backed by the government, specifically the Federal Housing Administration (FHA). If you are a “do it yourself” buyer, be aware that there are restrictions with this loan as to who can do the work.

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Conventional Mortgage

Conventional loans make up 80% of the mortgage market. They are popular among first-time home buyers (FTHB) in the U.S. The requirements for conventional loans tend to be stricter, but they aren’t uniform because guidelines for conventional loans can vary. Sellers like to work with buyers who use conventional loans because they tend to require less paperwork and close more quickly.

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Jumbo Loans

A jumbo loan is just what it sounds like, a big loan. Some dream home prices exceed the loan limits set by the Federal Housing Finance Agency. And in some parts of the country, the median price of homes may exceed conforming loan limits which makes finding a traditional loan program for which you can qualify challenging. In these cases, jumbo loans become your best option.

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FHA Mortgage

Like conventional loans, FHA loans are also popular for first-time home buyers (FTHB), but you don’t have to be a FTHB to get one. FHA loans are different than conventional loans because they are a specific kind of government-backed mortgage. The requirements for an FHA are less strict. These loans allow for a higher debt-to-income (DTI) ratio, and it’s possible to qualify for one even if you have a bankruptcy or foreclosure in your past. They are one of the easiest of loan types for which to qualify.

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Home loan

Non-Qualifying Mortgage or Non-QM 

A non-qualifying mortgage is also known as a non-qm. This is a specialty loan designed to help homebuyers who don’t meet the strict criteria needed to qualify for a more traditional mortgage. In many cases this is related to income documentation.

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What are my mortgage loan options? 

You don’t have to know everything about these mortgage loan options to move forward with buying a home. That’s what your mortgage broker is here for. However, it’s good to understand the basics. The more you know, the better prepared you’ll be when apply for a mortgage. Here’s a brief summary of the different types of traditional and specialty loans.

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