Mortgages

Not all mortgages are created equal! What was best for your friend may not be best for you. Furthermore, not all lenders offer every kind of loan. If you are working with a loan officer from a specific bank, you will have fewer choices than if you are working with a mortgage broker who has access to many different lending sources. Below is a partial list of the range of mortgage types available. Click on each to learn more.

  • FHA– Federally insured loans with easier qualification requirements and lower down payments. Great for first time buyers. 
  • VA– A mortgage guaranteed by the Department of Veteran Affairs. Allows qualified buyers to purchase a home with no money down and no mortgage insurance!
  • Conventional– Any loan not backed by the federal government. They come in two varieties: Conforming and Non-Conforming, and are often the best option for people with excellent credit.
  • Renovation Loans– For those looking at fixer-uppers. Borrow based on the expected values of the house after renovations and get cash at closing to do the work.

Generally speaking, conventional loans are a better option than FHA loans if you have very good credit. If you’re a veteran and don’t want to put money down, a VA loan is likely your best option. 

Additionally there are assistance programs available for low income home buyers that have not owned a home in the last three years. Click here for more information.

Note:  If you are making a downpayment of 20% or more you can put “0” in the PMI box. Leave Closing box blank. Be advised – this is just an estimate.