Conventional Mortgage
Conventional mortgages are a great choice if you plan on being in your home for at least seven years and you have a good credit history. With a fixed rate loan, your rate will stay the same for the entire loan term. The interest rates are competitive and there is a wide range of options that can fit most circumstances
• Loan Terms Available: 10, 15, 20, 25 and 30 years
• Low down payment options available
• Maximum Loan Amount: $766,550 as of January 1, 2024
Government Mortgages
RD Loans
USDA Rural Development (RD) mortgages are backed by the U. S. Department of Agriculture. This program is designed to allow more people with low or moderate income in "rural areas" of the country to own their home.
• Loan Terms Available: 30 years
• 100% financing options available
• Maximum Loan Amount: $766,550 as of January 1, 2024
FHA Loans
The Federal Housing Administration (FHA) has been helping people become homeowners for many years. FHA loans are perfect for those buyers who want a lower down payment and more flexible credit qualification.
• Loan Terms Available: 15 or 30 years
• 3.5% down payment based on sales price.
• Gifts from family, charitable organization or from government program can be used for down payment.
• Flexible credit requirements
• No income limits
• Maximum Loan Amount: $498,257 as of January 1, 2024
VA Loans
A VA mortgage is available to service members, veterans, and eligible surviving spouses. It is a benefit provided by the Department of Veterans Affairs.
• Loan Terms Available: 15 and 30 years
• 100% financing options available
• Maximum Loan Amount: $766,550 as of January 1, 2024
• No mortgage insurance
Jumbo Mortgage
Jumbo mortgage loans are exactly what the title says, mortgages that are bigger than the maximum amount allowed by Fannie Mae, Freddie Mac, VA and USDA Rural Development. The maximum amount for each program is called the conforming loan limit. A jumbo loan does not have these limits. The current conforming limit is $766,550.
• Loan Terms Available: 10, 15, 20, 25 and 30 years
• Maximum Loan Amount not restricted to conforming limits