Types of Loans Available
VA - the Veterans Administration guarantees this type of loan with 100% financing on the purchase of a home. You will have to provide the normal closing costs, but there is little or no down payment. They also offer deals to refinance your existing home.
FHA - this loan requires a small down payment and is insured through the Federal Housing Administration.
Conventional - this type of loan can have a fixed rate and stable monthly payment for the entire life of the loan. The rates on these loans are usually higher than an adjustable rate mortgage. You can use this type of loan to get financing on your primary residence, second home, investment property or vacation property.
Adjustable Rate Mortgage - adjustable rate mortgage loans are generally called "ARM" loans that start with a lower rate and adjust with the market. We will inform you of the highest your rate can get over the life of the loan, so you will know the most you will ever have to pay. This type of loan is ideal for someone who is planning on moving in a couple of years or expect interest rates to drop.
Rural Development - (formally FmHA) this loan is based on certain income qualifications and offers 100% financing including closing costs. This type of loan is ideal for the first time homebuyer with limited income and no assets.
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