We went over some of the benefits available with a VA purchase loan as well as some items to consider when obtaining a VA mortgage. The VA also offers two refinance products to service members, veterans, and eligible surviving spouses.
If you are unfamiliar with the FHA 203(k) Mortgage, have we got a treat for you! With this mortgage product, you can purchase a home AND remodel or rehabilitate it all with one loan.
While not technically a mortgage product on its own, Adjustable Rate Mortgages are so popular that they are often thought of as one. Any mortgage can be an Adjustable Rate Mortgage simply by having an interest rate that, well, adjusts.
Jumbo mortgages are defined by a loan amount that exceeds the maximum amount that Fannie Mae and Freddie Mac will loan, otherwise called the conforming loan limit.
A VA mortgage is a mortgage available to service members, veterans, and eligible surviving spouses. It is a benefit provided by the Department of Veterans Affairs (VA) and is guaranteed by the federal government.
An FHA mortgage is a mortgage that is secured by the federal government, specifically the Federal Housing Administration. Basically, this means that if a borrower quits paying and loses their home in a foreclosure, the government will make sure the lender doesn’t suffer any losses.
Conventional Mortgages are often considered the go-to standard of mortgage loans. They have competitive interest rates, are very wide-ranging in options, and can fit most circumstances. You could think of them as the O+ blood type of mortgage loans.