Purchase or Refinance
Your Home

Conventional loans are a popular mortgage option for borrowers with credit typically at 620 or higher and stable income. They usually require a down payment of at least 3%, but programs like grants and Down Payment Assistance (DPA) can help eligible buyers cover part or all of this cost. Borrowers can choose between a Fixed-Rate Mortgage (FRM), which offers consistent monthly payments over the life of the loan, or an Adjustable-Rate Mortgage (ARM), which starts with a lower rate that can change periodically based on market conditions. Conventional loans are flexible, available for primary homes, second homes, and investment properties, and generally come with fewer restrictions than government-backed loans. A down payment of 20% or more allows borrowers to avoid Private Mortgage Insurance (PMI), potentially saving on long-term costs.

FHA loans are government-backed mortgages designed to help more people, especially first-time homebuyers, qualify for homeownership. They allow for lower credit scores (as low as 580 with a 3.5% down payment) and have more lenient debt-to-income ratios compared to conventional loans. While FHA loans require mortgage insurance (MIP), they are much more flexible for borrowers with less-than-perfect credit or lower savings.

Down Payment Assistance (DPA) programs and grants can help cover the required 3.5% down payment, making these loans even more accessible. However, FHA loans do come with stricter property standards, and the appraisal process is typically more thorough to ensure the home meets health and safety guidelines. While the appraisal process is a bit more intense, FHA loans are an excellent option for the average buyer who might need extra financial flexibility to get into a home.

VA home loans are available to veterans, active-duty service members, and eligible surviving spouses, offering significant benefits like no down payment and no Private Mortgage Insurance (PMI). They also have flexible credit score requirements (typically around 620) and often lower interest rates than conventional loans. Borrowers must obtain a Certificate of Eligibility (COE) to qualify. Additionally, certain National Guard members, reservists, and some military spouses can also use VA loans, even if they didn’t personally serve. Closing costs are limited, and some costs can be covered by sellers or assistance programs, making VA loans a top choice for military families.

USDA loans provide no down payment options for low-to-moderate-income borrowers purchasing homes in eligible rural or suburban areas. These loans are designed to make homeownership more accessible by offering lower interest rates and reduced mortgage insurance costs compared to conventional loans. To qualify, the home must be used as a primary residence, and both the borrower and property must meet USDA guidelines, which include location and income limits. With flexible credit requirements and no down payment needed, USDA loans are a great option for those looking to buy a home in quieter, less urbanized areas without the need for a large upfront investment.

Jumbo mortgages are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, typically used to finance luxury properties or homes in high-cost areas. Because these loans are larger and non-conforming, they come with stricter qualifications compared to conventional loans. Borrowers usually need a higher credit score (typically 700 or above), a larger down payment (often 10% to 20% or more), and lower debt-to-income ratios to qualify.

Interest rates on jumbo loans can be slightly higher than those on conforming loans, and lenders often require more documentation, such as proof of substantial income and significant cash reserves. Jumbo mortgages are ideal for buyers looking to finance high-value properties beyond conventional loan limits, offering flexibility in high-demand housing markets.

Financing for manufactured homes can be done through several loan products, depending on whether the home is permanently attached to land and meets specific property standards.

1. FHA Title I & II Loans: These are popular options, with Title I loans used for financing the home itself (even without land) and Title II for homes permanently affixed to land. FHA loans offer low down payments (as low as 3.5%) and are more flexible with credit scores, making them accessible for many buyers.

2. Conventional Loans: Fannie Mae and Freddie Mac both offer conventional loans for manufactured homes that are permanently affixed to a foundation and titled as real property. These loans typically require a down payment of at least 5% and a higher credit score (620+).

3. VA Loans: Eligible veterans can use VA loans to finance a manufactured home, but the home must be attached to land, and the borrower must meet VA eligibility requirements. These loans offer no down payment and no PMI, similar to other VA-backed mortgages.

4. Chattel Loans: These loans are designed for buyers purchasing a manufactured home without the land. They tend to have shorter terms and higher interest rates than traditional mortgages.

Manufactured home loans require meeting specific standards, but they can be a great option for affordable homeownership when the right loan product is chosen.