Loan Programs

Fixed Rate Mortgages
The traditional fixed rate mortgage is the most common type of loan programs, where monthly principal and interest payments never change during the life of the loan.

USDA 100% Home Loan

• NO Down Payment is Required
• NO Minimum Credit Score is Needed
• NO Monthly Mortgage Insurance premiums
• No Reserves are Required
• All Closing Costs can be financed. No Limit on Seller credits
• More flexible underwriting criteria than conventional loans
• Primary Resident Purchase loans only
• Must be located in Rural. (call for property lookup)

FHA Home Loans

• Only a 3 percent down payment is required, and can be from downpayment assistance programs or even a gift.
• All Closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• More flexible underwriting criteria than conventional loans
• FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
• Loans are assumable to qualified buyers

Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARM)'s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions.

Components of an ARM
To understand an ARM, you must have a working knowledge of its components.