Benefits:

• Do you feel comfortable knowing that your payment will not change?
• Do you plan on remaining in your home for a long period of time?
• 3% minimum down payment required on purchase.

You can qualify for a conventional loan for amount up to $484,350 for single family property and up to $931,600 for multi-unit property (max. 4 units).

A fixed-rate mortgage is a financial product that has a constant interest rate for the life of the loan. The fixed-rate mortgage has a several of term options that vary from 10 to 30 years. Regardless of your preferred length, the interest rate remains the same for the length of the mortgage. This makes the fixed-rate mortgage a popular choice for homeowners who prefer a stable, budget-friendly monthly payment. Pre-payment penalties do not apply.

Benefits:

• The rates on adjustable mortgages reflect short-term interest rates, which are usually lower than the long-term rates of fixed
  mortgages.
• If you know will be moving or refinancing in the next 5 to 10 years take advantage of lower initial monthly payments.
• Easier income qualifying than fixed rate mortgage.

Adjustable-rate mortgages (ARMs) allow borrowers to pay lower interest rates on their loan for a set period, after which the rates get changed. Fixed term is typically for 5, 7 or 10 years. Pre-payment penalties do not apply.

Benefits:

• Low down payments
• Low closing costs
• Easy credit qualifying

The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so lender can offer you a better deal. Typically, an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. Borrowers with credit scores as low as 580 can qualify for an FHA loan. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4-unit properties. By comparison, you’ll typically need a credit score of at least 620, and a down payment between 3% and 20%, to qualify for a conventional mortgage. Pre-payment penalties do not apply.

A jumbo loan is one way to buy a high-priced or luxury home. The limit on conforming loans is $484,350 in most areas of the country, but jumbo mortgages can exceed these limits. While jumbo mortgages used to carry higher interest rates than conventional mortgages, the gap has been closing in recent years. Today, the average annual percentage rate (APR) for a jumbo mortgage is often par with conventional mortgages – and in some cases, actually lower.

The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) VA mortgages are available for no money down for qualified borrowers, and never have any private mortgage insurance (PMI). The no-money-down VA-insured mortgage gives borrowers dealing with tight budgets more flexibility in the all-important early years of the home loan