Types of Mortgages

15 Year Fixed Conventional

Interest rates for 15 year mortgages are lower than 30 year mortgages. Down payment options as low as 3%. Mortgage insurance can be dropped. Interest rate is fixed for the life of the loan. No upfront funding fees.

Borrowers who can qualify for a higher monthly payment and who want to pay off their mortgage faster and obtain the lowest interest rate possible.

30 Year Fixed Conventional

Competitive interest rates. Down payment options as low as 3%. Mortgage insurance can be dropped. Interest rate is fixed for the life of the loan. No upfront funding fee.

Borrowers with good credit who don't want the higher monthly payment of a 15 year mortgage and don't want to pay an upfront funding fee.

Adjustable Rate Mortgage (ARM)

Low initial interest rate which allows borrowers to qualify for a higher purchase price and pay a lower monthly payment. No upfront funding fee.

Borrowers who plan to sell or refinance before their interest rate adjusts, or who have income growth potential and want more purchasing power and a lower initial interest rate.

Jumbo

Higher loan limits which allow borrowers to purchase more expensive properties. No upfront funding fee.

Borrowers who need a loan over the conforming loan limit. The current conforming loan limit is $766,550 for one unit properties.

FHA

Easier income and credit requirements. Down payment options as low as 3.5%. Low interest rates even with less than perfect credit.

Borrowers with less than perfect credit who still want a competitive interest rate, or borrowers looking for a little extra purchasing power due to less restrictive debt to income ratios.

VA

No down payment required. No monthly mortgage insurance even with less than 20% down. Low interest rates.

Borrowers who are active-duty military, veterans, or military spouses who want a no money down loan option with low interest rates and no mortgage insurance.

USDA

No down payment required. Flexible credit requirements. Low interest rates.

Borrowers planning to purchase a home in a rural area and who have low to moderate income. Property must be located in an eligible USDA area.

Non QM

Alternative financing with less documentation. For example, borrowers can show bank statements instead of tax returns to prove monthly income, or get approved for an investment purchase based on the projected rental income.

Borrowers who can’t show enough documented income to qualify for a traditional mortgage. These mortgages come with a higher interest rate, but paying a higher interest rate may be better than not getting approved at all.