Let’s Get You Your Dream Home

FHA loans are insured against default by the Federal Housing Administration (FHA)

FHA loans are typically a good option for first-time home buyers or those with spotty credit history. They’re guaranteed by the government. The benefits include a smaller down payment, lower interest rates, it’s easier on credit-challenged borrowers, and 100% of the down payment can be in the form of a gift.

VA loans are guaranteed home loans for qualified veterans, active service members, and surviving spouses.

The U.S. Department of Veterans Affairs guarantees a VA loan. The most significant benefit is that no down payment is required. There’s also no minimum credit score you’re not required to pay Private Mortgage Insurance (PMI), and you can pay off the loan at any time without penalty.

A jumbo loan allows you to finance a home that's priced over the government's loan limit.

If a home you're considering purchasing is priced over the conforming loan limit set by the Federal Housing Finance Agency (FHFA), you can apply for a jumbo loan. For example, if a home is listed on the market at $500,000, but the conforming loan limit is $400,000, then a jumbo loan would come into play. The interest rates are typically competitive and the down payments are low. However, you'll need to have a solid credit score and high annual income to qualify.

You pay only the interest for a certain period of time, typically the first five or 10 years.

Interest-only loans can be beneficial if you’re seeking better monthly cash flow at the beginning of your loan term. However, you’ll need to be prepared for your monthly payments to go up significantly once the period ends. Typically, an interest-only mortgage comes into play if you want to buy a more expensive home with a lower monthly payment out of the gate.

With a balloon loan, you initially pay a low monthly payment, then at the end of the term, a balloon payment is due.

A balloon mortgage has an initial period (typically five or seven years) of low monthly payments. Once that period ends, a large balloon payment is due to pay off the balance owed on the loan. Buyers who are interested in a balloon mortgage typically plan to be in a home for a short amount of time. It can be risky. For example, if the homeowner decides to sell or refinance when the large payment is due but runs into difficulty, it could cause hardship.

Allows those 62 or older to convert a portion of their home equity into cash while living in their home.

With a reverse mortgage, the lender pays the homeowner each month using the home’s equity. And as long as the 2.0 Purchaseowner remains in the home, there are no fees, and no principal or interest is due. The advantage of a reverse mortgage is that if a senior needs money for expenses, such as caregiving, it's available to them. The disadvantage is that the home equity is being used while they are alive and therefore won't be available to pass down to heirs.

Your monthly payment will increase annually for a specific period of time, then become fixed for the remainder of the loan.

Graduated payment mortgages start with low monthly payments and gradually increase over time. They’re geared towards buyers who can’t afford a larger payment but still want to buy a home. The loan gives them an opportunity to slowly build to a larger payment. Graduated payment mortgages are also an option when interest rates are high and are pushing up the cost of monthly mortgage payments.