The 7 Most Popular Loan Programs and Who They're Perfect For

This loan program offers first time home buyers a chance to purchase with a downpayment of only 3.5% of the purchase price. Mortgage Insurance of 2.25% of purchase price can be financed into the loan and rates are very low right now. For example a $500,000 purchase price you would only need $17,500 as a down payment.

Consider a loan that has all the security you find in a traditional 30 year fixed loan product with the flexibility of having an option to pay only on the interest. Usually Rates are higher on these mortgages for the option of having interest only payments. The benefit with these mortgages is the payment will usually be lower than a traditional 30 year fixed.

If you have the advantage of cutting your loan term in half and able to pay a relatively close payment to what you currently are paying on a 30 year fixed mortgage or will have comfortable payments, consider this loan. You not only cut the life of your loan by half you also cut the finance charge by well more than half. You can compare the savings using our loan calculator in the tools section.

Say you have decided to purchase your home but you require a loan amount greater than $625,500. Most lenders consider anything above this limit as a jumbo loan and do not have many loan products or low interest rates attached to these higher loan amounts. We offer great loan programs and low rates on the 30 year fixed for loans up to $2,000,000. Rates on our home page are tied to the 5 year fixed program.

The most common and popular loan of all is the traditional 30 year fixed loan. The rates now are historically low and the advantage of the 30 year fixed is your payment does not vary or balloon in time. If you are looking to buy or thinking of refinancing your debt this is the perfect time to refinance your loan and lower your payment by getting into a 30 year fixed at todays rates.

These loans are typically done if all the criteria most lenders want to see in order to lend are not present. It could be the home is in terrible condition and no lender wants to lend such as you find in most foreclosures or the homeowner or homebuyer is self employed and isnt able to show the income in order to qualify with full documentation as is common today. Rates are usually higher than conventional financing however these loans serve a purpose and can be used to buy or even refinance if it makes sense.

In todays market there are many homes flooding the market that are in need of serious repair. Rehab loans are perfect for the investor looking to get financing to fix the property and bring up its value. Most of the time the home is already bought with cash. The homeowner than needs to pull cash to begin construction. Most of the time you will be able to finance up to 65% of the future value of the property.