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Programs


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Programs


let's find a program for you

 

Conventional Loans

By definition, a conventional loan is any mortgage not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises like Fannie Mae or Freddie Mac. The interest rate will be adjusted based on credit scores and the down payment. Loan terms can range from 10, 15, 20, 25, & 30 year terms. Minimum down payment requirement is 5% along with the possibility of paying mortgage insurance for part of the life of the loan.

 

FHA Loans

The Housing of Urban Development was charged with helping to increase home ownership many years ago. As a result, they have established the FHA loan program. FHA is a government subsidized loan with low down payment requirements of 3.5%. FHA financing will allow less than perfect credit.

 

VA Loans

This type of government loan is available to veterans who have served in the US Armed Services. (Active duty and Guard and Reserve members) There is no down payment requirement. No mortgage insurance. Borrower may pay the VA a funding fee based on service and previous use of their eligibility.

 

USDA Rural Development

The goal of USDA Rural Development’s Single Family Housing Guaranteed loan program is to assist low to moderate income rural homebuyers achieve their dream of home ownership. No down payment required. Income limits apply based on family size.

 


For more information or to apply for any of these loans in the purchase or refinance of your home, please contact our office at 701-239-2671 or fill out our online application!