
Loan Options
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FHA / 203k
Federal Housing Administration (F.H.A.)
Backed by the Federal Government, these loans were designed to make housing more affordable.
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F.H.A. programs allow a borrower to buy a home with a low down payment. In addition, your down payment can be provided to you through a gift from a relative.
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F.H.A. 203k
The FHA 203k loan is a loan that allows you to purchase a home in need of repairs. With this type of loan the lender will finance you for the total of the purchase and repairs that are needed.
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CONVENTIONAL
Conventional Loans:
A conventional loan is a loan that's not guaranteed or insured by the federal government. A conventional loan can, however, follow the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac.
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Both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.ā
USDA
USDA / Rural Area Loans:
These types of mortgage loans are administered by the United States Department of Agriculture Rural Development Program.
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A USDA loan may be able to allow you to purchase a home with no money down.
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With changes in Congress, this program is now an excellent opportunity for any individual who lives or wants to move to more rural parts of the country.
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There are income limits, and location guidelines within the program. We can discuss this in more detail if you are purchasing a home in a rural area.
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VA
V.A. Loans:
This type of loan is also insured by the Veterans Administration, and is available to people who qualify for veterans benefits.
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This program may allow the veteran to buy or refinance a home with zero down and no monthly mortgage insurance payments if they qualify via their V.A. Certificate of Eligibility.ā