Search out the Best Home Loan Rates
realizes that your home loan needs are unique. We ALWAYS recommend shopping at least two sources for your best available mortgage rates.
If you’re underwater on your home or just looking to refinance, you may want to
consider a variety of loan options such as the HARP 2, FHA Streamline or VA Streamline programs. A qualified loan officer can help you make the correct decisions for your specific situation. These programs – such as the VA Streamline, or IRRRL, (Interest Rate Reduction Refinance Loan) – were implemented by the government to help homeowners reduce their monthly payment, increase their cash-flow, and help the homeowner stay in their house.
A Conventional home loan is now known as a Qualified mortgage (QM) or Qualified Residential mortgage (QRM). They typically have more restrictive underwriting guidelines and larger down payments.
The VA loan program has many benefits such as zero down and no private mortgage insurance (PMI). Those who can qualify for a VA loan are usually inclined to move forward with one because of the value and multitude of benefits.
The FHA loan program offers similar benefits to a VA loan but the borrower must put a down payment of at least 3.5% of the loan amount. The FHA insures these loans and this program is generally considered a great program for first-time homebuyers.
A Jumbo loan is one that is greater than the guidelines set by Fannie Mae or Freddie Mac for the maximum loan amount in a given area. These loans usually require larger down payments and have slightly higher interest rates than a Conventional home loan.