Info/Types of Loans:
FHA (Federal Housing Administration)
A convention loan is a home loan that is not insured or guaranteed by the federal government. Typical conventional loans require at least 20% down, but loans can be funded for as low as 5% down payment.
VA (Veteran Affairs) LoansThe VA provides loans to current and former military service members and their families that are backed by the government against borrowers defaulting on loans. The VA will finance up to 100% of the loans - meaning no down payment!
Mortgage loans that start off with a fixed rate, then switch over to an adjustable rate; for example, a 5/1 ARM loan carries a fixed rate for five years, then adjusts every year thereafter.
Jumbo loanA loan that exceeds the loan limitations established by Fannie Mae and Freddie Mack and requires excellent credit and a substantial down payment. In most counties, the limit is $424,100, but can go as high as $636,150.
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