Conventional

Loan limits for a Conventional Mortgage loan are set forth by Freddie Mac and Fannie Mae. They can be set at a fixed or adjustable rate. This loan is not guaranteed or insured by the federal government. This loan works best when home buyers can put at least a 5% or more down payment and most of the time lends itself to the most aggressive interest rates available.

FHA (Federal Housing Administration)

These loans are issued by federally qualified lenders and insured by the Federal Housing Administration. They are designed for those who are unable to make a large down payment. If you have struggled with keeping your credit score where you would like it – this loan may be for you.

Conventional – Jumbo

These loans are designed for those whose loan amounts exceed the conforming loan limits set forth by the Federal housing Finance Agency. They are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

VA (Veterans Administration)

This loan is guaranteed by the Department of Veterans Affairs. They are designed to help those who have had the courage to protect and serve our country get home financing with no down payment and make the home buying process as easy as possible.

USDA

Also known as the USDA Rural Development Guaranteed Housing Loan Program – this program is intended for rural property owners and offered by the United States Department of Agriculture.

H.A.R.P.

Home Affordable Refinance Program is designed to help underwater or those struggling to make their payments refinance their mortgages. This program is set up by the Federal Housing Agency.