You will find many options when it is time for you to pick the kind of mortgage that suits your situation. Different mortgages have distinctive conditions and terms, and it’s important to know which conditions will benefit your specific situation so that you can make a well informed decision. Although there is a wealth of knowledge out there, working with a licensed mortgage professional is always recommended.
Common Home Loan Programs
Conventional loans
With a conventional loan, the mortgage bank takes on the risk for lending you money. Because of this, these types of loans have fairly rigid credit demands and greater down payment requirements.
Government sponsored loans
The government guarantees the mortgage, or takes on the risk for lending you money. These normally have lower credit and down payment needs to make it easier for you to get a mortgage, should you qualify.
FHA loans
You can purchase a home with financing as high as 96.5% if you qualify for an FHA loan.
VA loans
Provides 100% financing to qualified veterans, active duty members, reservists, National Guard members, and surviving spouses. VA loans are backed by the Department of Veteran Affairs.
USDA loans
USDA loans require no money down for eligible homes in rural areas. Once we establish the mortgage that fits your needs best, you will need to begin gathering paperwork that demonstrates your earnings, assets, and financial obligations. These will let us ascertain your creditworthiness; which is, how likely you will be to repay the loan.
With a fixed rate loan, the interest rate is permanent through the duration of the loan. It is widely considered a better option if you are looking for consistent monthly payments and wish to reside in your house long-term.
Adjustable rate (ARM)
With an adjustable rate loan, the interest rate changes as time passes, impacting your monthly payment. This can be a great idea when you are planning to stay in the house for only a few years.
Necessary Documents
Required documentation varies by lender, but generally speaking you can expect to need the following documents:
Experienced Chief Operating Officer with a 26 + year demonstrated history of working in the banking industry. Skilled in all aspects of the residential mortgage market . Strong business development professional with a Bachelor of Science (BS) focused in Business Administration and Management, from St. Joseph College. A direct endorsement underwriter and a licensed Mortgage Loan Originator.
Start the Home Loan Process Today With Jet Direct Mobile
We’re committed to making the home loan application process as easy as possible. To that end, we have developed our very own mobile app, Jet Direct Mobile.
