Loan Options

What is an FHA Loan? An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). They usually come with a lower down payment requirement and more lenient credit restrictions. In fact, the down payment on an FHA loan can be as little as 3.5% of the purchase price of the…

When you’re trying to get a mortgage, there are all kinds of special programs that can help you get into your dream home with lower interest rates, higher acceptance rates, and reduced down payment requirements. If you’ve ever been in the armed forces, you should check out Veterans Administration home loans. Here are more details…

A USDA Rural Development Loan is a mortgage offered to people who want to buy in rural areas. These loans can be used for farms or rural businesses, but more commonly, they’re used for homes in rural areas. If you live in or are willing to move to areas defined as rural by the USDA,…

What is a Fixed Rate Mortgage? A fixed rate mortgage is a mortgage in which the interest rate, as well as principal and interest payments, are set for the term of the loan. This offers borrowers stability over the term of the loan, knowing that the amount they pay each month will not change over…

An adjustable rate mortgage (ARM) is a mortgage in which the interest rate changes throughout the term of the loan. Most ARMs have a fixed interest rate for a set period. After that time passes, the interest rate resets, often on an annual basis, but sometimes, the adjustments happen every five years or on another…

What is a Jumbo Mortgage? A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $453,100 in most parts of the United States, but can increase to $625,500 in the highest-cost…

Self-employed Home Loans Have Been Temporarily Suspended Due To COVID-19 Restrictions If you’re self-employed and looking for a home loan, check out our Income Express self-employed home loan. This is a unique mortgage product designed exclusively for the self-employed borrower. That includes freelancers, independent contractors, and owners of small unincorporated businesses as well as others.…

The Enhanced Credit Opportunity Program (ECOP) allows borrowers to obtain mortgage loans in circumstances that are not normally available to them in today’s conforming credit market. These loans are typically designed for borrowers who have experienced rough patches along the way, but these home buying programs can also work for borrowers who are looking for…

What is a HECM Reverse Mortgage? Home Equity Conversion Mortgages (HECMs), also known as reverse mortgages, are powerful financial tools designed to help older Americans live more comfortably in retirement. Designed for Americans aged 62 and older, reverse mortgages allow a senior homeowner to turn a portion of the equity in his or her home…

The 30 year fixed rate mortgage is a classic option. In fact, it’s the mortgage that most people are referring to when they mention a home mortgage. Want more details? Wondering if this mortgage is right for you? Here’s what you need to know. Benefits of the 30 Year Fixed Rate Mortgage The 30 year…

The 15 year fixed mortgage is set up so that you pay off your home in 15 years, and the fixed interest rate means you never have to worry about the rate changing during that time. Trying to decide if this type of mortgage is right for you? Here’s what you need to know. Benefits…

When you’re buying a home, you have a lot of different options. Using a FHA loan, Georgia residents can often obtain a mortgage more easily than they could without this program. If you have lost your current home due to a disaster, you may even qualify for a special FHA mortgage called a FHA 203H…