There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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A government home loan is a mortgage that is insured, guaranteed, or offered by a federal government agency, making it easier for eligible borrowers to qualify—often with lower down payments, more flexible credit requirements, and better terms.
A DSCR loan (Debt Service Coverage Ratio loan) is a type of real estate investment loan, primarily used by real estate investors to qualify based on the income potential of the property, rather than the borrower’s personal income.
A second mortgage is an excellent way to pay off debt or pull cash from a property, whether it be an investment home or a primary residence. We now even have DSCR Limited Documentation options for Second Mortgages.
Down Payment Assistance is an excellent way to obtain home ownership if the hurdle you need to pass is due to assets. We have access to nationwide programs that can be structured as forgivable grants, or as repayable loans.
> A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs and available to eligible veterans, active-duty service members, and some military spouses.
A Conventional loan is a non-government-backed mortgage offered by private lenders such as banks, credit unions, or mortgage companies. It’s the most common type of home loan in the U.S.
A One-Time Close (OTC) loan is a construction-to-permanent mortgage that combines the construction loan and the permanent mortgage into a single closing, saving time and money by avoiding multiple loan approvals and closings. It’s ideal for borrowers building a new home, as it locks in the interest rate upfront and streamlines the financing process.
An SBA loan is a small business loan that is partially guaranteed by the U.S. Small Business Administration (SBA). It's designed to help small businesses access capital they might not qualify for through traditional financing alone.
A commercial loan is a loan made to a business, rather than an individual, to finance business-related expenses. These loans can be used for purchasing real estate, acquiring equipment, funding working capital, refinancing debt, or expanding operations.
A reverse mortgage is a loan that allows homeowners aged 62 or older to convert part of their home equity into tax-free cash without selling their home or making monthly mortgage payments. The loan is repaid when the borrower sells the home, moves out, or passes away.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...