Primary residence Second home purchase Fixed interest rates, Adjustable rates (ARMs) Loan terms 15 to 30 years
CONVENTIONAL HOME LOANS
Single family homes (Detached homes) Planned Unit Developments Condominiums Some co-op properties Manufactured homes
Down payments as low as 3% No PMI with a down payment of 20% Lower mortgage insurance costs than FHA Min credit score 620
FHA HOME LOANS
No income limits No geo restrictions Must legally work in USA Valid SS# PMI required
PMI removal when equity = 22% Approved Condos Manufactured Homes Rehabilitation/ Repair New Construction
Perfect credit not required Bankruptcy 2 years after Ch 7 discharge Minimum credit allowed Non-traditional credit allowed
USDA HOME LOANS
Income limits from USDA Geographic restrictions by USDA Must legally work in the U.S.A Must have a valid SS # 2 years of employment history
Owner Occupied Only Single Family Only 30 Year Fixed Rate No Prepayment Penalty
Perfect credit not required Bankruptcy 2 years after Ch 7 discharge No limit on seller contribution Gift funds allowed for closing costs Property must meet HUD requirements
VA HOME LOANS
No down payment required No PMI Competitive interest rates Easier to qualify
Loan can be refinanced VA loan benefits can be reused No pre-payment penalties Must be used for primary residence
Funding fee required Limit of purchase $453,000 Some areas have a higher limit Lower average interest rate
Apply For Your Home Loan Today
If your still not sure which home loan option works best for you, contact us today (801 ) 363-5363. Our mortgage professionals can answer your questions and get you started towards home ownership.
If you’re ready to apply now our online application will get you started.
