Our Loan Programs

Conventional Loans are mortgage loans which are not guaranteed or insured by the federal government. Instead, these loans conform to the guidelines and national standards set forth by government sponsored enterprises (GSEs) such as Fannie May and Freddie Mac. These stockholder-owned corporations were created by the government to buy and sell conventional mortgages. They set the maximum loan amounts, as well as guidelines for borrowers’ income, credit scores, and down payments. Conventional loans can be conforming or non-conforming. Conforming loans follow the terms and conditions established by Fannie Mae and Freddie Mac, while non-conforming loans (also known as jumbo loans) exceed the lending limits. Depending on market conditions and trends, about 35-50% of loans are conventional.

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The Federal Housing Administration (FHA) is the world’s largest government insurer of mortgages, having insured over 38 million home mortgages since 1934. The government established the FHA to increase home ownership and improve existing housing conditions for Americans. The FHA does not lend money; it guarantees to pay the lender if the borrower defaults on a loan.

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VA loans are designed specifically to provide home loans for eligible United States military veterans. In general, VA loans are available to almost all honorably discharged service members and active duty members. The VA loan was introduced in 1944 through the G.I. Bill of Rights, guaranteeing loans made to veterans and offering several advantages that cannot be received through conventional loans. Since then, The Department of Veterans Affairs has guaranteed more than 19 million home loans to veterans, valuing over $1 trillion. Within the past 4 years, the VA has seen a 63% increase in veterans that have used the VA loan option to purchase a home. In a tough housing market where foreclosures are high and mortgage credit can be difficult to obtain, VA loans allow for an alternative lending option for veterans.

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A Jumbo Loan is a mortgage loan that exceeds the amount of a conventional conforming loan limit. Fannie Mae and Freddie Mac set the standard for conventional loan limits every January based on average market prices. Jumbo loans are “non-conforming”—they do not conform to the guidelines set forth by Fannie Mae and Freddie Mac. The jumbo loan threshold varies depending on the location of the property, but generally jumbo loans are those that are above $417,000 (except in high-cost areas where the limit is $625,500). These loans are designed to help people borrow large amounts through a financial service.

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The Rural Housing Service Programs were developed in 1994 as a result of the Department of Agriculture Reorganization Act. The programs were designed specifically to assist lower income families in obtaining adequate housing in rural areas. Rural Housing Loans allow qualified borrowers to get loans with no down payment and low closing costs. These are the only programs that require no down payment and are available nationally. Funds can be used for purchasing, renovating, repairing or constructing a home. To be eligible, the borrower must qualify for income limits and property limits.

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