Buying a home…the American dream. Whether you’re a first-time buyer or interested in purchasing a vacation home getting a loan is a significant financial decision that can be a complex process without the guidance of a mortgage professional. Especially when there are so many loan options out there.
It takes time to understand the ins-and-outs of different home loans and which one is best for your financial situation. Our A1 Mortgage team can walk you through your various options…
Conventional Loan – Also called a conforming loan, is a traditional loan that follows the guidelines set by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Conventional loans offer more flexible terms and program benefits.
VA Loan – Offers long-term financing to eligible American veterans, and is guaranteed by the U.S. Department of Veterans Affairs (VA). It can be obtained without a down payment and doesn’t require private mortgage insurance.
FHA Loan – Insured by the Federal Housing Administration (FHA), this loan gives the flexibility of buying a home with a lower down payment and credit score.
Adjustable Rate Mortgage – A loan with an interest rate that changes. There is an initial period where the rate is fixed, after which, the interest rate adjusts according to the market and loan terms.
Jumbo Loan – Exceeds the loan limit set by Freddie Mac and Fannie Mae. Financing is available up to 97% of your home’s value with no mortgage insurance.
USDA Loan – No down payments required and credit qualification is more flexible than other loan types.
Contact us today to see which one best suit your needs. Also, don’t forget about our Closing Guarantee! If your loan fails to close on time due to a delay by A1 Mortgage, you will receive a $5,000 credit towards paying for permissible closing costs on your loan with A1 Mortgage. That is putting our money where our mouth is!