Mortgage Funding

A conventional loan is a mortgage that is not guaranteed by any government agency including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veteran Affairs (VA). It is typically fixed in its terms and rate.

These are usually insured by the Federal Housing Authority. They have lower down payment and credit requirements than the conventional loans.

VA loan are guaranteed by U.S. Dept of Veterans Affairs. The guarantee allows veterans and serve persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. VA determines your eligibility and if you are qualified, VA issues you a certificate of eligibility to be used in applying for the VA loan. VA – guaranteed loans are obtained by making application to private lending institutions.

RD loans are loans in “rural areas” guaranteed by the Rural Development arm of the U.S. Dept of Agriculture. They provide financing without a down payment and minimal closing costs.

This special financing is available on Fannie Mae homes with the HomePath logo. Several benefits include low down payment and flexible mortgage terms, qualifying if your credit is less than perfect plus down payment (at least 3 percent) can be funded by your savings, a gift, a grant, or a loan from an nonprofit organization, state or local government, or employer. This unique financing also requires no mortgage insurance or appraisal fees.

Providing the right loan for the right borrower, we offer competitive rate.