Loan Options

Conventional Loans

Take advantage of low rates with a conventional purchase. These are loans that are typically backed by Fannie Mae or Freddie Mac and are also called “conforming” or “A-paper” loans.

FHA Loans

These loans are insured by the Federal Housing Administration (FHA), which is an agency within the U.S. Department of Housing and Urban Development. Usually, FHA loans have a fixed rate and are a good option for low-to-moderate income-earners, or lower-credit-score borrowers.

VA Loans

These loans, for eligible military veterans, are up to 100% financing, and are guaranteed by the United States Department of Veterans Affairs (VA). These are unique, in that they allow “zero-down” for eligible veterans or their surviving spouses (provided they do not remarry).

USDA Loans

These loans allow up to 100% financing for borrowers in rural areas. They are backed by the U.S. Department of Agriculture (USDA), and carry additional limitations on eligibility based on the location of the property, and income of the borrowers.

DPA Loans

These loans are for eligible first-time homebuyers who may need financial assistance with down payment funds. These are fixed rate mortgages, and carry additional qualifying requirements. Make sure you ask us if you are also eligible for the mortgage credit certificate in addition to this program.

A Jumbo Mortgage

These loans exceed the maximum loan amount of Conventional loans, currently $424,100 in most Florida counties. Jumbo loans allow borrowers a larger loan amount, but also have underwriting guidelines and standards that differ from the rest of the loan types.

FHA 203(k)

Either 203k or Homestyle renovation loans are for homeowners or buyers looking to finance in improvement to a property. These loan types carry additional requirements and are complex, so we have a renovation team that helps walk our clients through every step.

ARM

These loans, which are an adjustable/variable rate instead of a fixed rate, can actually be with just about any loan type available. While ARM loans are often seen negatively by many, they have some good attributes for the right borrowers.

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Lori Gill