Buying a Home
Buying with Confidence
Are you a first time home buyer, need more room for your growing needs or pulling the trigger on that vacation home you’ve been eyeing for a while? When it comes to buying a house, we will do our best to ensure you’re in a home that works best for you. Whether you’re wanting to make a small down payment, live in a more rural area, invest in property, or something other, we offer a variety of house purchasing loans that will meet the needs you’re looking for.
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We're Here to Serve You
Our loan specialists are professional, efficient, and dedicated. They work for you putting your best interests as their top priority. Don’t hesitate to reach out and seek their guidance. Buying a house is what we’re here to help you do. Check out the loan options below and talk to a Loan Specialist today!
Conventional Loans
A conventional mortgage is a home loan that’s not insured by the federal government. They are either conforming and non-conforming. Conforming simply means the loan amount falls within maximum limits set by the Federal Housing Finance Agency.
Generally, lenders require you to pay private mortgage insurance on conventional loans when you put down less than 20 percent of the home’s purchase price.
Conventional loans are ideal for borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.
- Can be used for a primary home, second home or investment property
- Overall borrowing costs tend to be lower than other types of mortgages, even if interest rates are slightly higher
- You can ask your lender to cancel PMI once you’ve reached 20 percent equity
- You can pay as little as 3 percent down on loans backed by Fannie Mae or Freddie Mac
- Minimum FICO score of 620 or higher is often required
- You must have a debt-to-income ratio of 45 percent to 50 percent
- You’ll likely need to pay PMI if your down payment is less than 20 percent of the sales price
- Significant documentation required to verify income, assets, down payment and employment
Government Insured Loans
FHA – For borrowers who don’t have a large down payment saved up or don’t have pristine credit.
USDA – To help moderate- to low-income borrowers buy homes in rural areas.
VA Loans – Flexible, low-interest mortgages for members of the U.S. military (active and veterans) and their families.
Government-insured loans are ideal if you have low cash savings or less-than-stellar credit and can’t qualify for a conventional loan. VA loans tend to offer the best terms and most flexibility compared to other loan types for qualified borrowers.
- They help you finance a home when you don’t qualify for a conventional loan
- Credit requirements are more relaxed
- You don’t need a large down payment
- They’re open to repeat and first-time buyers
- Many of these loans have mandatory mortgage insurance premiums that cannot be canceled on some loans
- You could have higher overall borrowing costs
- Expect to provide more documentation, depending on the loan type, to prove eligibility