Loan Sea-lutions

 An FHA loan is a mortgage loan that is insured by the Federal Housing  Administration (FHA). Essentially, the federal government insures loans  for FHA-approved lenders in order to reduce their risk of loss if a  borrower defaults on their mortgage payments. 

 A VA loan is a mortgage loan in the United States guaranteed by the U.S.  Department of Veterans Affairs (VA).  The VA loan was designed to offer long-term financing  to eligible American veterans.

 An FHA 203K loan is a loan backed by the federal government and  allows the  borrower to finance the home, plus provides financing to do the  necessary renovations to the home. 

 The traditional fixed-rate mortgage has a constant interest rate and  monthly payments that never change. A fixed-rate loan may be a good  option if you plan on staying in your home for years to come. 

 A jumbo loan is a loan that exceeds the conforming loan limits as set by  Fannie Mae and Freddie Mac. Rates tend to be a bit higher on jumbo  loans because lenders generally have a higher risk. 

 The United States Department of Agriculture (USDA) gives borrowers the  opportunity to own a home outside of the city limits. There are several  benefits of a USDA loan,including flexible credit underwriting  requirements and no down payment required. 

 A reverse mortgage is a loan for seniors age 62 and older. HECM reverse  mortgage loans are insured by the Federal Housing Administration (FHA)  and allow homeowners to convert their home equity into cash with no  monthly mortgage payments. 

 Refinancing is the process of paying off your existing mortgage with a  new mortgage. Typically, you refinance your mortgage to reduce your  interest rate and monthly payment or change the length (or term) of your  mortgage. You may also refinance to take cash out from your  home’s equity. 

A HELOC is an open ended line of credit that is backed by the equity in your home. You may borrow repeatedly against the equity up to a set limit, because it is a revolving line of credit.