Loan Programs
There are many different types of loan programs you can choose from. Mortgages come in a variety of options and the best loan program for your neighbor may be different than the one that is right for you. Different loan programs incorporate different interest rate guidelines, required deposits, and more. Continue reading to learn more about home loan programs offered by Axia Home Loans.
Conventional Loan
Conventional Fixed-Rate loans have terms and conditions that follow the guidelines set by the agencies, Fannie Mae and Freddie Mac. These guidelines establish the maximum loan amount as well as borrower credit and income requirements, down payment, and suitable properties. Each year, Fannie Mae and Freddie Mac announce new conforming loan limits, which, for 2023 the baseline conforming loan limit is $726,200 (except for Hawaii, Alaska, and a few federally designated high-cost markets, where the limit is $1,089,300). Reach out to your Loan Originator to learn more about confirming loan limits and what they mean to you.
NOTE: these limits apply to conforming mortgages only.
FHA Loan
An FHA loan can be a perfect solution if you aren’t sure that your current finances will let you qualify for a mortgage.
The Federal Housing Administration (FHA) is a Government agency that focuses on insuring private loans that are issued for new and existing housing, and loans that are approved for home repairs. The primary goal of the FHA is to help borrowers purchase a home they may not otherwise be able to finance based on the down payment requirements of most conventional loan programs.
- Address to your place of residence (past two years)
- Social Security numbers
- Names and location of your employers (past two years)
- Gross monthly salary at your current job(s)
- Pertinent information for all checking & savings accounts
- Pertinent information for all open loans
- Complete information for other real estate you own
- Approximate value of all personal property
- Current pay stubs & your W-2 forms (past two years)
- Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
VA Loan
The Veterans Affairs (VA) loan is a specific loan program to help veterans, active-duty service members and their families purchase a home.
Veteran’s Administration (VA) mortgage programs are government-insured home loans available to veterans and their families. This loan option allows military families to qualify for a home loan with fewer restrictions and little-to-no money down. The VA home loan is a lifetime benefit that can be used multiple times by active military members and veterans.
Adjustable Rate Mortgage (ARM)
If you are looking for a home that you plan to live in for a few years before moving, an adjustable-rate mortgage may be a good option for you.
Adjustable-Rate Mortgages (ARM) have an interest rate that can vary depending on the specific terms. ARMs generally offer a lower starting interest rate that is fixed for a period of time (3, 5, 7, or 10 years), then the rate is subject to change annually for the life of the loan. This loan option is attractive to people planning to move or refinance within the initial fixed portion of the loan.
Jumbo Mortgages
Jumbo mortgage loans are a great option for homebuyers financing large purchases. Home loans fall into two categories based on their loan amount: Conforming and Jumbo.
Jumbo Loans exceed the conforming loan limit set annually by Fannie Mae and Freddie Mac. Jumbo mortgage loans are available for homebuyers financing large purchases or more expensive homes.
USDA
A USDA home loan is a zero-down payment mortgage for eligible homebuyers in rural areas.
USDA loans are backed by the U.S. Department of Agriculture. A USDA loan is a great option for low-to-moderate income families looking for an affordable home loan with flexible financing requirements. USDA loans allow for 100% financing in designated areas.
Don’t plan to move any time soon?
We have loan solutions if you want to refinance or utilize the equity of your home. Contact an Axia Loan Originator to discuss home equity loans, piggy-back solutions, cash-out refinances, and more.