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.

Before you start this loan process, have the following information ready:
  • 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
In addition, you will need to pay for a credit report and appraisal of the property.

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.


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.

FHA Loan

FHA is short for Federal Housing Administration. While FHA loans are geared toward first-time buyers, you do not need to be a first-time buyer to take advantage of this loan program. There are several benefits in selecting an FHA loan over other forms of financing. Easier credit qualifying, lower down payments and lower monthly payments all make FHA an excellent choice for first time buyers.


USDA Loans are offered by the U.S. Department of Agriculture for people living in rural areas. Like a VA loan, USDA loans are up to 100% financed, pending all requirements are met. USDA Loans used to be considered “farmers loans,” but they have evolved over time. Many buyers looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. Guidelines for USDA loans can be very specific, and some of the eligibility standards that determine if you qualify include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.

Section 184 Loan

The Section 184 Loan Program was designed to provide access to mortgage financing to Native American and Alaskan Native tribal members. Section 184 home loans are guaranteed 100% by the Office of Loan Guarantee with HUD’s Office of Native American Programs. This loan program is only offered by Axia Home Loans in the state of Oklahoma.

Conventional Loan

A conventional mortgage is a home buyer’s loan that is not guaranteed by the government.  It is available through or guaranteed by a private lender or the two government-sponsored enterprises – Fannie Mae and Freddie Mac.

VA Loan

VA loans are backed by the U.S. Department of Veteran Affairs and are available for military personnel, surviving spouses, and veterans. One of the key benefits for this loan is that it offers a zero percent down payment, so service men and women are not required to make a down payment for the loan. These loans can also be up to 100% financed, pending all requirements are met. Usually, these types of home loans are approved fast with minimal red tape. Even if you have less-than-perfect credit, a VA loan might be the best for your financing situation. Other benefits of the VA home loan include it being offered as a fixed-rate or ARM mortgage that never includes monthly Private Mortgage Insurance (PMI).

VA Interest Rate Reduction Loan

VA Interest Rate Reduction Loan (IRRL) is a is a refinance mortgage loan available to homeowners with existing VA mortgages.  Designed to allow homeowners who already hold VA loans to refinance at a lower interest rate, shorten their loan term, or to convert an adjustable-rate mortgage (ARM) into a fixed-rate mortgage.  This program simplifies home refinancing by waiving the documentation typically required, including income and employment verification, credit score validation, and an appraisal of the home.

203k Rehab Loan

The FHA 203k loan program is a good fit if you are looking to purchase a home that may need repairs or upgrades. Common repairs issues include damaged roof, broken A/C system, and plumbing problems. It can also be used for upgrades on a home to be purchased, including flooring, painting, new appliances, and more. The FHA 203k loan program allows you to combine the costs of these repairs and upgrades to rehabilitate the property into the home loan. In addition to streamlining costly repairs for a property, an FHA 203k loan can also be used for modernization of an existing home. This is useful for homeowners who want to update a kitchen or bathroom, build room additions, or other home expansion projects.

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages (ARMs) typically have lower mortgage rates when compared to traditional fixed rate programs. These rates adjust periodically over time, which can vary based on how long of a mortgage term you take. If you plan on selling or refinancing your home in less than 10 years, an ARM may be one option worth considering. Adjustable Rate Mortgages can be complicated, which is why we recommend working with us if you think this loan program is right for you.

Construction Perm

A Construction Perm loan (C/P Loan), is a hybrid loan that allows for a construction period and then, when the construction phase has completed, changes or modifies into a permanent loan. This loan program bridges the gap of construction financing and separate “end loan” (permanent) financing. The C/P Loan helps you avoid having to pay two sets of closing costs since you will only have one closing. With the C/P Loan, you are not limited to either existing homes (resales) or new homes in a builder’s subdivision. You can choose the location, design and builder of your dream home. It’s even possible to incorporate the purchase of the lot into the C/P Loan program.

Fixed Rate Loan

Fixed rate loans are offered with most loan programs, including Conventional, FHA, VA, and USDA. Fixed rate indicates that your mortgage rate and payment are fixed for the life of your home loan. Fixed rate mortgages typically range from 10 to 30 years.

Foreign National Loan

Foreign National loans are for non-U.S. citizens who want to purchase a home within the United States. Residents from other countries can obtain this type of mortgage if they want to buy a primary or secondary/investment residence. The requirements for a Foreign National loan differ slightly from the standard program guidelines, which is why we suggest talking to one of our mortgage professionals if you think this program is right for you.

High Loan-to-Value Refinance

The High Loan-to-Value refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages. This program offers refinance options to help lower your interest rate, shorten your loan term, or change from an adjustable to fixed rate mortgage.  FHLMC also allows for this option with the Enhanced Relief Refinance.


Jumbo Loans refer to loans in which the financing required exceeds the maximum loan amounts established by the Federal Housing Finance Agency (FHFA). If your loan amount is larger than the FHFA maximum amount, a Jumbo loan may be required to secure the remaining financing that’s required for your loan. Jumbo loans can be set as either adjustable or fixed rate mortgages and have other terms that may apply.

Reverse Mortgage

Reverse Mortgages have a variety of requirements in order to qualify. Most importantly, borrowers must be 62 years of age or older and must own the property in order to qualify for a Reverse Mortgage. The largest benefits of a Reverse Mortgage are eliminating mortgage payments and using your home equity to gain access to tax-free money in the form of a loan.

Portfolio Loans

Portfolio loans are loans that are originated and processed by a lender for the lifetime of the loan. The requirements for Portfolio loans differ from government-backed loans, and in general can be less strict than that of other loan programs. A portfolio loan can be beneficial for you if you are seeking non-traditional financing and are unable to qualify with other programs.
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