Before you begin searching for your perfect mortgage, it’s important to understand the different types of home loan programs available. At Chris Doering Mortgage, we help you with a variety of home loans to help you select the best home loan for your financial needs.
Learn more about the different types of home loans below, or call our team at Chris Doering Mortgage to speak with a loan professional.
Types of Home Loans
Conventional mortgage loans can be refinanced to obtain a low fixed rate or adjustable rates to be used for your primary, second home, or investment property. Many conventional mortgages have a fixed interest rate.
FHA loans are insured by the Federal Housing Administration (FHA) and is a popular choice (especially for first time homebuyers). If you currently have an FHA mortgage, the refinance process can be very streamlined with no appraisal or reduced loan documentation to qualified applicants.
FHA 203K Loan
A FHA 203K loan allows for updating or remodeling your primary residence and is a great refinance option if cash is not available to do so on your own. This loan combines the remodeling fee as well as the mortgage in one loan.
VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and are only available to those who qualify. Refinance your current VA mortgage into a lower rate VA loan with a streamlined process.
USDA mortgage loans provide a low-cost insured home mortgage loan that allows you to refinance your current USDA loan into a new USDA loan with a lower rate. These loans are backed the U.S. Department of Agriculture and is only available in certain geographic locations.
Construction-to-permanent loans or (CP loan) is a mortgage which helps you fund the land and construction fees. From acquiring a home site through the construction phase, a CP loan will help you finance your dream home.
Home Renovation Loan
With a home renovation loan, you can take the house you like and turn it into the home you love. Use to buy or refinance and then customize, modernize, and update all with one powerful loan. Renovation loans come with monthly payments that may be tax deductible and at great rates.
Jumbo loans are designed for home mortgages that are over $453,100. This is intended for loan amounts that exceed the limit imposed by Fannie Mae and Freddie Mac and varies by county.
Want More Information on Home Loans?
If you’re looking for more information regarding the different types of home loans, call the mortgage experts at Chris Doering Mortgage. With us, you can guarantee expert advice and always a friendly team member to help you throughout your home-buying process.
Call us today or contact us online to speak to an expert today.