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Which loan is right for you?
Confused by all of the different loan programs you hear about and trying to figure out what might be best for you? We will help figure out which option to consider further, but to help with your research, here's a listing and description of available loan programs.
Loan Program options
Conventional LoansA Conventional Loan is not affiliated to any government program. Conventional Loans come in a variety of loan durations by offering 30, 20, 15 and 10 year fixed rate loans as well as various ARM products.
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Rural Development LoansThe Rural Development Loan is offered through the USDA and is a mortgage loan offered to rural property owners. Often with the Rural Development Loan you can purchase a home with $0 down payment for those properties that are located within eligible areas.
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FHA LoansInsured by the Federal Housing Administration, an FHA loan allows borrowers access to low mortgage rates with a minimal down payment. In many cases, you can purchase a home with as little as 3.5% down payment.
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VA LoansGuaranteed by the Department of Veteran Affairs, VA Loans offer service members, military veterans, and eligible surviving spouses exceptional benefits by purchasing a home with $0 money down.
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Down Payment AssistanceFor eligible applicants, we work with programs such as the MSHDA, National Faith, etc., to offer down payment assistance loans.
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WElcome Home!Home Loan Specialists, Inc. would be
proud to assist you with your home buying experience. Contact us today to see how we can help! |
“As a first time home buyer, I was very nervous in making such a huge financial decision on my own.
Everyone there made the process so simple. Going through all the pros and cons of
each mortgage option was extremely helpful. Thanks for making my dream a reality”! - S.G.
Everyone there made the process so simple. Going through all the pros and cons of
each mortgage option was extremely helpful. Thanks for making my dream a reality”! - S.G.
additional definitions
Fixed Rate Mortgages (FRM): This is the most common type of loan option. The loan is a traditional fixed-rate mortgage which includes monthly principle and interest payments that don't change during the loan's lifetime. Fixed Rate Mortgages are available on Conventional, FHA, VA and Rural Development loan types.
Adjustable Rate Mortgages (ARM): Adjustable rate mortgages include interest payments that shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed interest rate for a set period of time before the rate adjusts. Adjustable Rate Mortgages are available on Conventional loan types.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM): Also known as fixed-period ARMs, Hybrid ARM mortgage loans combine features of both fixed-rate and adjustable-rate mortgages. Hybrid Adjustable Rate Mortgages are available on Conventional loan types.
HARP 2.0: This is a loan specific to homeowners who are "underwater" with their current loan and are looking to refinance. Harp 2.0 Mortgages are available on Conventional loan types.