Loan Options from Modern Home Lending

What Loan programs do we offer?

Loan programs are always changing. However, most of the core loan programs stay the same. Below is an overview of the most common programs. I always help choose the best loan program that will fit your mortgage needs. Here are a few common types of loans:

CONVENTIONAL

Most common loan. Usually more competitive compared to other programs if you have good credit. Loan Limit: <$484,350 (in most counties – 2019)

JUMBO

For buyers who need larger loans.
Allows buyers to go above the conventional loan limit of $484,350 (in most counties – 2019)

FHA

Loan from the Federal Housing Administration. Easier to qualify for than conventional. Lower rates but higher insurance. Loan Limit: < $314,827 (in most counties – 2019)

VA

Government loan for U.S. Veterans. Lower rates with no mortgage insurance. 

USDA

Government loan by the USDA. Lower rates with low mortgage insurance for rural areas.

And here’s a quick breakdown of some other types of mortgages:


Renovation Loans – renovations loans allow you to buy a home or refinance your current home and finance home improvements into the new mortgage.
 
Down Payment Assistance – there are several different programs that we have to help buyers with their down payment – some are grants that don’t need to be repaid
 
Reverse Mortgages – these mortgages are for borrowers 62 and older designed with no monthly payment (or a payment back to the borrower every month)
 
Fixed & Adjustable Rate – we have options for both fixed rate (means rate never changes through loan term) and adjustable rates (fixed for certain period then can adjust)

Other Loans – there is a plethora of other types of private mortgages out there. Mortgages for Non-Warrantable Condos. Mortgages for Stated Income Loans based on bank statement deposits. Mortgages for investors that only qualify based on rental income. The list goes on and on. However, above is a good overview of the primary options.

Loan Limits shown above for Maricopa County, Arizona. The above info is for informational purposes. Loan program may or may not be available at the time of application.