Conventional Purchase and Refinance Transactions
Conventional loans are an option for borrowers who wish to purchase a primary residence, second home, or investment property or for those who want to refinance.
FHA Purchase and Refinance Transactions
It is easy to understand why many people looking for a new home are considering the FHA-insured loan program. FHA loans are a great option for first-time homebuyers.
FHA Streamlines
FHA Streamline refinances are defined as refinancing an existing FHA-insured mortgage that requires limited borrower credit documentation and underwriting.
FHA Limited and Full 203(k) Rehab Loans
FHA offers the 203(k) program, which gives homeowners a single, long-term fixed or adjustable-rate loan for both the acquisition and rehabilitation of the property. 203(k) loans are a unique and important product for homebuyers, especially if the property requires repair or modernization.
USDA Streamline Refinance Transactions
The United States Department of Agriculture (USDA) offers refinance programs for qualified borrowers. These are non-streamlined refinance and streamlined refinance. Borrower and household income limit qualifications apply in each case, and the property must be in an eligible rural area as determined by the rural housing program.
USDA Purchase Transactions
The United States Department of Agriculture (USDA) offers the single-family housing guaranteed loan program. Qualified borrowers can purchase a home in an eligible rural area, as determined by the rural housing program. The program charges an upfront guarantee fee and an annual fee to the borrower, but it allows a borrower to purchase a home without putting any money down.
VA Purchase and Refinance Transactions
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) and available to most U.S. service members. VA loans offer a loan guaranty benefit to help eligible veteran borrowers refinance or buy a home. VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down.
VA IRRRL
The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers the veteran borrower’s interest rate by refinancing their existing VA home loan. With a lower interest rate, the monthly mortgage payment should decrease. No appraisal or credit underwriting is required with an IRRRL.
Jumbo Purchase and Refinance Transactions
Jumbo loans are a solution for borrowers looking to purchase or refinance a home with a mortgage amount greater than $510,400 (for a single-family home in most areas of the United States).
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