Conforming Loan Options

Whether you’ve been living with family or renting with roommates, becoming a homeowner is a huge stepping stone in anyone’s life. Figuring out how to take the first step towards home-ownership can be challenging, but certainly not impossible. 

Here are the benefits of and reasons behind the types of loan programs we offer at HomeLend Mortgage:

Fixed Rate Mortgage

• Least risky option
• Same interest rate for the length of the loan
• Predictable monthly payments
• Good for borrowers who plan to be in one home for a long time

Learn more about the Fixed Rate Mortgage here.

Adjustable Rate Mortgage (ARM)

• Lower interest rate during the fixed period than the fixed rate
• Doesn’t require a refinance
• More financial flexibility at the start
• If you don’t plan to live in one place for long
• Limits on how much your payments can increase

Learn more about the Adjustable Rate Mortgage here.

Jumbo Loans

• Requested loan amount exceeds $484,350
  • Exceeding $726,525 in “high-cost” areas
• Reasonable debt-to-income ratio
• Robust financial health history

Learn more about Jumbo Loans here.

Federal Housing Administration Loan

• Need a loan but can only provide a small amount of down payment
• Provides more financial flexibility
• Empowers homeownership in lower income individuals

HomeReady

• Limited household income
• Buy a home with as little as 3% down payment
• Can use gift funds provided by family or friends

HomePossible

• Provides home ownership for varying levels of income
• Easier credit scoring
• 3% down payment

Veterans Affairs Loan

• For active duty service members or veterans
• No down payment
• No private mortgage insurance requirement

Still have questions?

Every buyer is different. There are so many options out there that it is possible for pretty much anyone to become a homeowner. In order to find out which program is right for you, reach out to our expert loan officers to receive your free, no hassle, no commitment quote now.