Types Of Mortgage Loans
Depending on your needs and other factors, our lending professionals can help you determine which of the residential loans would best suit you. Whether you are purchasing or refinancing your home, GC Lending Services offers a wide variety of mortgage loans and products that will fit your needs. The following is list of the typical loan products that we can offer:
Conventional mortgages usually have either a fixed or adjustable interest rate. Conforming conventional loans have terms and conditions that follow the guidelines of Fannie Mae and Freddie Mac.
Typically, FHA loans require a lower down payment and are easier to qualify for as compared to conventional mortgages. One type of FHA loan is the 203K loan, which offers the following:
Benefits Of A 203K Loan
- Ability to buy a home in need of repairs that you or your client might not have been able to afford otherwise;
- Minimal down payments, if any; and
- Obtain necessary money to perform needed repairs.
How Much Money Can You Get
- With a “Regular” 203k loan, the maximum is the lesser of: 1) the as-is value of the property plus repair costs, or 2) 110 percent of the estimated value of the property once repairs or complete.
- With a “Streamlined” 203k loan, a borrower can get a loan for the purchase price of the home plus up to $35,000.00.
Similar to FHA Loans, VA loans are typically easier to qualify for as compared to conventional loans, and VA loans often require no down payment. VA loans allow service personnel and veterans to obtain home loans with favorable terms.
USDA Rural Development Loans
This is a government loan on properties that are located in suburban and rural locations. The property must be determined to be in one of the eligible areas to qualify, and if it is, the credit requirement for the borrower are much more flexible than with other loan products.