Traditional Mortgage Loan Products & Requirements
Which loan is best for you and your family?
The Nathan Grove Team specializes in finding the loan that aligns with your long-term goals as well as current market conditions. While obtaining a low interest rate is essential, crafting a personalized mortgage strategy is equally important! A good rate with the wrong strategy can cost a homeowner tens of thousands of dollars over time. The Nathan Grove Team prides itself on taking the time to understand our clients' unique goals. We offer holistic solutions that align with our values Whether you are looking to purchase your first home, acquire an investment property, or consolidate high-interest debt, The Nathan Grove Team will partner with you to make those goals a reality. Let a Certified Mortgage Advisor help you find the ideal mortgage loan!
The Nathan Grove Team specializes in finding the loan that aligns with your long-term goals as well as current market conditions. While obtaining a low interest rate is essential, crafting a personalized mortgage strategy is equally important! A good rate with the wrong strategy can cost a homeowner tens of thousands of dollars over time. The Nathan Grove Team prides itself on taking the time to understand our clients' unique goals. We offer holistic solutions that align with our values Whether you are looking to purchase your first home, acquire an investment property, or consolidate high-interest debt, The Nathan Grove Team will partner with you to make those goals a reality. Let a Certified Mortgage Advisor help you find the ideal mortgage loan!
FHAFHA loans require a minimum credit score of 580 and a down payment of 3.5%. Unlike conventional loans, FHA loans required PMI for at least 11 years and often the entire duration of the loan. Borrowers can always opt to refinance into a conventional loan once they have obtained at least 20% equity in the property. FHA loans are intended solely for a primary residence, and cannot be used for second homes or investment properties.
|
ConventionalConventional loans require a minimum credit score of 620 and a down payment of 5%. Under select circumstances, some borrowers may be able to only put 3% down with the aid of down payment assistance programs. Private Mortgage insurance, or PMI, is required until the homeowner has achieved 20% equity in the home. At this point, the borrower can elect to remove PMI by contacting the current loan servicer or through a refinance.
* |
VAVA loans are reserved for members of the armed services and family members of our fallen heroes. They can be obtained with no down payment but are subject to a VA Funding Fee which is paid to the Department of Veterans Affairs. The fee is 2.3% of the loan amount for first-time use and 3.6% of the loan amount for each additional use. With a 5% down payment, The funding fee is reduced to 1.65% for each use with a 5% down payment and 1.4% with a 10% down payment.
|