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Determining the right kind of home loan for you is based on many factors.

Conventional Mortgages

Conventional mortgages are the most common of all home loans. Fixed and adjustable-rate loans can be financed for 10 to 30 years, with lower payments for longer terms. Down payments can be as little as 3% or 5%.

Who this loan works for:

Designed for low-to-moderate income homebuyers and/or individuals purchasing or refinancing properties in target areas.

Federal Housing Administration (FHA)

Federal Housing Administration (FHA) loans often allow more credit and qualification flexibility for low- and moderate-income borrowers. Interest rates are competitive with conventional loans, but mortgage insurance requirements can lead to more expense over the life of the loan. A minimum 3.5% down payment and possible seller contributions toward fees can keep total upfront expenses relatively low.

Who this loan works for:

If you’d love to buy a home but lack credit, a down payment, or are unable to cover closing costs, an FHA loan may be the solution. FHA financing was developed to provide homebuyers with an alternative to conventional financing and include attractive and flexible guidelines.

U.S. Dept. of Agriculture (USDA)

U.S. Dept. of Agriculture (USDA) mortgages are generally thought of as rural area loans, yet some smaller suburbs of metropolitan areas qualify too. Fixed-rate loans are available for low- to average-income buyers, typically with no down payment and reduced mortgage insurance.

Who this loan works for:

This USDA-backed loan offers qualifying low-to-moderate income borrowers the option of no down payment when they buy in a designated rural area. This loan also offers flexible guidelines to eligible applicants.

Veterans Administration (VA)

Veterans Administration (VA) loans are available to veterans or active-duty members of the U.S. Armed Forces. The primary benefits include zero down payment loans, no monthly mortgage insurance, and flexibility in qualification. Terms vary based on service history and eligibility.

Who this loan is for:

If you’re active-duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs loan, and one of Movement’s biggest perks – waived lender’s fees*. The VA Mortgage is a government-based product offering 100% financing of the reasonable value of the property, with less restrictive qualifying terms than conventional programs.

Jumbo Mortgage Loans

Jumbo mortgage loans are much like conventional financing, except they can exceed those loan limits. Down payment requirements start at 5% but will be higher for larger loans.

Who this loan works for:

Jumbo loans work best for those who are ready to buy but live in some of the priciest housing markets.

It’s essential that homebuyers understand the exact details of the loan process for the loan that works best for specific financial situations and goals. Our loan officers know the ins and outs of each mortgage and are ready to share their knowledge. Contact us and let’s see what mortgage is best for you.