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We’re here to help you buy the home of your dreams. From getting pre-approved to finding the perfect place to call your own, buying a home is one of the most exciting decisions you will make. Understanding the home buying process can help give you peace of mind. So can partnering with a mortgage lender you can trust. Trailblazer Mortgage is here to help you along the way!
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Mortgages come in a variety of options and the best loan program for your neighbor may be different than the one that’s right for you. Different loan programs incorporate different interest rate guidelines, required deposits, and more. Choosing the loan that’s best for you takes time, knowledge, and experience. Learn about some of the most common home loan programs offered by Trailblazer Mortgage below.
Adjustable Rate Mortgages (ARMs) typically have lower mortgage rates when compared to traditional fixed rate programs. These rates adjust periodically over time, which can vary based on how long of a mortgage term you take. If you plan on selling or refinancing your home in less than 10 years, an ARM may be one option worth considering. Adjustable Rate Mortgages can be complicated, which is why we recommend talking to one of our mortgage consultants if you think this loan program is right for you.
FHA is short for Federal Housing Administration. While FHA loans are geared toward first-time buyers, you do not need to be a first-time buyer to take advantage of this loan program. There are several benefits in selecting an FHA loan over other forms of financing. Easier credit qualifying, lower down payments and lower monthly payments all make FHA an excellent choice for first time buyers.
Fixed rate loans are offered with most loan programs, including Conventional, FHA, VA, and USDA. Fixed rate indicates that your mortgage rate and payment are fixed for the life of your home loan. Fixed rate mortgages typically range from 10 to 30 years.
The High Loan-to-Value refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages. This program offers refinance options to help lower your interest rate, shorten your loan term, or change from an adjustable to fixed rate mortgage. FHLMC also allows for this option with the Enhanced Relief Refinance.
Jumbo Loans refer to loans in which the financing required exceeds the maximum loan amounts established by the Federal Housing Finance Agency (FHFA). If your loan amount is larger than the FHFA maximum amount, a Jumbo loan may be required to secure the remaining financing that’s required for your loan. Jumbo loans can be set as either adjustable or fixed rate mortgages and have other terms that may apply.
USDA Loans are offered by the U.S. Department of Agriculture for people living in rural areas. Like a VA loan, USDA loans are up to 100% financed, pending all requirements are met. USDA Loans used to be considered “farmer loans,” but they have evolved over time. Many buyers looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. Guidelines for USDA loans can be very specific, and some of the eligibility standards that determine if you qualify include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.
VA loans are backed by the U.S. Department of Veteran Affairs and are available for military personnel, surviving spouses, and veterans. One of the key benefits for this loan is that it offers a zero percent down payment, so service men and women are not required to make a down payment for the loan. These loans can also be up to 100% financed, pending all requirements are met. Usually, these types of home loans are approved fast with minimal red tape. Even if you have less-than-perfect credit, a VA loan might be the right program for your financing situation. Other benefits of the VA home loan include it being offered as a fixed-rate or ARM mortgage that never includes monthly Private Mortgage Insurance (PMI).
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