Home Purchase Loans
Wherever you are in your homebuying journey, knowing the types of home purchase loans available to you can help guide your decision.
Types of home purchase loans
We offer a wide variety of home purchase loan options and are dedicated to personalizing your homebuying journey. Most loans fall into one of three categories: conventional, government, or jumbo home loans.
Conventional loans
Conventional loans meet the Federal Housing Finance Agency’s (FHFA) conforming loan limits and other requirements. Conventional home purchase loans are popular because of their low 3% minimum down payment and flexible financing options.
Government loans: FHA, VA, and USDA
Government home loans are backed by federal, state, and sometimes local government agencies. Our top government-backed home purchase loans are FHA loans, USDA home loans, and VA loans. If you qualify, these mortgage purchase programs can provide unique benefits, such as little or no down payment requirement and reduced closing costs.
Jumbo loans
A jumbo loan may be right for you if you’re hunting for a luxury or high-cost home. You can secure up to $4 million to purchase a primary residence, second home, or investment property – putting almost any homeownership dream within reach.
Fixed rate vs. adjustable rate
With most home purchase loans, you can choose a fixed or adjustable interest rate.
A fixed-rate mortgage purchase is ideal if you plan on living in the home for 10 or more years and want stable payments over the life of the loan.
An adjustable-rate mortgage purchase may be a better choice if you only plan on living in the home for a few years. With an ARM, you may benefit from a lower interest rate upfront, meaning lower monthly payments.
When should I start the homebuying process?
The sooner, the better. Meeting with a mortgage professional early gives you a better chance of making a winning offer. A good benchmark is sitting down with a loan officer 6-12 months before you plan to purchase your home. This gives us time to understand your finances, and gives you time to ensure your credit is in good standing.
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