Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. For many years this is all we have recommended since rates have been so low for so long.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment and lenient qualifying guidelines.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
USDA Loans used to be considered "farmers loans" but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan. In the Antelope Valley homes located in Rosamond, Littlerock, Lake Los Angeles, Pearblossom, Acton, Antelope Acres, California City and Mojave are some of the areas that qualify for $0 down payment USDA loans. Homes in Palmdale and Lancaster do not qualify for USDA loans.
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home and not having a mortgage payment. The homeowner has all the same ownership rights as with a tradtional mortgage but isn't required to pay for the mortgage until they leave the home. If the homeowner passes away their heir inherit the property just as they would with a traditional mortgage.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.