Northern Mortgage
WHICH LOAN IS RIGHT FOR ME?
HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.
AT A GLANCE:
-
- Borrowers with average or above-average credit & stable income may consider a Conventional Loan.
- Veterans or Active-Duty Military may qualify for a VA Loan.
- Borrowers with limited credit & stable income may consider an FHA Loan.
- Borrowers in rural areas are often considered for a USDA Loan.
HELPING YOU AND YOUR FAMILY FIND A FOREVER HOME.
AT A GLANCE:
-
- Borrowers with average or above-average credit & stable income may consider a Conventional Loan.
- Veterans or Active-Duty Military may qualify for a VA Loan.
- Borrowers with limited credit & stable income may consider an FHA Loan.
- Borrowers in rural areas are often considered for a USDA Loan.
IS a Conventional LOAN FOR ME?
Conventional loans are the most accessible loan type. These loans come with lots of flexibility for your personal situation.
While there are exceptions, conventional loans are the most common loan with a variety of programs.
The typical conventional loan requires a minimum down payment as low as 3% of the purchase price. The healthier your credit profile and the larger your down payment, the more favorable loan terms you may qualify for. Conventional loans have a variety of terms that can fit your needs for a mortgage loan. Less than 20% down could have mortgage insurance based upon the program.
what about an fha loan?
FHA loans are backed by the Federal Housing Administration, which allows lenders to modify qualification criteria.
FHA loans require a minimum down payment of 3.5%.
Like conventional loans, loan options are based on your credit profile and income. The better your financial situation, the more favorable loan terms you may qualify for. FHA loans have a variety of terms and would need mortgage insurance per program chosen.
Are you a veteran?
VA Loans are special entitlement for Veterans, backed by the Department of Veterans Affairs. This is a benefit for veterans and offers options and loan terms to Veterans and Active Military personnel.
Borrowers must be a Veteran or Active Military to qualify for a VA Loan.
These loans offer several advantages: 0% down payments are allowed, closing costs are reduced, no private mortgage insurance, and more. Credit profile requirements are also relaxed.
If you’re a Veteran, there’s a good chance a VA loan will be right for you! Our experienced VA staff is ready to help those who have served or are serving our country!
What’s the next step?
Whichever loan type is best for you, be sure to contact a Loan Officer! Even if you’re not ready to buy today, they’ll give you the information and resources you need to move forward with confidence.
If you’re ready to purchase a home, your offer will become stronger with a pre-approval from Northern Mortgage. No matter your lender, a pre-approval is highly recommended.
In order to apply, you’ll need to collect several documents, including proof of income and assets (e.g. bank statements, etc.), employment verification, and identity verification. You’re more than welcome to reach out to any of Northern Mortgage’s licensed loan officers with any questions you have!
*All content is for educational purposes only. No affiliations with government organizations. No guarantees or offers to lend implied. Contact a licensed loan officer for additional details and to determine eligibility.
WAIT, HOW DOES IT WORK?
The mortgage process, explained.
