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 are commonly available from 15 to 30-year terms and mortgage insurance is required with down payments under 20%.

    USDA Loan

    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 are most commonly 15 or 30-year loan terms and require mortgage insurance for all loans with few exceptions.

     USDA Loan

    what about an fha loan?

    FHA loans are backed by the Federal Housing Administration, which allows lenders to modify qualification criteria. FHA specializes in first-time home buyers, with little credit, non-occupant co-borrowers, gift down 

    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 are most commonly 15 or 30-year loan terms and require mortgage insurance for all loans with few exceptions.

    Looking in a rural area?

    USDA Loans, like the FHA, are federally backed loans offered to serve our rural communities.

    USDA loans are only offered to borrowers in rural areas and are intended for those who have fit the eligibility guidelines for area and income. 

    While down payments can be 0%, borrowers should have a 2-year work income history, and qualify with more reserved debt-to-income ratio requirements. Other guidelines are intended to aid homeowners obtain and keep their homes.  

    To see which properties qualify for a USDA loan, check the eligibly map here.

    USDA Loan

    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. VA loans are offer 15, 20, 25, and 30-year terms.

    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! 

    va loan

    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. VA loans are offer 15, 20, 25, and 30-year terms.

    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.

    conventional loan Dayton

    Northern mortgage

    Hours

    Monday-Friday: 8:30am – 5:30pm or by Appointment

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