This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (search your county limits here). An FHA loan is excellent for someone who has less money to put down, who has higher debt-to-income ratios, or whose credit is less than perfect.
The conventional conforming loan is the traditional mortgage program. It is called “conforming” because it fits within the standardized guidelines set by Fannie Mae and Freddie Mac. It can be used to finance all different types of residential properties. The loan requires mortgage insurance if the down payment is less than 20 percent. The monthly mortgage insurance required for this loan is cheaper than FHA mortgage insurance. A conventional loan caters to those who have more money to put down & great credit scores.
The Rural Housing loan is a federal program offered through the United States Department of Agriculture (USDA). It is designed to help borrowers with low-to-moderate income obtain home financing in specified rural areas. The program has an upfront guarantee fee of 2.0% (which can be financed into the loan) and a low monthly mortgage insurance premium. This is a great loan for those seeking financing in a rural area. Income and property location restrictions apply- see below for more details.
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs and offered through approved private lenders like First Colony Mortgage. VA loans are available to eligible veterans, active-duty servicemembers, certain members of the National Guard and Reserves, and some surviving spouses. Eligible borrowers may finance up to 100% of the home’s purchase price or appraised value, whichever is less, with no down payment, subject to VA entitlement and credit approval. A one-time VA funding fee may apply and can be financed into the loan. The fee depends on factors such as prior VA loan use and down payment, and some borrowers, including veterans receiving VA disability compensation, are exempt.
First Colony Mortgage is not affiliated with or acting on behalf of the U.S. Department of Veterans Affairs or any government agency.
This is a government insured and state sponsored loan for first time home buyers. It allows buyers to obtain financing through a first and second mortgage that equal 100 percent of the purchase price. This eliminates the need for the borrower to contribute a down payment. Closing costs can be financed into the loan. The Utah housing loan is a great option for first time home buyers that have very limited funds for a down payment.
This is an FHA insured loan. A reverse mortgage allows those who are at least 62 years of age, or older, to pay off a forward mortgage or use equity in their home for other purposes. In general terms, a borrower needs at least 40 to 50% equity in their home to qualify. Those who qualify can get a lump sum of cash, a monthly income, a line-of-credit, or a combination of those things. Owners retain title to the property. No repayment is required as long as the borrower lives in the property. In the event of death, heirs are responsible to pay off the lower of the loan balance or sales price of the home.
Interest Rate Fixed, Adjustable
Down Payment 3.5%
Interest Rate Fixed, Adjustable
Down Payment 5%
Interest Rate Fixed
Down Payment None
Interest Rate Fixed
Down Payment None
Interest Rate Fixed
Down Payment None
Loan Term 15, 30 yrs
Interest Rate Fixed, Adjustable
Streamline Refinance Eligible
Loan Term 10, 15, 20, 30 yrs
Interest Rate Fixed, Adjustable
Loan Term 30 yrs
Interest Rate Fixed
Loan Term 15, 30 yrs
Interest Rate Fixed
