Which Type Of Loan is Right For You? Mortgages and Home FinancingArticle Provided by Atlantic Bay Mortgage GroupFor more information, contact Branch Manager & Senior Mortgage Banker, Brian Morris (NMLS #140676) at 919-624-7077 or firstname.lastname@example.org.Buying a home is a major decision. Your home is your greatest asset. With so many options, it can be difficult to know which loan is the right type of loan for your unique situation. Whether you are purchasing a new home, completing renovations or refinancing there are many choices to navigate though. This valuable information will help you get started in the right direction.CONVENTIONAL LOANConventional Advantage Loan: Best for people that have at least a 5% down payment and good credit.Conventional Plus Series Loan: Down payments as low as 3% for income-qualifying borrowers.Low closing costsFixed and adjustable ratesPurchase or refinanceFlexible mortgage insurance optionsFHA LOANAffordable loans with down payments as little as 3.5% and more flexible underwriting criteria.3.5% down paymentGift funds accepted for down paymentFlexible qualification guidelines for income and creditPurchase and refinance JUMBO LOANFavorable loan terms for those seeking loan amounts above $424,100.Loan amounts exceed traditional loan limits ($424,100 and above)Purchase or refinanceLarger down paymentRENOVATION LOAN Offers maximum flexibility for homes that need repairs or remodeling.For repairs, upgrades, and remodelingPurchase or refinanceFHA and conventional loans availableREVERSE MORTGAGEFor homeowners over the age of 62, this loan gives those of retirement age the ability to access their home’s equity for expenses or another home purchase.For homeowners of retirement age (62+)Purchase or use funds for home improvements, pay off debt, or retirement expensesNo monthly principal or interest mortgage paymentUSDA LOANFor income-qualifying borrowers who live in rural or low-population areas and need 100% financing.Rural areasNo down paymentFixed interest rateIncome limits applyVA LOANGreat for veterans, active duty, and reservists with 100% financing available. Spouses of service members may also qualify.Veterans, service members, and spouses of service members are eligible100% financing up to the allowable county limitNo monthly mortgage insurancePurchase and refinanceBenefits are reusableENERGY EFFICIENT MORTGAGEUsed for improvements and upgrades to improve energy usageCombined with current mortgage paymentFHA and VA optionsLoan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to credit approval and property appraisal. Not a commitment to lend.