With the products and knowledge necessary to handle every situation, Local Mortgage has everything needed to get your family into the right home loan.
Finding the right mortgage product is important. Everyone has a different budget for a down payment and monthly mortgage payments, so your mortgage must be structured to suit your needs. We're committed to making sure you understand your options and ultimately getting the best loan for you.
Conforming loans, also called conventional loans, are some of the most common types of mortgages issued in the market today. You can choose between a 15-year or 30-year fixed rate, and these mortgages are underwritten to federal standards. Many of these loans can begin with as little as 5% down, but 3% down payment options are available for some first-time home buyers.
FHA loans are backed by the Federal Housing Administration and allow buyers to have as little as a 3.5% down payment. They help buyers maintain financial stability and can be a great solution for those who don’t meet the typical credit requirements.
VA loans are available to veterans and active-duty service members and are backed by the Department of Veteran Affairs. These mortgages can often be obtained with low interest rates and no down payment.
USDA home loans are guaranteed by the U.S. Department of Agriculture, and they are structured to make rural housing more affordable. These loans have low interest rates and typically do not require a down payment.
Jumbo loans are available for those that need to borrow over the conforming loan limits — approximately $500,000+ in most areas. These loans typically have great interest rates but the credit and documentation requirements can be a bit more strict as compared to a conforming loan.