Conventional - The most common loan originated. Typically sold to Fannie Mae or Freddie Mac. This loan can be used for financing up to 80% of home value. Can be combined with Mortgage Insurance to finance up to 90%.
FHA - Can be used to refinance up to 97.75% of home's value. Can take "cash out" up to 85% to use however you would like. You can purchase a home with a down payment as low as 3.5%. Your seller can contribute up to 3% toward closing costs.
FHA Steamline - For those currently in a FHA loan, the FHA Streamline Refinance Loan offers even more flexibility. It requires less paperwork, no new appraisal and has flexible credit terms.
USDA - USDA home loans are government-backed loans that are offered to borrowers in rural areas. Can borrow up to 100% on a purchase with no mortgage insurance.
VA - A VA loan allows the borrower to finance 100% of the home's value - $0 down. Your payment is kept low because there is no mortgage insurance.
SBA- Small Business Administration loan. Can provide up to 90% financing at below market rates. For commercial acquisition, renovation or construction projects, including start-up businesses.
FNMA - Small balance loan financing for commercial multi-family housing (5+ units) Provides the lowest rate option for this property type.
Portfolio Loans - Residential and commercial loans that are not sold to Fannie Mae. Often have more flexible terms.
Hard Money/Private - Pooled investor money used to finance projects that fall outside conventional and government guidelines. Fast and flexible.