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Article Provided by Atlantic Bay Mortgage Group

For more information, contact Branch Manager & Senior Mortgage Banker, Brian Morris (NMLS #140676) at 919-624-7077 or brianmorris@atlanticbay.com.

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 LOAN

Conventional 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 costs
  • Fixed and adjustable rates
  • Purchase or refinance
  • Flexible mortgage insurance options

FHA LOAN

Affordable loans with down payments as little as 3.5% and more flexible underwriting criteria.

  • 3.5% down payment
  • Gift funds accepted for down payment
  • Flexible qualification guidelines for income and credit
  • Purchase and refinance 

JUMBO LOAN

Favorable loan terms for those seeking loan amounts above $424,100.

  • Loan amounts exceed traditional loan limits ($424,100 and above)
  • Purchase or refinance
  • Larger down payment

RENOVATION LOAN 

Offers maximum flexibility for homes that need repairs or remodeling.

  • For repairs, upgrades, and remodeling
  • Purchase or refinance
  • FHA and conventional loans available

REVERSE MORTGAGE

For 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 expenses
  • No monthly principal or interest mortgage payment

USDA LOAN

For income-qualifying borrowers who live in rural or low-population areas and need 100% financing.

  • Rural areas
  • No down payment
  • Fixed interest rate
  • Income limits apply

VA LOAN

Great 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 eligible
  • 100% financing up to the allowable county limit
  • No monthly mortgage insurance
  • Purchase and refinance
  • Benefits are reusable

ENERGY EFFICIENT MORTGAGE

  • Used for improvements and upgrades to improve energy usage
  • Combined with current mortgage payment
  • FHA and VA options

Loan 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.

 

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