Types of Mortgages

Types of home mortgages offered by Premium Mortgage

 

 

FHA Mortgage – Insured by the Federal Government, these are usually 15 or 30 year fixed rate mortgages that have lower down payment requirements and do not rely as much on your FICO score as a Fixed Rate Mortgage.

 

203K – This loan can be used by those who are purchasing a “less than perfect,” owner occupied property. The final mortgage amount will include funds that the homeowner will use to repair the home.

 

VA Loans – These loans are available to those who have served in our nation’s armed forces and, in certain cases, to spouses of deceased veterans and require no down payment.

 

Rural Housing (USDA) – 100% financing for homes located in designated rural areas of Monroe and surrounding counties.

 

Conventional Fixed Rate Mortgage – Can be a 10, 15, 20, 25, or 30 year term and has a fixed rate for the life of the loan.