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Types of Mortgage Loans for Homebuyers

Mortgage loan programs are constantly changing and evolving to reflect current market conditions. A licensed, mortgage loan specialist at Envoy Mortgage will be able to help you determine which program best suits you.

The following information will give you a broad overview of the many different types of mortgage loan programs that you could consider. Each home loan program is distinct and has many different requirements that are related to the borrower and also the property. A mortgage loan specialist at Envoy Mortgage will be able to further assist and give you the information you need about mortgage loan programs available to you.

 

Homeownership Education

The Fannie Mae HomeView™ first-time homebuyer certification course will provide you with the information you need to take the next steps towards homeownership. Learn how to save and prepare for your home purchase, work with lenders and real estate professionals, understand the mortgage process, and so much more. HomeView™ aligns with National Industry Standards for pre-purchase homeownership education and can be used to fulfill the education requirement for most mortgage products.

Want to learn how you can earn your completion certificate and start your homeownership journey? Simply fill out the form below and an Envoy Mortgage loan specialist will contact you with more information.

PURCHASE LOAN OPTIONS

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FIXED RATE

Fixed Rate loans gives home buyers the ability to maintain the same rate and payment throughout the life of their loan.

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ADJUSTABLE RATE

Adjustable Rate loans begin with a set interest rate but once that initial period has passed, rates will vary according to market trends.

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FHA LOAN

FHA loans are insured by the Federal Housing Administration and require mortgage insurance. These loans usually offer lower down payment options and more lenient credit score requirements.

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JUMBO LOAN

Jumbo loans are loans for a home that is priced higher than loan limits set in place by Fannie Mae or Freddie Mac. In most of the U.S., the Jumbo loan limit is $548,250.

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RENOVATION LOAN

Renovation Loans allow buyers to borrow based on what the house is expected to be worth after the home has been repaired or renovated.

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USDA LOAN

U.S. Department of Agriculture loans are offered to home buyers purchasing a home in rural developments.

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VA LOAN

The VA loan is a home-mortgage option available to American Veterans and their families. No PMI or down payment is required in order to obtain a VA loan.

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NON-AGENCY LOANS

Non-Agency offers flexible loan solutions to homebuyers who don't fit the standard guidelines of Government or Conventional loans.

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Construction Loan

Construction loans provide buyers with the funds to build a residential property
and financing is based upon what the projected value of the home will be once the work is complete.

Contact an Envoy Loan Originator

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