Buying a House | Expedite Home Loans

Loan Programs For Buying a House

Loan Programs

30 Year Fixed

Benefits

  • If you plan to live in your home long term and value a monthly payment that will never change, the 30 year fixed product is for you.
  • The 30 year term will get you the lowest monthly payment of all fixed rate mortgage options.
  • A fixed rate loan will protect you from any market volatility and keep your financial investments safe.


Facts

  • Qualifying homebuyers can finance up to 97% of the home's purchase price.
  • The down payment can be a gift from an approved source.
  • Loans up to 80% loan-to-value do not require private mortgage insurance. For loans greater than 80% loan-to-value, talk to an Expedite Home Loans advisor about how we can custom build a mortgage to your specific needs.

15 Year Fixed

Benefits

  • Save money on interest by shortening your loan term.
  • A 15 year amortization schedule will help you build equity in your home more quickly.
  • Since the interest rate is fixed, your monthly payment won't change.


Facts

  • The 15 year fixed mortgage allows up to 97% loan-to-value for qualifying borrowers.
  • Since the loan is amortized over 15 years (instead of 30), the payment is higher, but the interest rate is lower than a 30 year rate.
  • Loans up to 80% loan-to-value do not require private mortgage insurance. For loans greater than 80% loan-to-value, talk to an Expedite Home Loans advisor about how we can custom build your mortgage to your specific needs.

Adjustable Rate (ARM)

Benefits

  • An adjustable rate mortgage has the lowest interest rates available.
  • If you plan to move, or refinance in the next 10 years or less, then an adjustable rate mortgage is a great way to save money on interest and secure the lowest payment available.
  • ARM's are amortized over a 30 year period, so your monthly payment is low.


ARM Facts

  • The interest rate on an ARM is calculated by using a market index. Fluctuations (both up and down) in the market lead to changes in the interest rate that you receive once the fixed period expires.
  • Adjustment caps provide peace of mind. There are caps that limit how much your interest rate can shift from one adjustment period to the next as well as over the life of the loan.
  • You can choose between a 3,5,7, and 10 year fixed period.

FHA

Benefits

  • FHA guidelines allow for the most lenient qualification requirements.
  • Both 15 and 30 year terms are available to suit your particular financial situation.
  • Only 3.5% of the purchase price is required as a down payment and gift funds are acceptable.


Facts

  • Credit scores as low as 580 may qualify.
  • Government issued mortgage insurance allows for the most flexible qualification standards of any loan program.
  • Seller concessions limits are higher than conventional options, so you can get into your home with less out-of-pocket.

USDA - Rural Housing

Benefits

  • Homebuyers in eligible rural areas can qualify for a mortgage with no down payment required.
  • Less expensive monthly mortgage insurance requirements make owning a home more affordable.
  • Fixed interest rates and a 30 year term provide peace of mind and a consistent monthly payment for homebuyers.


Facts

  • Income limits are based on family size and median area income of the property.
  • USDA guidelines allow for easier qualification than other loan products.
  • Properties must be located in USDA approved areas.

VA

Benefits

  • Qualifying veterans and active service members can purchase a home with no down payments.
  • VA loans (even with $0 down) do not require monthly mortgage insurance.
  • Similar to FHA loans, the VA program has flexible qualification standards to help veterans qualify for a mortgage.


Facts

  • Finance up to 100% of the purchase price.
  • VA benefits may be used more than once - even if you have purchased a home with a VA loan in the past, you may still be eligible.
  • Closing costs can be paid via seller concessions, so it is possible to purchase a home with a VA mortgage and have $0 out of pocket.