Types of Loans Programs

Insured by the Federal Housing Administration, FHA loans help borrowers obtain the home of their dreams with easier qualification.

With FHA loan requirements being a little more flexible, first-time homebuyers often benefit from this type of home loan as it offers a lower down payment (as low as 3.5%). However, you do not need to be a first-time homebuyer to benefit.

VA loans are guaranteed by the U.S. Department of Veterans Affairs. Referred to as a “government” mortgage, VA loans are available to Veterans, Reservists, Active Duty Personnel, and surviving spouses of Veterans (based on military entitlement).

A USDA Rural Development loan is a home loan option available to borrowers seeking to buy or refinance a home in a rural location. They are available to many eligible primary homebuyers with low to moderate income or limited funds for down payments.

A Conventional loan is not offered or guaranteed by the federal government but is available through HOMESTAR. Most Conventional loans have either fixed or adjustable interest rates.

When you refinance your home, you are replacing your existing mortgage with a new one. Many homeowners choose to refinance to lower their interest rate and shorten their loan term or to take advantage of turning the equity they have built up in their home into cash and using it for important purchases.

FHA 203K loans allow borrowers to purchase a home or refinance their existing home and take it from outdated to upgraded – all under a single loan! The amount you borrow is a combination of the price of your home and the estimated cost of the upgrades/repairs, including labor and materials.