Buying a house is an exciting adventure, and we want to help you navigate your mortgage loan options so you get the right type of home loan with the best terms. I'm Jimmy Vercellino, an experienced professional with mortgage lender First Choice Loan Services. My team and I will work hard to provide a timely, efficient and excellent home loan process for you.
For most mortgage borrowers, there are three major loan types: conventional, FHA and VA. Which one you choose depends upon your down payment, credit record, military service and other factors. We can help you determine which is the best option for you.
A conventional mortgage is a home loan is the most typically used home loan. It conforms to the loan limits set forth by Freddie Mac and Fannie Mae, and is not guaranteed or insured by the federal government. You can get a conventional loan at a fixed or adjustable rate.
An FHA home mortgage loan is often used for first time home buyers, but is available to anyone. The down payment is only 3.5%, and accepts lower credit scores than conventional loans. The interest rate will be higher, but qualifying for the loan is easier.