“What loan programs are available to me?” This is a question I often get from borrowers when they are shopping for a new home, or thinking about a refinance. The answer depends on many variables. Below is a summary of current loan program options available in today’s market.
Loan Programs Overview
- Conventional Loans are available for primary residences, second homes, and investment properties. Conventional loans offer down payment options. Mortgage insurance is required for down payments less than 20%.
- Government Loans are available for primary residence only. Low or no down payment options, and mortgage insurance is required, except on VA loans.
- Portfolio Loans are held by individual lenders and are available for primary residence, investment loans, and sometimes second homes. Higher down payment and credit scores are typically required.
For the full scoop, check out my video below!