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Mortgages

Conventional Mortgage

This is the most common Mortgage loan. It is made by banks and is not insured by the Federal Housing Authority, Veterans Administration orthe USDA. It is usually capped at $417,000 which is set by Fannie Mae or Freddie Mac.

Jumbo Mortgage

This loan is greater than the limits set by Fannie Mae and Freddie Mac

FHA Mortgage

An FHA loan is a loan insured by the Federal Housing Administration. These loans are designed to help borrowers who, have little money to put down and may not quit qualify for a conventional loan. They usually will accept lower credit scores also.

203k Loan

This is also a FHA loan. This loan provides money to buyers or home owners who want to finance repairs and or improvements to the subject property. The extra money is held by the bank until the repairs are made. The money can be disbursed in draws as the rehab work progresses.

Reverse Mortgages

Reverse Mortgages can be used for buying a house or for current home owners who are 62 years of age or older. Reverse Mortgages can be used for monthly income, homeowners who would like to stay in their house but can't afford or do not want to the mortgage payments. Reverse mortgages can also be used for lines of credit.

Fixed Rate Mortgages

A mortgage Loan which is fixed for the life of the loan.

Adjustable Rate Mortgage

Adjustable Rate Mortgages also known as ARM Mortgages have a fixed period which then will adjust after the pre-designated fixed period. They have caps on how much the rate can adjust each adjustment period and a life time cap on the rate. ARM's can have your payment lower than current fixed rates, but can be higher than current fixed rate loans after they adjust.

USDA

USDA Mortgage loans are underwritten by the United States Department of Agriculture. You can buy a house with zero down payment and have the seller pay all your closing cost. There are area and income restrictions on USDA loans. USDA loans are good for buyers who do not have or want to put much money into the purchase.

VA

AVA loan is underwritten by the Veterans administration for Veterans. VA loans have 0 down payment requirement. There are no income or area restrictions.

PMI

PMI stands for Private Mortgage Insurance. PMI is required when a borrower is putting down less than 20%. There are several different kinds of PM!. The PMI you choose can make a big difference on what your payment will be and what you can qualify for.

Commercial

Commercial Mortgages are loans for commercial zoned, multi family or mixed use properties. County Mortgage will be happy to help you obtain a commercial mortgage.