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There is a vast array of mortgage loan products on the market.  And it changes constantly!  There are several factors to be considered in choosing the type of mortgage loan best suited to meet your needs:

  • How long to you plan on living in the house you are buying or refinancing?
  • How much money do you want to pay towards the down payment and closing costs?
  • What do you want the maximum monthly mortgage loan payment to be?

First American Mortgage works with the industry's leading lenders to provide a large variety of loan programs to meet virtually any borrower's financing needs.  The following are some of the programs available:

  • Traditional Conventional Financing, typically 30 and 15 Year Fixed Rate Loans 
  • FHA and VA Loans  
  • 80-10-10, 80-15-5
  • Adjustable Rate Mortgages (ARMs)
  • Jumbo and Super Jumbo loans (over $417,000)
  • Interest Only Loans
  • One-Time Close Loans for New Construction 
  • Home Equity Loans

Call First American Mortgage to find out what loan programs we have to best suit your financial needs. 

 
30 and 15 Year Fixed Rate Loans
FHA and VA Loans
Adjustable-Rate Mortgage Loan (ARM)

30 and 15 Year Fixed Rate Loans

The interest rate and monthly principal and interest payment remain the same for the life of the loan.  We offer a variety of fixed-rate products: conventional, FHA, and VA in both conforming and jumbo loan amounts, with terms ranging from 10 to 30 years. 

 

Advantages:

  • Predictable payments. The monthly principal and interest payment is fixed over the life of the loan.
  • Protection from rising interest rates.  No matter how high the market interest rates go, your mortgage rate remains the same for the life of the loan.

Best for People Who:

  • Are buying a home at a time when interest rates are comparatively low.
  • Plan to stay in the house they are buying or refinancing for at least seven years.
  • Are on limited or fixed incomes.      

FHA and VA Loans

Government loans come in two types: FHA loans, which are insured by the Federal Housing Administration, and VA loans, which are guaranteed by the Department of Veterans Affairs.  

 

FHA Loan Advantages:

  • Low Down Payment Requirements.  A minimum of 3.5% down payment required which can be provided to the borrower as a gift from family, employers, church or down payment assistance programs.
  • Flexible income, debt and credit requirements.  Alternate sources of income can be used.  Previous derogatory credit history may be excused. 
  • Lower Mortgage Insurance Requirements.  The rate for the mortgage insurance is lower than most other loan programs requiring mortgage insurance. 

Best for:

  • Homebuyers with limited savings
  • Low-to-moderate income families 

VA Loan Advantages:

  • No down payment required.
  • No Mortgage Insurance Required.  Even with a zero down payment, VA loans do not require mortgage insurance. 
  • Flexible income, debt and credit requirements.  Alternate sources of income can be used.  Previous derogatory credit history may be excused.

Best For:

  • Qualified veterans, reservists, active servicemen and women and their spouses.
  • Eligibile first- or second time homebuyers who have low-to-moderate incomes and/or limited savings. 

 


Adjustable-Rate Mortgage Loan (ARM)

Adjustable-rate mortgages feature an interest rate that is fixed for an initial period, then adjusts periodically based on market fluctuations.  First American Mortgage offers a variety of conventional and goverment ARM products in both conforming and jumbo loan amounts. 

 

Advantages:

  • Lower Monthly Payments.  Because the initial interest rate is lower compared to a traditional fixed-rate mortgage, during the early years of this loan you pay less monthly.
  • More Buying Power.  Qualification is based on the lower initial monthly payment so you can get a larger loan amount.
  • A Variety of Fixed-Period Options.  Depending on the ARM product you choose, the initial fixed-rate period may last for one year (1-year ARM), three years (3/1 ARM), five years (5/1 ARM), seven years (7/1 ARM), or even ten years (10/1 ARM). 

Disadvantages:

  • Payments may change over time.
  • Potential for higher payments if rates go up.
  • Less flexible underwriting. 

Best for People Who:

  • Plan to move or refinance within a few years
  • Want to save money in the short term
  • Need a larger loan amount than they can qualify for with a fixed-rate mortgage