Conventional
The most common loan type in the U.S. Conventional loans are not government-backed and are available in fixed or adjustable-rate terms across a range of loan amounts.
- Available in 10, 15, 20, and 30-year fixed terms
- Some lenders offer flex term options for custom loan terms
- Adjustable-rate options also available
- Down payment options starting at 3% for eligible borrowers
- PMI required for down payments below 20%
- Conforming loan limits set annually by FHFA
- Competitive rates for borrowers with strong credit profiles
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FHA
Backed by the Federal Housing Administration, FHA loans are designed to expand access to homeownership with flexible qualifying criteria and lower down payment requirements.
- Down payment options starting at 3.5% for qualified borrowers
- More flexible credit guidelines than conventional loans
- Mortgage insurance premium (MIP) required
- Loan limits vary by county
- Popular choice for first-time homebuyers in North Carolina
- Fixed and adjustable-rate options available
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VA
Available to eligible veterans, active-duty service members, and surviving spouses, VA loans are guaranteed by the Department of Veterans Affairs and offer distinct benefits.
- No down payment required for eligible VA borrowers
- No private mortgage insurance (PMI)
- Competitive interest rates
- Limits on certain closing costs
- VA funding fee applies (can be financed)
- Certificate of Eligibility (COE) required
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ARM (Adjustable-Rate Mortgage)
An adjustable-rate mortgage starts with a fixed interest rate for an initial period, then adjusts periodically based on a market index. Common structures include 5/1, 7/1, and 10/1 ARMs.
- Potentially lower initial rate compared to a 30-year fixed
- Rate adjusts after the initial fixed period
- Adjustment caps limit how much the rate can change
- Lifetime cap limits the maximum rate over the loan term
- Can be a useful option for borrowers with shorter planning horizons
- Available in conforming and jumbo loan amounts
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Jumbo
Jumbo loans are used for loan amounts that exceed the conforming loan limits set by the FHFA each year. They follow different underwriting guidelines than conforming loans.
- Loan amounts above the conforming limit (varies by year and county)
- Typically requires a stronger financial profile
- Fixed and adjustable-rate options available
- Available for primary residences, second homes, and investment properties
- Used for high-value home purchases across North Carolina
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Non-QM
Non-Qualified Mortgage (Non-QM) loans are designed for borrowers who do not fit the standard documentation requirements of conventional or government-backed programs.
- Bank statement loans for self-employed borrowers
- DSCR (Debt Service Coverage Ratio) loans for real estate investors
- Asset depletion and asset qualifier programs
- Interest-only options available on select programs
- 1099 income programs available
- Recent credit events may be considered on a case-by-case basis
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Home Equity
Home equity products allow homeowners to borrow against the equity they have built in their home. Two primary options are available: a home equity line of credit (HELOC) and a home equity loan.
- HELOC: revolving credit line with a draw period and repayment period
- Home equity loan: fixed lump sum with a set repayment schedule
- Can be used for home improvements, debt consolidation, and other needs
- Loan amount based on available equity and qualifying factors
- Interest may be tax-deductible in certain situations (consult a tax advisor)
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