Loan programs

We approach loan programs differently. The truth is that all mortgage brokers have access to all of the same loan programs. The only difference between one broker and another is their level of service and how they use those programs to your advantage.

Since we specialize in helping first-time homebuyers, we spend a lot of time reviewing loan programs with our clients. If a first-time buyer isn’t using the proper loan program, the process is much more complicated than it needs to be.

Depending on your credit profile and circumstances, the programs available for buyers to choose from are:

1. Conventional Loans

Fannie Mae and Freddie Mac insure Conventional loans. These loans offer low down payment requirements – as low as 3% for first-time buyers.


Conventional loans are great, but they have restrictive debt ratios and higher interest rates than other loan products. These facts can drastically reduce your buying power, so if this program doesn’t fit your needs, you’d want to look into an FHA Loan.

2. FHA Loans

FHA insures FHA home loans which offer a minimum down payment of 3.5% of the contract price.


Government loans such as FHA loans offer interest rates that are significantly lower than Conventional Loans. A lower rate equals a lower monthly payment which is great for home buyers, especially first-time buyers.


In addition to the lower interest rate, FHA loans have more lenient debt ratio requirements. This gives the buyer more wiggle room in the purchase price, giving them more homes to choose from.

3. USDA Loans

A USDA loan is the only loan program other than a VA loan that lets you buy a home with no down payment. The interest rates are great and most similar to FHA interest rates.


There are income limits to this loan program, and only certain areas are eligible for USDA financing. USDA loans are available in sections of each County that are considered ‘rural.’


Income criteria and house-specific eligibility can be searched online with the USDA search engine.

4. VA Loans

Insured and backed by the Dept. of Veterans Affairs, VA loans are available for those that served. Widows and widowers of Veterans are often eligible as well.


VA loans offer low interest rates and the ability to buy a home with no money down.


VA loans are fantastic loan programs, but they are often misunderstood, so it’s important to work with a lender familiar with the guidelines.


First-time homebuyers can use a Conventional, USDA, VA, or FHA home loan. Each product is widely available and easy to qualify for.


When working with Havana and Wendy, we’ll review all available loan products with you and recommend which one will best help you achieve your homeownership goals.


To see which options are best for you, use the Apply Now button to submit your application.