Loan Programs





MORTGAGE CALCULATOR

USDA Loan

What is a USDA Loan?

A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program offered by the United States Department of Agriculture.

 

Benefit of a USDA Loan
  • The best part of a USDA loan is that they require no money down. That’s a zero down payment mortgage!
  • 100% financing available for properties located in rural areas.
  • They allow up to a 6% sellers concession of the purchase price (ability to roll your closing costs into the mortgage).
  • The mortgage insurance (MI) on a USDA loan is very low – lower than any other type available. That’s just 0.35% compared to 0.85% for FHA loans!
  • The rates are very competitive.
  • They are available to anyone with a 620 FICO or higher.

Refiance
Loan

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VA Loan

What is a VA Loans?
  • Veterans Administration (VA) Loans are loans offered exclusively to active duty military, veterans, and surviving spouses or dependents.
  • A VA loan is a home loan guaranteed by the U.S. Veterans Administration. Eligible veterans may be able to purchase a home with no down payment and no cash reserve. The VA establishes the maximum loan amounts and eligibility requirements.
  • Typically these loans have no down payment – Loan fees are also rolled into the loan. Income restrictions do not apply, and you can also qualify for a refinance at a lower rate when rates change.
Benefits of a VA Loans.
  • Locking in a loan with no down payment.
  • Low monthly payments.
  • No mortgage insurance required, saving you thousands.
  • Typically no lender fees.
  • You may roll in your closing costs.
  • More credit-flexible than a typical conventional loan.

ARM Mortgage Loan

What is an ARM Loan?

An ARM – adjustable rate mortgage – is a home loan with an initial fixed interest rate that changes after a specified period of time depending on current market conditions.

Benefits of an ARM Loan.
  • Capability to significantly reduce the cost of your mortgage.
  • Perfect for people looking to move or refinance in the next 5, 7 or 10 years.
  • Prepayment penalties do not apply so you can pay your mortgage whenever you want.
  • Lowest mortgage rate available.

Conventional
Loan

What is a Conventional Loan?

Conventional loans may be conforming or non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.

Benefits of Conventional Loans.
  • Conventional loans do not charge the additional fees VA and FHA loans do, and usually require a standard 5% down payment. However, with 20% down no MI is necessary.
  • Higher qualifications like better credit scores give you access to better interest rates.
  • Conventional loans are custom to you in relation to amortization (the number of years needed to pay the loan back). This includes a 15, 20, or 30 year fixed rate term.

FHA

What is an FHA Loan?

An FHA loan is a loan insured by the Federal Housing Administration. They do not underwrite the loan, they simply insure it for the lender.

Benefits of an FHA Loan
  • An FHA loan is more accessible since you don’t need a high-paying job or the best credit.
  • Credit score requirements are lower, allowing people with not so perfect credit to qualify.
  • FHA Loans have lower down payments that can get as low as 3.5%, and can be used for a purchase or refinance.
  • Your down payment can be gifted from a relative.
  • You can roll in all your closing costs.
  • You can also get cash out on a refinance.
  • There are also FHA renovation loans for repairs.
  • If you have low credit or a high debt to income ratio then FHA loans may be the right option for you.

Reviews From Our Clients

"Thanks to the DMC team we were able to buy our dream home! We never thought it would be possible after being told no by other banks, but with DMC's help we were able to understand our credit – and now own our first home."
R.H.
Very fast experience, explained everything very well, and even gave us time to think about it. The DMC staff we worked with were very knowledgeable and professional."
J.K.
I highly recommend DMC for all your mortgage needs. They held our hand throughout the entire process. We had tons of questions and they always explained it in detail so we could understand the mortgage lingo."
D.M.

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