Different Loan Options to Choose From.
VA Loans
Key Benefits
No Down Payment
No Private Mortgage Insurance
Flexible Qualification Guidelines
Worth Considering if You…
– Have served our country in the military
– Have limited funds for a down payment
– Are looking to save monthly by not paying PMI
Conventional Fixed Rate
Key Benefits
- The lowest fixed rates for eligible buyers
- No interest rate surprises
Worth Considering if You…
– Plan to stay in your home for a long time
– Have an established credit history
– Can put at least 3% down on a home
– Want to purchase a second home in a resort area or in another state
USDA Loans
Key Benefits
- No Down Payment Options
- Government-backed program
- Intended to help grow home-ownership in rural areas
Worth Considering if You…
– Are purchasing in a qualifying rural area
– Meet the program’s income guidelines
– Have little or no money for a down payment
FHA Loans
Key Benefits
- As little as 3.5% down payment
- Flexible qualification guidelines
- Fixed-rate
Worth Considering if You..
– Have limited funds for a down payment
– Don’t have an established credit history
– Have experienced credit challenges in the past
Jumbo Loan
Key Benefits
- Increased purchase limits for higher-priced properties
- Competitive rates
- Fixed-rate and ARM options
- Low down payment options
Worth Considering if You…
– Are buying a home that exceeds conforming loan limits
– Have an established credit history
Investment Property
Key Benefits
- Financing for the residential rental property with 1-4 units
- A variety of loan options to choose from
Worth Considering if You…
– Know you’ll be moving within the next few years
– Have an established credit history
– Can put at least 5% down on a home
Adjustable-Rate (ARM)
Key Benefits
- The lowest short-term rates
- Initial lower monthly payments
- Initial rate periods of 3-10 years, then rates can adjust
Worth Considering if You…
– Know you’ll be moving within the next few years
– Have an established credit history
– Can put at least 5% down on a home
What Items Do I Need for My Mortgage Application?
Below is a partial list to get started, and your loan team can tell you about any additional requirements.
Residential History
- Your residential address for the past two years
- Landlord names and addresses for the past two years.
Personal Assets
- Bank account statements from the most recent months for all checking and savings accounts
- Other asset statements from the past two months for any CDs, IRAs, stocks, bonds or other securities you intend to use for your down payment
- Current real estate holdings, including property address, current market value, mortgage lender’s name, and address, loan account number, balance, and monthly payment
Employment & Income History
- Paycheck stubs from the last 30 days showing your year-to-date earnings
- W-2 or I-9 tax forms (issued by your employer) for the past two years
Personal Debt
- A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and the outstanding balance on each account.
How Do I Get Started?
Whether you are buying your first home, a new investment property or building the home of your dreams, Aligned Mortgage Loan Officers offer years of education and expertise to help you understand the loan options that will fit your unique needs.
How do I get started?
Whether you are buying your first home, a new investment property or building the home of your dreams, Aligned Mortgage Loan Officers offer years of education and expertise to help you understand the loan options that will fit your unique needs.
Please visit our Disclosures page for more details for all loan types.
