Compare Your Loan Options
| VA Loans | 100% Financing available No private mortgage insurance requirement Flexible qualification guidelines | - Have served our country in the military
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| FHA Loans | As little as 3.5% down payment Flexible qualification guidelines Fixed-rate | - Have limited funds for a down payment
- Have experienced credit challenges in the past |
| USDA Loans | 100% financing available Government-backed program Intended to help grow home-ownership in rural areas | - Are purchasing in a qualifying rural area
|
| Conventional Fixed Rate Loans | The lowest fixed rates for eligible buyers No interest rate surprises | - Plan to stay in your home for a long time - Have an established credit history
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| Jumbo Loans | Increased purchase limits for higher-priced properties Competitive rates Fixed-rate and ARM options Low down payment options | - Are buying a home that exceeds conforming loan limits
|
| Investment property loans | Financing for the residential rental property with 1-4 units A variety of loan options to choose from | - Want to become a landlord |
| Adjustable Rate Mortgages (ARMs) | The lowest short-term rates Initial lower monthly payments Initial rate periods of 3-10 years, then rates can adjust | - Know you’ll be moving within the next few years
|
| Loan Type | Key Benefits | Worth Considering if You... |
|---|---|---|
| VA Loans | *100% financing available No private mortgage insurance requirement Flexible qualification guidelines | Have served our country in the military Have limited funds for a down payment Are looking to save monthly by not paying PMI |
| FHA Loans | As little as *3.5% down payment Flexible qualification guidelines Fixed-rate | Have limited funds for a down payment Don’t have an established credit history Have experienced credit challenges in the past |
| USDA Loans | *100% financing available Government-backed program Intended to help grow home-ownership in rural areas | Are purchasing in a qualifying rural area Meet the program’s income guidelines Have little or no money for a down payment |
| Conventional Fixed Rate Loan | The lowest fixed rates for eligible buyers No interest rate surprises | 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 |
| Jumbo Loans | Increased purchase limits for higher-priced properties Competitive rates Fixed-rate and ARM options Low down payment options | Are buying a home that exceeds conforming loan limits Have an established credit history |
| Investment property loans | Financing for the residential rental property with 1-4 units A variety of loan options to choose from | Want to become a landlord |
| Adjustable Rate Mortgages (ARMs) | The lowest short-term rates Initial lower monthly payments Initial rate periods of 3-10 years, then rates can adjust | 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.
