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Mortgage Options

Find a loan option to fit your budget and your financial goals.

Conventional mortgages

Simply put, a conventional mortgage is a loan that’s not backed by a government agency such as the Federal Housing Administration (FHA) or Veteran Affairs (VA).

There are two types of conventional loans: conforming and nonconforming. Conforming loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). When a loan doesn’t follow these lending rules, it’s considered non-conforming. There are a number of factors that may cause a loan to be non-conforming, generally loan amount is a key factor.

Things to consider:

While a 30-year, fixed rate mortgage is a popular conventional loan, you have other options such as a 15-year fixed rate loan or a 7/6 ARM to name a few. Think about your current budget, as well as your longer-term financial goals as you plan. Our mortgage calculators can help you get there.

Federal Housing Administration (FHA) loan

An FHA mortgage is a government-insured loan that offers down payments as low as 3.5%. FHA loans come with a 15-, 20-, 25- or 30-year term and have a fixed interest rate.

Things to consider:

While there are no specific income requirements to qualify, you will have to pay monthly mortgage insurance for the duration of the loan and a mortgage insurance premium at closing.

Veteran Affairs (VA) loan

A VA loan has low or no down payment options and no monthly mortgage insurance requirement. VA loans are available with 10-, 15-, 20-, 25- or 30-year terms.

Things to consider:

You must be a veteran, active-duty service member or a member of the National Guard or Reserve to qualify for a VA loan.

Mortgages for higher priced real estate

Jumbo Loan

A jumbo loan is a mortgage for a more expensive property. The maximum amount for a jumbo loan at Golden Angel Mortgage is $3 Million.  

Things to consider:

You need to have a minimum credit score and a certain amount of cash to qualify.