Loan Programs

What Kind Of Loan Program Is Best For You?

Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

Fixed

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

VA Loans

VA loans are mortgages guaranteed by the Department of Veteran Affairs for qualified veterans, active service members and spouses.

Manufactured Homes

Manufactured homes, or a home that is built in a factory and then taken to a home dealer, manufactured home community, or a privately owned plot of land.

Construction

Construction loans are available to borrowers who would rather build a new home than purchase an existing one.

Jumbo Loans

A jumbo mortgage is a mortgage loan that may have high credit quality, but is an amount above conventional conforming loan limits.

Renovation

Also known as a rehab loan, FHA 203(k) are purchase or refinance loans that cover the cost of the home itself and the cost to renovate in one fell swoop.

FHA Loans

FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

USDA

USDA loans are federally-backed loans (much like FHA or VA loans) that make purchasing a home easier in rural areas.

DPA

Down payment assistance programs (DPAs) help homebuyers offset or, in some cases, fully cover the cost of the down payment when purchasing a home.

Have Questions? Contact Our Loan Officers

Louie Flores

Contact Info

lflores@modusmortgage.com

509-979-5989

Steve Fisher

Contact Info

sfisher@modusmortgage.com

509-475-5780