Products Offered: Conventional, Jumbo, HomePath, Home Equity Line of Credit, DU Refi Plus, Portfolio, FHA, FHA streamline, FHA 203k streamline, VA, VA IRRRLS, Manufactured Home and USDA

Terms Offered: 10yr, 15yr, 20yr, 25yr, 30yr, 40 yr FIXED, 3/1, 5/1, 7/1, 10/1 ARM

Advantages of Fixed: The pros of a fixed mortgage include it's a predictable monthly payment, a hedge against inflation (the rate is not tied to an index, so it doesn't go up or down), it's relatively simple and maintenance-free (you don't need to worry about rate fluctuation), it provides a tax deduction from the interest you pay on your mortgage, and if rates drop significantly, you can refinance.

Advantages of an Adjustable Rate Mortgage (ARM): The pros of an ARM include the monthly payment is fixed for 3, 5, 7, or 10 years (depending on what you chose), lower monthly payments, borrower can qualify for a higher loan amount with an ARM (due to lower interest rates), if inflations hits, there is a ceiling cap to the interest rate, and should owner decide to sell the property in less than 3, 5, 7, or 10 years their total cash outflow of payments would be less than on a fixed rate mortgage.

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Conventional: A mortgage up to $417,000 that meets underwriting guidelines set by Fannie Mae and Freddie Mac.

DU Refi Plus (HARP Program): Available for refinances of existing Fannie Mae loans only. Designed for borrower to streamline a rate reduction even if under water on the property.

FHA: Established by Congress in 1965. A residential loan, has own set of guidelines and allows for higher loan-to-values. Loans are insured by the Federal Housing Administration.

FHA Streamline: See FHA, but has reduced documentation to verify borrower’s employment and income.

FHA 203K Streamline: A rehab loan. Funds to correct defective property items are included in the loan amount.

HELOC (Home Equity Line of Credit): A home equity line of credit is a form of revolving credit in which your home serves as collateral. 

HomePath: A limited time special program involving the purchase of a property owned by Fannie Mae (as a result of foreclosure or other similar action such as deed-in-lieu of foreclosure). Down payments as little at 3%, no mortgage insurance and no appraisal. Check for current buyer (up to a 3.5% closing cost credit) and seller agent (up to $1,200 bonus) incentives.

Jumbo: Programs offering loans up to $5 million dollars.

Manufactured Homes: A manufactured house is built in a factory and conforms to a Federal building code, called the HUD code, rather than to building codes at their destinations. Manufactured homes are built on a non-removable steel chassis and sections are transported to the building site on their own wheels where the units are joined at their destination.

Portfolio: Manually underwritten loans that are a "make sense" transaction and may not meet Fannie Mae or Freddie Mac guidelines.

Reverse Mortgage: A reverse mortgage is a unique mortgage tool designed for seniors 62 years of age and older. Based upon the equity in your home, you can receive additional tax-free income for life. Essentially, it is the “reverse” of a typical mortgage (where you make monthly payments). Instead, a reverse mortgage is a loan that pays you. You can use the cash payment(s) in any way you want. The loan is repaid ONLY when you either sell your home or no longer live there as your principal residence.

USDA: A USDA Guaranteed Loan is a government insured 100% purchase loan. These loans are only offered in rural areas and have county loan amount limits, as well as income limitations.

VA: A benefits program for Veterans, offering longer terms, low down payment and no down payment.

VA IRRRLS: IRRRL stands for Interest Rate Reduction Refinancing Loan and requires reduced documentation.