Home Mortgage Loans

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Home Mortgage Loans by Mind Map: Home Mortgage Loans

1. USAA

1.1. VA loan

1.1.1. No private mortgage insurance (PMI)

1.1.2. A VA loan is a type of mortgage backed by the U.S. Department of Veterans Affairs.

1.1.3. It's available to current service members, veterans and eligible surviving spouses, and offers several advantages , which are listed below

1.1.4. No down payment required

1.1.5. Mortgage loan can be refinanced

1.1.6. DOWN PAYMENT AS LOW AS 0%

1.1.7. Finance the funding fee, unless you're exempt

1.1.8. Available in a variety of terms

1.1.9. VA loan benefits can be reused

1.2. FIRST-TIME HOMEBUYER LOAN

1.2.1. BEST FOR ... First-time Homebuyer Loans are best for Those who haven't owned a home in the last three years.

1.2.2. DOWN PAYMENT AS LOW AS 3%

1.2.3. Lender pays private mortgage insurance (PMI)

1.3. CONVENTIONAL LOAN

1.3.1. Use for primary home only

1.3.2. Best for: Conventional Loans are best for Those using a down payment of at least 5% to buy a home.

1.3.3. AVAILABLE IN A VARIETY OF TERMS

1.4. 5/1 ADJUSTABLE-RATE MORTGAGE (ARM)

1.4.1. Best for: 5/1 adjustable-rate loans are best for Those who may plan to move in the next five years.

1.4.2. TYPICALLY HAS A LOWER INITIAL RATE

1.4.3. Rates may increase after 5 years

2. Navy Federal Credit Union

2.1. VA Loans

2.1.1. Available to eligible servicemembers and backed by the Department of Veterans Affairs (VA), this fixed-rate loan offers 100% financing options.2

2.1.1.1. 10- to 30-year

2.1.1.2. Down Payment: 0%

2.1.1.3. Fixed rate. No Mortgage Insurance (MI). Refinance options available.

2.2. Fixed Rate

2.2.1. Fixed rate. No PMI. Refinance and jumbo options available.

2.2.1.1. 10- to 30-year

2.2.1.2. Down Payment: 5% minimum

2.2.1.3. Fixed rate. No PMI. Refinance and jumbo loan options available.

2.3. Adjustable-Rate Mortgages (ARMs)

2.3.1. Another popular choice, these loans begin with a fixed interest rate for the initial term and then adjust according to an index.

2.3.1.1. 10- to 30-year

2.3.1.2. Down Payment: 0-10% minimum

2.3.1.3. Adjustable rate. No PMI for many loans. Jumbo, conforming and interest-only options available. Refinance options available.

2.4. Military Choice

2.4.1. Offering eligible servicemembers easier qualification, 100% financing options and a special rate on this fixed-rate mortgage.3

2.4.1.1. 16- to 30-year

2.4.1.2. Down Payment: 0%

2.4.1.3. Fixed Rate. No PMI. Refinance options available.

2.5. 100% Financing HomeBuyers Choice Apply

2.5.1. Down Payment: 0%A great option for first-time homebuyers, these fixed-rate loans have 100% financing options, meaning no down payment is required.3

2.5.1.1. 10- to 30-year

2.5.1.2. Down Payment: 0%

2.5.1.3. Fixed rate. No PMI. Refinance options available.

2.6. FHA Loans

2.6.1. Insured by the Federal Housing Administration (FHA) and ideal for first-time homebuyers seeking a low down payment.4

2.6.1.1. Insured by the Federal Housing Administration (FHA) and ideal for first-time homebuyers seeking a low down payment.4

2.6.1.2. Down Payment: 3.5% minimum

2.6.1.3. Fixed and adjustable rate. Refinance options available.

2.7. Interest Only

2.7.1. Available as both fixed and adjustable rate, these loans can be used for both primary and second homes.

2.7.1.1. 30-year

2.7.1.2. Down Payment: 20% minimum

2.7.1.3. No PMI. Refinance options available

3. Wells Fargo

3.1. Fixed-rate mortgage

3.1.1. Protection from rising interest rates for the life of the loan, no matter how high interest rates go.

3.1.2. Monthly principal and interest (P&I) payments stay the same over the life of the loan, so you can budget accordingly.

3.2. Adjustable-rate mortgage (ARM)

3.2.1. Lower initial interest rate and monthly P&I payments than on a fixed-rate mortgage with a comparable term.

3.2.2. Rates and monthly payments can change after the initial fixed-rate period

3.3. Jumbo loans

3.3.1. For customers who need financing for higher loan amounts:

3.3.1.1. Provides financing above conforming Fannie Mae and Freddie Mac loan limits

3.3.1.2. Interest rate discounts and other potential benefits available through our Private Mortgage Banking group

3.4. yourFirst Mortgage

3.4.1. For first-time and repeat homebuyers with limited cash for a down payment:

3.4.1.1. 3% down on a conventional conforming fixed-rate mortgage

3.4.1.2. Allows the use of gift funds and down payment assistance programs

3.4.1.3. May require mortgage insurance

3.5. Government loan options

3.5.1. For eligible customers, options like FHA, VA, and the Guaranteed Rural Housing programs may:

3.5.1.1. Offer low down payment programs

3.5.1.2. Allow the use of gift funds and down payment assistance programs

3.5.1.3. Provide options for customers with credit challenges

3.5.1.4. Require mortgage insurance

3.6. Additional Loans Offered

3.6.1. Loans for newly built homes

3.6.2. Cash-out-refinance

3.6.3. Home equity line of credit (HELOC)