Loan Programs
Refinance Options with Low Fees

A conventional loan is the most common type of mortgage and is not guaranteed or insured by the US government, such as VA, FHA and USDA. When most people think of a mortgage, they’re thinking of a conventional loan. Generally speaking, conventional loans are loans under $715,000, which is the Maricopa County conforming loan limit set by Fannie Mae and Freddie Mac. Typically, your down payment can be as low as 3% and can be used for primary residence, 2nd home or an investment property.

FHA loans are mortgages insured by the Federal Housing Administration (FHA). This insurance protects lenders, allowing them to offer loans with easier credit requirements and low down payments. FHA loans are popular with first-time and lower-credit home buyers due to their flexibility and low rates. Down payments can be as low as 3.5%.

A VA loan is guaranteed by the United States Department of Veterans Affairs (VA) and is designed for American veterans including U.S. military, reservists and select surviving spouses. This loan program can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. VA Home Loans are provided by private lenders, such as banks and mortgage companies. Typically, there is no down payment requirement, no private mortgage insurance (PMI) and the interest rates are very low.

A USDA home loan is a zero down payment mortgage available for certain rural and suburban homebuyers. They are issued through the USDA Rural Development Housing Program by the Unites States Department of Agriculture. A USDA home loan is often the best choice for borrowers who meet the U.S. Department of Agriculture's guidelines. With no down payment requirement, USDA mortgages are often less expensive than FHA loans, both upfront and in the long run. Despite the name, many urban areas qualify for USDA financing as well.

A reverse mortgage allows homeowners aged 62 and older to access the equity in their homes without regular monthly mortgage payments. The equity payout can be received as a lump sum, monthly installments, or a line of credit. Repayment is not required until the homeowner no longer lives in the home as their primary residence.

Down Payment Assistance Programs are available for certain first-time home buyers. Programs can vary by state and/or county, but many offer down payment grants or loans to help with down payment and closing costs related to their mortgage. In most cases, income restrictions along with geographic locations apply. Typically, there are no down payment requirements and offer flexible underwriting guidelines for the buyer.

Jumbo loans are for those borrowers with higher loan amounts. Generally speaking, jumbo loans are over $766,550, which is the 2024 Maricopa County conforming loan limit set by Fannie Mae and Freddie Mac. Jumbo loans can be seen by lenders as a slightly riskier product so documentation requirements may be stricter. Jumbo loans typically require larger down payments, but do not have any mortgage insurance requirements.

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses like home renovations, or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC typically has a lower interest rate compared to unsecured loans like personal loans and credit cards.