There are only a few mortgage products that are sold and the borrower must conform to the guidelines set out by the program.  The four main programs are:

Conventional – Fannie Mae and Freddie Mac programs for loans up to $754,500.  Usually the best program for people with great credit and excellent credit scores.

FHA– Mortgage program administered by the federal government through HUD.  Maximum loan amount $490,425.  Usually the best program for non veterans with less than excellent credit.

VA– Mortgage program administered by the federal government through VA.  For veterans, or spouses of veterans in some cases, maximum loan amount $750,000.  If you are eligible, this is usually the best option.

USDA– Mortgage program administered by the federal government through the Dept of Agriculture.  No loan limit, however, there are limits for income.  Property must be in an eligible rural area.

There are a few other loan programs out there, but, these cover the vast majority of mortgage loans.  So, since you are buying the same product no matter where you get it, how do you make sure you get the best deal?

Go to a mortgage broker like First Source Capital Mortgage!  I’m committed to making sure that we offer the very best rates available.

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