Types of Mortgage Loans

types of mortgage loans

Buying a home is one of the largest investments you’ll make in your lifetime. You can leverage your investment with the right mortgage but knowing the types of mortgage loans available is the key.

You might be eligible for several loan options at Priva Mortgage. Knowing how to choose the one that’s right for you is the key to a successful investment.

What Mortgage Loans are you Eligible For?

At Priva Mortgage, we offer a large selection of mortgage loans to help homebuyers at all levels secure the financing they need.

We offer:

  • Conventional loans
  • JUMBO loans
  • FHA loans
  • USDA loans
  • VA loans
home loan eligibility
conventional loans

Conventional Loans

Conventional loans are the ‘typical’ mortgage loans most borrowers think of when buying a home. They have the most competitive mortgage rates, but also the toughest underwriting requirements.

You’ll need great credit, a low debt ratio, and stable income/employment. Conventional loans are available as both fixed rate and ARM loans (adjustable rate loans).

FHA Loans

FHA loans are a great conventional loan alternative. If you don’t have the credit score or debt ratio to qualify, an FHA loan may be a suitable option. You need only a 580-credit score and can have a debt ratio up to 43%.

FHA loans are government-backed so they have competitive mortgage rates too. All borrowers must pay mortgage insurance for the life of the loan, but the premiums are affordable for this attractive adjustable or fixed mortgage loan program.

FHA loans
VA loans

VA Loans

The VA loan program is for veterans of the military or those currently serving with at least 181 days of service done. This mortgage loan program doesn’t require a down payment and has the most flexible underwriting guidelines for veterans.

VA loans are also government-backed and have competitive mortgage rates for both purchases and refinancing. As long as you can prove you can afford the loan and have enough disposable income to support your family, a VA loan may be the answer to your mortgage financing needs.

USDA Loans

USDA loans are for low to moderate-income families that don’t qualify for any other type of financing. This no down payment program is for homes in rural areas and has flexible underwriting guidelines and low mortgage rates.

USDA loans require mortgage insurance for the life of the loan, but the premiums are the lowest out of any loan program available today. Our mortgage professionals can help you determine if your household is eligible for the flexible USDA program today.

USDA loans
get best mortgage rates

Get the Right Mortgage Loan with Priva Mortgage Today

The mortgage professionals at Priva Mortgage can help you decide which loan programs are right for you. We’ll go over all your options including a fixed mortgage loan, HELOC, ARM loan, and government-backed options.

Together we’ll decide which mortgage loan you qualify for and that makes the most financial sense to help you secure the financing you need. We are happy to help you find the best mortgage rates whether you’re buying a home or refinancing today.