Loan Programs
Which Mortgage is Right for You?
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Luckily we're here to help you choose the best type of home loan for your needs.
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Purchase Loan Options
FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment. FHA loans are ideal for 1st time buyers.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no ...
USDA Loans
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Conventional Loans
Conventional loans are mortgages that are not insured or backed by the government. Qualifying buyers typically are required to make a down payment of 3% or more and have a 620+ credit score.
DSCR Loans
DSCR Loans are designed for real estate investors who want to qualify based on a property’s cash flow rather than traditional personal income documentation.
First Time Homebuyers
Buying your first home is an exciting milestone, but it doesn't have to be overwhelming. From down payment assistance to pre-approval, we simplify the process so you can have total confidence.
Bank Statement Loans
Bank statement loans let self-employed buyers qualify for a mortgage using 12 to 24 months of personal or business bank statements instead of traditional tax returns or pay stubs.
Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in...
Fix & Flip Loans
Fix & Flip Loans are short-term, Real estate loans designed to help an investor purchase and renovate a property in order to resell generally within a year.
Non-Warrantable Condo
Non-warrantable condos are condos that fail to meet the requirements set by government backed mortgage financing. Grace Mortgage has financing solutions for these types of properties.
Reverse Mortgage Loans
A reverse mortgage is a specialized mortgage loan for seniors that lets you convert a portion of your home equity into cash without having to sell your home.
HELOC
A HELOC (Home Equity Line of Credit) is a revolving line of credit that uses your home as collateral. It functions like a credit card where you can reuse the equity in your home over & over.
Refinance Options
Lower Rate/Payment
This is a great option if the market interest rates have improved. replacing your current loan with a new one with better terms could save you hundreds of dollars in your monthly payment and thousands of dollars in interest.
Cash Out
A cash out refinance replaces your current mortgage with a larger one and puts that cash into your pocket. This is a great option if you want to consolidate high interest debt or renovate your home.
FHA Streamline
An FHA Streamline Refinance is a simplified mortgage program that allows homeowners with an existing FHA loan to refinance for better terms. It features no income or credit checks and skips the appraisal.
VA IRRRL
A VA IRRRL or VA Streamline Refinance is a mortgage option that allows existing VA mortgage holders to refinance for better terms. It features reduced underwriting and skips the appraisal.
Mortgage Rate Options
Fixed Rate
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.
Adjustable ARM
Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...
Interest Only
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
Graduated Payments
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...