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Loan Options
At Teddy Paulmeno's office, we offer a variety of loan programs to meet your unique needs. Whether you're a first-time homebuyer, a veteran, or looking for specialized financing, we're here to guide you through the process.
FHA
Ideal for first-time homebuyers, FHA loans are backed by the Federal Housing Administration. They offer low down payment options and flexible credit requirements.
Benefits:
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Down payments as low as 3.5%
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Flexible credit guidelines
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Competitive interest rates
Considerations:
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Mortgage insurance premiums are required
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Property must meet FHA appraisal standards
Conventional Loans
Conventional loans are not government-backed and are suitable for borrowers with strong credit profiles. They can be used for primary residences, second homes, or investment properties.
Benefits:
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Flexible terms and competitive rates
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No mortgage insurance with a 20% down payment
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Available for various property types
Considerations:
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Higher credit score requirements
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Larger down payments may be necessary
VA Loans
Exclusively for eligible veterans and active-duty service members, VA loans offer significant benefits, including no down payment and no private mortgage insurance.
Benefits:
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No down payment required
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No monthly mortgage insurance
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Competitive interest rates
Considerations:
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A VA funding fee may apply
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Property must meet VA appraisal standards
USDA Loans
Designed for rural and suburban homebuyers, USDA loans offer 100% financing for eligible properties and borrowers.
Benefits:
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No down payment required
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Reduced mortgage insurance costs
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Competitive interest rates
Considerations:
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Income and property location restrictions apply
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Property must be in a USDA-eligible area
Jumbo Loans
Jumbo loans are for home purchases that exceed conforming loan limits. They are suitable for buyers looking at high-value properties.
Benefits:
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Financing for luxury or high-cost properties
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Customizable loan terms
Considerations:
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Stricter credit and income requirements
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Larger down payments may be needed
Non-QM Loans
Non-Qualified Mortgage (Non-QM) loans are designed for borrowers who may not meet traditional lending criteria, such as self-employed individuals or those with unique income situations.
Benefits:
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Flexible income documentation options
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Alternative credit evaluation methods
Considerations:
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Potentially higher interest rates
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May require larger down payments
