VA Approved Lender USAVA | NMLS ID 966439 | MB 0921703

VA Loan

A VA loan is a specific loan program authorized by the US Dept. of Veterans’ Affairs to help veterans and active-duty service members and their families purchase or refinance a home. This loan option allows military families to qualify for a home loan with fewer restrictions, and little-to-no money down.

FHA Loan

Federal Housing Administration (FHA) home loans were created to make it easier for home owners to qualify for a loan – whether you are buying a home or refinancing your mortgage. They are also ideal for people who do not qualify for a VA loan and desire a secure government-insured home loan and need to finance more that 80% of their home value. With an FHA mortgage, your credit score can be lower and you can buy a home with a down payment as little as 3.5%.

Conventional Fixed Rate Mortgage

This is a mortgage in which the interest rate does not change for the life of the loan. These are available for 30, 20, 15 and 10 year terms, and the payment amount will remain fixed throughout the term of the loan. The most common fixed-rate mortgages have a 15- or 30-year duration.

Jumbo Loan

If you require a home loan that’s over the conforming limit of $417,000, you will probably need a Jumbo mortgage. Jumbo loans offer the same flexibility as conforming loans (fixed and ARM products), however they are not eligible for purchase by Fannie Mae or Freddie Mac and must be sold in the secondary market. This means that the rates for Jumbo loans will be slightly higher than home loans with similar terms that are conforming loans. Jumbo loans are often referred to as non-conforming loans.

Adjustable Rate Mortgage (ARM)

A mortgage in which the interest rate is fixed for a specified period of time, and then adjusts after the fixed period expires (payment could then increase or decrease). For example, for a 5/1 ARM, the rate will stay the same for the first 5 years and will then adjust in year 6. ARM products generally range from 3, 5, 7 and 10 years, and are an alternative to a fixed rate mortgage. These products typically offer lower initial interest rates than you’d be able to obtain with a fixed rate mortgage.


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USAVA is an approved lender. Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.