In our previous blog we discussed some of the less-common but very important types of loans that homeowners can get from a mortgage lender. For instance, USDA loans are great for those who want live out in rural areas. Construction loans are a great option if you’re more interested in building than buying. FHA loans are perfect for those who might have had financial problems in the past, while FHA 203(k) loans are great if you don’t mind a fixer-upper and want to roll construction costs into the home loan.

But those aren’t the only type of home loans we deal with here at the Frederick Branch. We handle just about every type of home loan out there, including the following three very popular mortgage loans.


VA Loans

Few loans make us happier than when we are able to process a Veteran Administration loan. We know how important it is to provide the benefits associated with homeownership to those who have served our country, and consider it an honor to do so.

VA loans have been set up to provide additional benefits that aren’t included in conventional loans, including no-down-payment options, easier qualification standards (including lower-than-average credit), and low or no mortgage insurance requirements. VA loans are available to veterans, active service members, and non-remarried spouses. If you qualify or have questions about qualification, we’d love to talk with you. Contact us at (240) 772-1081.

Jumbo Loans

Sometimes people need loans that are larger than others. These Jumbo loans are loans that are greater than the cap of $417,000 dictated by most loans. But why would someone need a loan of more than $417,000? In many cases it has to do with the area of the country or state they’re moving to. Some areas are officially “high-priced markets,” meaning that conventional loans can seldom cover the price of a home in that area. That’s where Jumbo loans comes in, allowing people with good credit and low debt-income ratios to get a loan that lets them live closer to a higher-paying job. Jumbo loans are also available to those who wish to purchase a luxury home that costs considerably more even though it is outside of a high-priced market area.

There are many options in Jumbo loans, and the Frederick Branch of Goldwater Bank is ready to help you find the perfect one that meets your needs. There are adjustable and fixed rate options, as well as interest-only loans. As long as your credit is above 680, you may qualify. Not only that, but Jumbo loans are available for those who are investing in properties in addition to homeowners who plan to live there.

Conventional Loans

So you have good credit and want to buy a pre-existing house that’s in good condition in a city, and you’re not a veteran. What’s left for you? We’ll, we’re happy to tell you that you still have some great options with Conventional home loans. Conventional home loans are the most common type of home loan out there, and while many of them are fixed there are also variable rate options. Down payments can be as little as three percent, and we can help you find down payment assistance programs. Conventional loans are an excellent option for those who don’t qualify for other types of home loans.

If you have questions about mortgage loans, we’re ready to talk to you. It’s important to remember that Goldwater Bank offers competitive rates on this and all of our home loans, so talking with us could get you into the right home loan and save you money at the same time!