Loan Programs
Which loan is the right loan for you? With the dizzying array of choices and loan opportunities, it can be an overwhelming maze to navigate simply trying to determine which opportunity is going to be most suitable for your needs.
You didn't pick the house that was best for someone else; you picked the home that's right for you! You can trust our professionals to find the mortgage loan that best fits your needs, too. “Less paperwork and more personal attention” means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is like getting the keys to your new house! We can help you get there.
Team McClellan has outlined four basic types of loans, and discusses each one in more detail, including how each type works, for whom the types are right, or not right, and more detail on individual sub-categories as well.
The four basic types of loans, grouped upon credit ratings are:
- A Paper
- Alt A
- Government
- Sub-prime
Some types of loan programs include the following:
Conventional and Government Loans
Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.
FHA Loans
The Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban
Development (HUD), administers various mortgage loan programs.
VA Loans
VA loans are guaranteed by U.S. Dept. of Veterans Affairs, and are to assist veterans with their mortgage lending needs.
RHS Loan Programs
The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no down payment.
State and Local Housing Programs
Many state and local housing program loans have been established to assist homebuyers in obtaining financing and cash that they need.
