Home Loan Programs

How to choose the best program for you - 5 common home loan choices

Understanding the Ins and Outs of Mortgage Loan Progams

First-time homebuyers have many decisions to make, but one of the most important is choosing a home loan. Different types of buyers qualify for different loans, but what’s best for one person may not be a good fit for another. Mortgage interest rates, requirements for down payments or mortgage insurance, loan terms, fees and closing costs all impact the amount you will pay each month, so it’s important to choose your mortgage wisely.

Home Loan Programs

Home loans fall into two basic categories: conventional loans, and government-backed loans such as VA, USDA and FHA loans.
Conventional Loans

Conventional loans offer competitive rates, multiple down payment options, and flexible terms.


FHA Loans

Federal Housing Administration loans are popular with younger home buyers because they typically have smaller down payment requirements, more flexible income rules and more lenient credit standards.


VA Loans

If you have any type of U.S. military service in your background, this is the loan you should consider first.


USDA (RD) Loans

Designed to improve the economy and quality of life in rural America, this loan provides home funding for people who want to live in rural areas.


Portfolio Loans

Portfolio loans have special terms-different from Conventional or Government loans-that have been created by the lender to offer a wider variety of options for homebuyers.


Get Expert Advice

Meet with a loan specialist at Alaska USA Mortgage Company to find out which program is right for you.

Request Appointment
Fixed Rate ARM Rate

 

Did You Know?

Most loan programs give you a choice of either a fixed rate or adjustable rate mortgage (ARM). The fixed rate option keeps the same interest rate throughout the life of the loan, while the ARM changes over time. An ARM typically has a lower initial rate, but it then increases over time. For example, a 5/1 ARM has a low interest rate for the first five years, then the interest rate may increase every year after.

Credit Score

 

Did You Know?

Your credit score can impact both your interest rate and the amount of down payment required. For example, a better credit score could drop your required down payment for an FHA loan from 10% to less than 5%. Some loan programs, like the USDA RD loans, have a minimum required credit score. It pays to build and maintain good credit.

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