These loans adhere to Fannie Mae and Freddie Mac guidelines and are not government insured. They have the most competitive rates, and also have stricter guidelines for approval.
FHA Mortgages are backed by the Federal Housing Administration. They require the least amount of a down payment and provide borrowers an opportunity to own a home when they can't qualify for a Conventional Mortgage.
Loans in which the interest rate doesn't change throughout the life of the loan are known as Fixed Rate Mortgages. We offer 30 year, 20 year and 15 year fixed rate mortgages for both FHA and Conventional Loans.
ARMs provide borrowers with a variable interest rate - which allows borrowers to afford a larger principal amount than in a Fixed Rate Mortgage. We offer a 5/1 ARM at Box Home Loans.
A reverse mortgage or Home Equity Conversion Mortgage (HECM) is a FHA federally insured home loan that provides seniors 62 years or older the opportunity to convert part of the equity in their home into tax free money.
A VA Mortgage is specifically for a Veteran or active military. Purchasing under the VA Home Loan Program is easier, requires no down payment and no monthly private mortgage insurance, and generally provides lower rates than conventional options. Refinancing a VA Home Loan is also easier and better because there typically is no appraisal necessary and often no income verification. You can even pull money out of your equity for repairs, upgrades, or for other needs you may have.