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Which Loan Program Is Right For Me

 If you are a first time home buyer or have gone through this experience several times before, you have come to the right place. We are a small mortgage company that focuses on making the home buying experience as affordable and enjoyable as possible. Our goal is to match the best loan for your financial needs at the lowest interest rate. We are available 24/7 to answer any questions you may have. Even if you are simply shopping around or want to get a second opinion on a loan offered to you, please do not hesitate to contact us. 

Picking out a mortgage that is right for your needs can be confusing, especially if you are eligible for more than one kind. Familiarizing yourself with the different loan programs available, understanding the different eligibility guidelines and knowing what makes a loan affordable is a major step in the home buying process. 

There are two types of loan programs: government loans and conventional loans. 
  • Government loans include, FHA, VA and USDA. 
  • Conventional loans are all other loans programs that fit under the Fannie Mae or Freddie Mac regulations 

Each loan program has different eligibility guidelines. Variables including: credit score and history, Debt-To-Income ratio (DTI), % of down payment, income and employment history all play a part in qualifying you for a certain loan program. As a general rule, government loans tend to have more lenient guidelines such as accepting very low credit scores or 0% down payments. But be aware that they may not necessarily be the most affordable loan program in the long run. Government loans are designed to help people who may not qualify for conventional  loans. If you have a low credit score, very little money for a down payment, or a first time home buyer, these programs may be the best fit for you. Conventional loans, on the other hand, have stricter guidelines. They may require a larger down payment or higher credit scores, but in the long run tend to be more affordable because they do not require additional mortgage insurance like some government loans do.

In making a loan affordable you want to understand what goes into a mortgage payment. This awareness will help you know what loan program you want to qualify for. PITI stands for Principle, Interest, Taxes and Insurance. These four items equal your total monthly payment. Principle balance is determined by how much money you put as a down payment. Interest rates are determined by your credit score or if you qualify for certain government programs. Taxes are dictated by where you live. Insurance premiums are determined by your down payment % and what type of loan program you have. Improving your credit score, saving for a larger down payment, and deciding on where to live can all have a major impact on your home affordability. 

Purchasing a home is one of life's major landmarks and for some, it is even a dream come true.  We understand the magnitude of this decision and it is our goal to make your transition into home ownership as smooth as possible. We know that each customer has specific needs, so we strive to meet those needs with providing information about different loan programs, steps to owning a house, financial tools- including credit repair- and, best of all, quality service and individual attention. We are here to answer any questions you may have regarding getting pre-approved, loan eligibility guidelines, or different benefits for each loan program.

Simply fill out the contact form below and we guarantee a respond to you within 48 hours. 

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Deneen Bernard: NMLS: 207094
Motion Mortgage: NMLS: 358334

Office: 540-424-5700
Direct:  540-376-4194

Fax: 866-700-0278


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