When you’re searching for a new home loan, you can be overwhelmed by all the different types of finance packages available, and finding the perfect home loan for you can be tricky. That’s why it’s important to learn about the different types of mortgage loans and the benefits associated with each.
Conventional Loans
Fixed-rate mortgages and a great option if your credit score is in the good to excellent range. These loans have higher qualifying standards but can cost less than other loans.
- Down payment options as low as 3%
- Popular terms are 15 and 30-year loans
- No Mortgage Insurance required for loan amounts up to 80% of your home value
- Cash-out refinance available up to 80% of home value
- Rate and term available up to 95% of home value
FHA Loans
Backed by the Federal Housing Administration, these include fixed-rate mortgages with more relaxed eligibility requirements. Enjoy easier credit qualifications and higher debt to income ratio flexibility.
- Low down payment options available
- Flexible credit and qualifying standards requirements
- Requires a Mortgage Insurance Premium (MIP)
- Cash-out refinance available up to 80% of home value
- Rate and term refinance available up to 97.75% home value
Jumbo Loans
Fixed-rate mortgages and an excellent option for financing homes that are more expensive than traditional homes or are in cities with a higher cost of living. This lending option provides additional flexibility for applicants with good to excellent credit.
- Higher loan amounts available up to $3 million
- Purchase, refinance, and cash-out options available
- Cash-out available up to $500,000
- Primary residence, vacation homes, and investment properties
- Loans for single-family homes, condominiums, and 2-4 unit properties
HomeReady® & Home Possible® Loans
Perfect for First Time Home Buyers — these loan programs offer an easier path to homeownership and refinancing with fixed-rate loans available.
- Get started with a lower required down payment
- Multiple down payment sources allowed
- Lower credit score qualifications and wider income flexibility
- No cash-out refinancing
What is a Fixed-Rate Loan?
- Lower risk than adjustable-rate loans, what you see is what you get
- The interest rate remains the same throughout the life of the loan
- Easier to plan your budget since the rate doesn’t change
Looking to start your journey home? The options and benefits available may surprise you!
Get Started Today With:
Various Loan Options
Find the perfect home loan for your unique goals and financial situation.
Expert Guidance
Our Home Loan Experts are here to help by sharing their knowledge and setting you up for a successful process from application to close, throughout the life of your loan, and well into the future as your trusted partners.
Pre-Approval
Before you have found your dream home, get pre-approved for FREE. Once all information is submitted, we will provide your pre-approval the next business day.
Mortgage Checkups
Monitor and update your perfect home loan as your mortgage needs and goals may change over time.
Future Rewards
With our AmeriHome Rewards program, when you finance with us ONCE, you’ll save $1,095 on ALL future refinances or home purchases.*
We can help guide you through every step of the homebuying process. To get started, just give us a call at 877.785.5422 or get your instant rate quote here.
Just Imagine The Possibilities…
*To qualify for this offer, you must have previously financed the purchase of a home or refinanced with AmeriHome. You have financed with AmeriHome when AmeriHome Mortgage Company, LLC appears on the previous Promissory Note for your loan and you are listed as a borrower on the Note. This offer can not be combined with any other offers, and is not applicable for FHA Streamline or VA IRRRL Refinance transactions. Other restrictions may apply. Terms and conditions are subject to change.
