Home Purchase Loans: Find the Right Mortgage for Your Needs
Wherever you are on your homebuying journey, understanding your home loan options is essential. At the Corey Johnson Team, we offer a variety of mortgage solutions personalized to fit your unique goals.
Types of Home Purchase Loans
Mortgage loans typically fall into three categories: Conventional, Government-Backed, and Jumbo loans. Our team helps match you with the ideal loan based on your financial situation and homeownership dreams.
✅ Conventional Loans
Conventional loans follow guidelines set by the Federal Housing Finance Agency (FHFA). These loans are attractive because they require as little as a 3% down payment and offer flexible financing options. Conventional mortgages are suitable for many homebuyers, from first-timers to experienced buyers.
Government Loans: FHA, VA, and USDA
Government-backed loans offer benefits to eligible homebuyers, such as lower down payments and reduced closing costs:
● FHA Loans: Popular with first-time buyers due to lower credit requirements and minimal down payments.
● VA Loans: Exclusive to veterans, active military members, and their families, often requiring no down payment.
● USDA Loans: Designed for homebuyers in eligible rural and suburban areas, with potential for 0% down financing.
💎Jumbo Loans
Dreaming big? Jumbo loans finance luxury or high-priced homes, with borrowing amounts up to $4 million. Ideal for primary residences, second homes, or investment properties, jumbo loans place nearly any property within your reach.
📌 Fixed-Rate vs. Adjustable-Rate Mortgages
When selecting a loan, you’ll also decide between a fixed or adjustable interest rate:
● Fixed-Rate Mortgages:
Ideal if you plan to stay in your home long-term, offering stable, predictable monthly payments.
● Adjustable-Rate Mortgages (ARMs):
Great if you expect to move or refinance within a few years, offering lower initial rates and monthly payments.
📅 Should You Start the Homebuying Process?
Earlier is better. We recommend meeting with our mortgage team 6-12 months before you plan to buy. This ensures ample time to review your finances, boost your credit if needed, and position you strongly when you're ready to make an offer.
🌟 Explore More Home Purchase Loan Options
● Conventional Loans
● Fixed-Rate Mortgages
● Adjustable-Rate Mortgages (ARMs)
● FHA Loans
● VA Loans
● USDA Loans
● Jumbo Loans
● Renovation Loans
● Construction Loans
● Non-QM Loans
● HECM & Jumbo Reverse Purchase Loans
️️ Homebuying Tools & Resources
● Mortgage Calculators: Quickly estimate your payments.
● Homebuying Guidebook: Clear, step-by-step homebuying guide.
● Mortgage FAQs: Common questions answered clearly.
● Mortgage Terminology: Understand key home loan terms.
📖 Helpful Articles for Buyers
● Understanding Conforming Loan Limits
● Down Payment Requirements: What You Need to Know
● No Money Down: Is it Possible?
● Do I Need a Realtor to Buy a Home?
● Private Mortgage Insurance (PMI) Explained
🚀 Ready to Start Your Path to Homeownership?
Secure your mortgage with Corey Johnson Team, where your financial goals meet personalized
service.
Contact us today to discuss your options!
