Loan Programs

Navigating your way through the many loan options, payment plans, applications and paperwork associated with obtaining a mortgage can be confusing.  Here is a list of a variety of home loan programs for you to review.  Give one of our mortgage professionals a call, we’ll be happy to walk you through the process and help you choose the best program for you and your family.


VA home loans are mortgage loans guaranteed by the Veterans Administration provided to veterans, active service members, and eligible surviving spouses.  Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is fairly similar to other types of mortgage loans.   

Main Advantages of VA loans:

  • No down payment required as long as the sales price does not exceed the appraised value
  • Closing costs may be paid by the seller
  • VA interest rate is frequently lower than ordinarily available rates
  • Qualification standards are more relaxed
  • VA loans can be refinanced up to 90% of the home value  
  • VA funding fees may be rolled into the loan amount 
  • Disabled veterans and their surviving spouses are exempt from paying funding fees


USDA mortgage loan or sometimes called Rural Housing Loan is a loan program guaranteed by United States Department of Agriculture.  The home buyer must select a home as their primary residency in a qualified USDA area and must meet USDA income eligibility requirements.

Main advantages: 

  • No down payment is required, you may finance up to 100% of the property value
  • The 2% guarantee fee and all other costs may be added to the loan  
  • USDA home loans do not have a specific loan size limitation 
  • Refinance your present USDA home loan via USDA Streamline Pilot Refinance Program that requires no appraisal and all closing costs can be financed


The Federal Housing Authority (FHA) offers a variety of loan programs with fixed or adjustable interest rates.  These home loans are attractive because they require very small down payments and gifts can be used for down payments and closing costs.  These loans have qualifications that are more lenient than traditional mortgages and are a great option for first time home buyers.

Main advantages of FHA loans:

  • Required down payment is only 3.5% of the purchase price
  • Money for the down payment can be a gift to the home purchaser from outside sources
  • Seller’s concession is up to 6% of home purchase price
  • Bankruptcy or foreclosure does not necessarily disqualify a borrower
  • FHA mortgage can be refinanced up to 97.75% of the value of the home
  • Cash–out refinance is available up to 85% of the value of the home

FHA has permitted streamline refinances on FHA insured mortgages since the early 1980's.  The term "streamline" refers to the reduced amount of documentation and underwriting that needs to be performed to receive loan approval, allowing you to complete the refinancing process in a shorter amount of time. 

Conventional Loan

This type of loan is not insured or guaranteed by the federal government, but it is a good choice for borrowers with good credit and funds for a larger down payment ranging from 5–20% of the home purchase price.

Main advantages of conventional loans:

  •  Conventional purchase may be used for primary, secondary, vacation or investment properties
  • There are no requirements for upfront mortgage insurance premiums or funding fees
  • Borrower has the right to cancel Private Mortgage Insurance (PMI) once their property reaches at least 80% loan-to-value ratio

  • If your home property has declined, you may be able to refinance up to 125% loan-to-value ratio through Home Affordable Refinace Program (HARP)



Mortgage Credit Certificate (MCC)

Residents of North Carolina may take advantage of our approval with North Carolina Housing Finance Agency to get a Mortgage Credit Certificate (MCC).  Applicants that qualify can claim 30% of their mortgage interest, up to $2,000 per year, as a credit on your federal income tax with-holdings and still claim the remaining 70% interest as a deduction.  The benefit may be realized immediately by filing a revised W-4 with your employer to increase your take home pay.  It is like taking an advance on your mortgage interest deduction.  Call one of our North Carolina loan officers for more information and to see if you qualify.

Contact Us

Toll Free: 888.524.2914
Office: 919.303.1225
Fax: 919.303.2224

Mailing Address:
320 N. Salem Street Suite 300
Apex NC 27502