The following Loan types are offered through Banc One Mortgage
Conventional loans are loans not part of a specific government program. Conventional loans typically cost less than FHA loans but can be more difficult to get.
Types of Conventional
- 30 Year Conventional*
- 15 Year Conventional*
- 10 Year Conventional
- 20 Year Conventional
*Most Common Type
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
A Non-QM loan, or a non-qualified mortgage, is a type of mortgage loan that allows you to qualify based on alternative methods, instead of the traditional income verification required for most loans. Common examples include bank statements or using your assets as collateral.