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The following are a few types of mortgages offered.
FIXED RATES MORTGAGES
The interest rate of a fixed rate mortgage remains the same
(fixed) over the life of the loan. There are different
terms.
ADJUSTABLE RATE MORTGAGES
The interest rate is normally much lower than a fixed rate
loan. The interest rate may increase or decrease during
the term of the loan based on which index was used. ARM
loans have some advantages over other types of financing.
JUMBO LOANS
Designed for the homebuyer who requires a large loan amount
up to $2 million. A jumbo loan can have a fixed rate or
adjustable rate.
FHA LOANS
This type of loan requires a minimal down payment, it is
often easier to qualify for, and can be a fixed rate or
adjustable rate loan.
FHA RENOVATION LOAN (203k)
This loan allows you to combine the purchase of a
home and finance in necessary property repairs and/or upgrades
to the property under one loan and one loan closing.
VA LOANS
This loan type is available to individuals who served in
the Armed Forces. There is no down payment required.
RECD (Farmers Home) LOANS
This loan type is restricted to areas outside of the Atlanta
area and requires no down payment.
COMBO MORTGAGES
A first mortgage combined with a second, smaller mortgage
at the same time for a total combined mortgage of up to
100% of the house price. This option helps you avoid private
mortgage insurance, make a low down payment and obtain
a larger mortgage without paying a higher rate for a jumbo
loan. |
