Types Of Loans

Crossover Financial Group is your source for experienced, client-oriented home mortgages. Our primary concern is matching you with the best loan program that suits your individual needs for financing. We have been a trusted, local source for home mortgages for over 25 years. With a wide array of loans and programs to choose from, we will have you saying “Home Sweet Home” in no time! Here are some of the loans we offer:

Jumbo Loans
A jumbo loan, sometimes called a jumbo mortgage, is a loan for over the amount set for mortgages eligible for purchase by the federal government sponsored programs Fannie Mae and Freddie Mac. Most loans are bought and administered on single-family home mortgages.

Conventional Loans
A conventional loan is a mortgage loan that’s not backed by a government agency, such as Fannie Mae. Conventional loans fall into two categories, conforming and non-conforming loans. These are great loans for great credit scores. These types of loans can be available for as little as 3% down, and if you have saved at least 20% down, then you can avoid PMI (Private Mortgage Insurance).

FHA Loans or Federal Housing Administration Loan
A Federal Housing Administration (FHA) loan is a mortgage that is insured by the Federal Housing Administration (FHA) and issued by an FHA-approved lender. FHA loans are designed for low-to-moderate-income borrowers; they require a lower minimum down payment (3.5% down) and lower credit scores than many conventional loans.

VA Loans
The United States Department of Veterans Affairs offers a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA) for eligible borrowers. VA loans are used to purchase a property as a primary residence or refinance an existing mortgage.

This type of loan usually does not require a down payment, but the borrower will need good credit and enough income to get approved. VA loans help military service members and veterans purchase homes.

Non Prime Loans
If a borrower has poor credit or no credit, a non-prime mortgage is an option to purchase a home. However, a non-prime loan will have a higher interest rate than conventional or FHA loans. This is because the borrower is considered a higher risk for a loan.

USDA Loans
A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. To be eligible for many USDA loans, household income must meet certain guidelines.