Loan Options

It’s a big decision, take your time. Find the loan that is right for you!

Mortgage Options

Mortgage

Options

Mortgage Type

Key Benefits

A good option if you:

Fixed Rate Mortgage

Conventional conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.

  • Fixed rates
  • No interest-rate surprises
  • Plan to stay in your home for a longer period of time
  • Have an established credit history
LEARN MORE

Conventional Fixed-Rate loans have terms and conditions that follow the guidelines set by the agencies, Fannie Mae and Freddie Mac. These guidelines establish the maximum loan amount as well as borrower credit and income requirements, down payment, and suitable properties. Each year, Fannie Mae and Freddie Mac announce new conforming loan limits, which, for 2016 is $417,000 for one unit properties in the contiguous state and $625,000 in Hawaii and Alaska. (Check with a loan originator for loan limits in high cost areas – contiguous states: $625,500, Hawaii & Alaska: $938,250)

NOTE: these limits apply to conforming mortgages only.

FHA

An FHA loan can be a perfect solution if you aren’t sure that your current finances will let you qualify for a mortgage.

  • Low down payments
  • Flexible qualification guidelines
  • Fixed-rate and ARM options
  • Have limited funds for a down payment
  • Don’t have an established credit history or have experienced credit challenges in the past.
LEARN MORE

The Federal Housing Administration (FHA) is a Government agency that focuses on insuring private loans that are issued for new and existing housing, and loans that are approved for home repairs. The primary goal of the FHA is to help borrowers purchase a home they may not otherwise be able to finance based on the down payment requirements of most conventional loan programs.

Requirements

Before you start this loan process,  have the following information ready:
  • Address to your place of residence (past two years)
  • Social Security numbers
  • Names and location of your employers (past two years)
  • Gross monthly salary at your current job(s)
  • Pertinent information for all checking & savings accounts
  • Pertinent information for all open loans
  • Complete information for other real estate you own
  • Approximate value of all personal property
  • Current pay stubs & your W-2 forms (past two years)
  • Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
In addition, you will need to pay for a credit report and appraisal of the property.

VA

The Veterans Affairs (VA) loan is a specific loan program to help veterans, active-duty service members and their families purchase a home.

  • Low or no down payment
  • No mortgage insurance requirement
  • Flexible qualifications guidelines
  • Fixed-rate and ARM options
  • Are an active military member or veteran
  • Are the surviving spouse of a service member who died as a result of military service
LEARN MORE

Veteran’s Administration (VA) mortgage programs are Government insured home loans available to veterans and their families. This loan option allows military families to qualify for a home loan with fewer restrictions and little-to-no money down. Available to current military personnel, ex-military personnel or a surviving spouse.

Adjustable-Rate Mortgages

Financially savvy? This could be the product for you.

  • Short-term rates
  • Lower initial monthly payments
  • Initial rate periods of 3-10 years, then rates can adjust up or down
  • Know you’ll be moving within the next few years
  • Have an established credit history
LEARN MORE

Adjustable Rate Mortgages have an interest rate that can vary depending on the specific terms. ARMs generally offer a lower starting interest rate that is fixed for a period of time (1, 3, 5, 7 or 10 years), then the rate is subject to change annually for the life of the loan. This loan option is attractive to people planning to move or refinance within the initial fixed portion of the loan.

Jumbo Mortgages

Jumbo mortgage loans are a great option for homebuyers financing large purchases. Home loans fall into two categories based on their loan amount: conforming and jumbo.

  • Increased purchase limits
  • Competitive rates
  • Fixed-rate and ARM options
  • Are buying a home that exceeds conforming loan limits ($417,000 in most areas)
  • Have an established credit history
LEARN MORE

Jumbo Loans exceed the “conforming” loan limit set annually by Fannie Mae and Freddie Mac, which, in most areas of the country is $417,000. Jumbo mortgage loans available for homebuyers financing large purchases or more expensive homes.

USDA

The Department of Agriculture (USDA) strives to improve the quality of life for those living in or moving to rural areas.

  • 0% down payment options
  • Lower mortgage insurance
  • Live in a designated rural area
  • Have low-to-moderate income levels
LEARN MORE

United States Department of Agriculture (USDA) loans offer excellent opportunities for families or individuals to purchase a home in rural areas. A USDA loan is a great option for low-to-moderate income families looking for an affordable home loan with flexible financing requirements. USDA loans allow for 100% financing in designated areas.

HomePath Financing

HomePath financing is available only on Fannie Mae-owned properties and available for move-in ready properties for both owner occupants and investors.

  • Low down payment
  • Low mortgage insurance
  • Homeownership course
  • Have low-to-moderate income levels
  • Are a first time homebuyer
LEARN MORE

 

Fannie Mae Product Highlights:

My Community Mortgage (MCM):

  • One borrower must be a 1st time homebuyer (has not owned a home in the past 3-years)
  • Homeowners Counseling required
  • Reduced private mortgage insurance (PMI)
  • No manufactured housing
  • Income limits apply
  • An automated underwriting system approval is required, no manual underwriting

Standard Non-MCM:

  • Purchase and rate/term refinances on existing Fannie Mae loans (no cash out)
  • One borrower must be first time homebuyer on purchase (has not owned a home in the past 3-years)
  • An automated underwriting system approval is required, no manual underwriting 
  • No manufactured housing
  • Reduced private mortgage insurance (PMI)

Mortgage

Options

Mortgage Options

Mortgage Type

Fixed Rate Mortgage

Conventional conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.

LEARN MORE

Conventional Fixed-Rate loans have terms and conditions that follow the guidelines set by the agencies, Fannie Mae and Freddie Mac. These guidelines establish the maximum loan amount as well as borrower credit and income requirements, down payment, and suitable properties. Each year, Fannie Mae and Freddie Mac announce new conforming loan limits, which, for 2016 is $417,000 for one unit properties in the contiguous state and $625,000 in Hawaii and Alaska. (Check with a loan originator for loan limits in high cost areas – contiguous states: $625,500, Hawaii & Alaska: $938,250)

NOTE: these limits apply to conforming mortgages only.

FHA

An FHA loan can be a perfect solution if you aren’t sure that your current finances will let you qualify for a mortgage.

LEARN MORE

The Federal Housing Administration (FHA) is a Government agency that focuses on insuring private loans that are issued for new and existing housing, and loans that are approved for home repairs. The primary goal of the FHA is to help borrowers purchase a home they may not otherwise be able to finance based on the down payment requirements of most conventional loan programs.

Requirements

Before you start this loan process,  have the following information ready:
  • Address to your place of residence (past two years)
  • Social Security numbers
  • Names and location of your employers (past two years)
  • Gross monthly salary at your current job(s)
  • Pertinent information for all checking & savings accounts
  • Pertinent information for all open loans
  • Complete information for other real estate you own
  • Approximate value of all personal property
  • Current pay stubs & your W-2 forms (past two years)
  • Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
In addition, you will need to pay for a credit report and appraisal of the property.

VA

The Veterans Affairs (VA) loan is a specific loan program to help veterans, active-duty service members and their families purchase a home.

LEARN MORE

Veteran’s Administration (VA) mortgage programs are Government insured home loans available to veterans and their families. This loan option allows military families to qualify for a home loan with fewer restrictions. Available to current military personnel, ex-military personnel or a surviving spouse.

Adjustable-Rate Mortgages

Financially savvy? This could be the product for you.

LEARN MORE

Adjustable Rate Mortgages have an interest rate that can vary depending on the specific terms. ARMs generally offer a lower starting interest rate that is fixed for a period of time (1, 3, 5, 7 or 10 years), then the rate is subject to change annually for the life of the loan. This loan option is attractive to people planning to move or refinance within the initial fixed portion of the loan.

Jumbo Mortgages

Jumbo mortgage loans are a great option for homebuyers financing large purchases. Home loans fall into two categories based on their loan amount: conforming and jumbo.

LEARN MORE

Jumbo Loans exceed the “conforming” loan limit set annually by Fannie Mae and Freddie Mac, which, in most areas of the country is $417,000. Jumbo mortgage loans available for homebuyers financing large purchases or more expensive homes.

USDA

The Department of Agriculture (USDA) strives to improve the quality of life for those living in or moving to rural areas.

LEARN MORE

United States Department of Agriculture (USDA) loans offer excellent opportunities for families or individuals to purchase a home in rural areas. A USDA loan is a great option for low-to-moderate income families looking for an affordable home loan with flexible financing requirements. USDA loans allow for 100% financing in designated areas.

HomePath Financing

HomePath financing is available only on Fannie Mae-owned properties and available for move-in ready properties for both owner occupants and investors.

LEARN MORE

The return of the 97% conventional loans has arrived!  Effective December 13, 2014, there are two distinctly different 3% down conventional loan options available to qualifying borrowers. This is great news for homebuyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment. 

Fannie Mae Product Highlights:

My Community Mortgage (MCM):

  • One borrower must be a 1st time homebuyer (has not owned a home in the past 3-years)
  • Homeowners Counseling required
  • Reduced private mortgage insurance (PMI)
  • No manufactured housing
  • Income limits apply
  • An automated underwriting system approval is required, no manual underwriting

Standard Non-MCM:

  • Purchase and rate/term refinances on existing Fannie Mae loans (no cash out)
  • One borrower must be first time homebuyer on purchase (has not owned a home in the past 3-years)
  • An automated underwriting system approval is required, no manual underwriting 
  • No manufactured housing
  • Reduced private mortgage insurance (PMI)

What's stopping you?

Axia is equipped to provide just about any homebuyer with dynamic solutions to these questions:

NO FAX MACHINE?

No problem! The Axia App allows you to scan and send documents securely from any smart phone. Not to mention that you can also track you loan progress, calculate payments, follow market news and keep in touch with your Axia Mortgage Advisor. Download the app today!

CONFUSED ABOUT THE PROCESS?

The best loan experience begins with a complete understanding of the process. Our free homebuyer ebook will take you step by step through this journey so you feel as comfortable as possible heading to the closing table.

PURCHASE POWER?

Understand the pre-approval process and how to gain the most leverage in this competitive market with our Certified Homebuyer Program

UP-FRONT CASH?

With custom loan solutions that fit just about any financial situation, you can rest assured there is a loan for you at Axia! Check out our wide array of loan options.

Ready to be home?

David Herzog | NMLS# 1487318
Scottsdale Branch: 7669 East Pinnacle Peak Road, Ste 120, Scottsdale, AZ 85255
Axia Home Loans Corporate: 1120 112th Ave NE, Suite 600, Bellevue, WA 98004 - NMLS #27830

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