Nationwide Mortgage Bankers: The Different Mortgage Options We
Whether it’s your first time purchasing a home or you’ve got prior experience, you need to
understand the lingo of the mortgage options we offer. Every mortgage lender in Melville,
with their client’s best interests at heart, will advise that you focus on more than just the fees
and interest rates you’ll be charged when selecting a mortgage. It’s also essential for you to
understand the type of mortgage you’re interested in.
At Nationwide Mortgage Bankers Inc., we offer several different types of mortgages. Below
is everything you need to know about these home loans in Melville.
1. USDA Home Loan
The United States Department of Agriculture issues the USDA home loan. This mortgage
plan is offered to eligible homeowners interested in purchasing a home in rural areas.
Despite being less popular among Americans, it’s easily accessible. To qualify, you need a
credit score of at least 620, proof of citizenship or permanent residency, dependable income,
and monthly payment. The USDA home loan is for homeowners interested in purchasing
their primary home. It requires a 0% down payment.
2. Conventional Mortgage
Conventional mortgages are loan options that the American government doesn’t guarantee.
They have to conform to the loan limits put in place by the Federal Housing Finance
Administration (FHFA) and the income requirements put in place by Freddie Mac and Fannie
Mae. To receive a conventional loan from our mortgage company in Melville, you need a
downpayment of 3% and a credit score of 620. They are mainly used to purchase primary,
2 nd and investment homes.
3. Jumbo Mortgage
The Jumbo mortgage is used to finance the purchase of homes that are too expensive to be
financed by a conventional mortgage. They’re also referred to as non-conforming
conventional mortgages. They often have a fixed interest rate or an adjustable interest rate.
You’ll need a credit score of not less than 680 to qualify. A downpayment of 10% will be
required. They are mainly used to purchase primary, 2 nd and investment homes.
4. FHA Loans
The government guarantees an FHA mortgage through the Federal Housing Administration.
Any mortgage broker in Melville worth their salt will elaborate that FHA loans are best for
potential homeowners with a low credit score and limited savings. Our FHA loans attract a
downpayment of 3.5% and a minimum credit score of 580.
5. VA Loans
VA loans are offered to members of the United States Armed Forces and army vets. The
U.S. Department of Veterans Affairs insures these loans. The VA loans help American vets
to rejoin society and gain a foothold. The loan attracts a downpayment of 3% at our
mortgage firm and a minimum credit score of 580. VA loans are mainly used to purchase
primary, 2 nd and investment homes.
6. Adjustable-Rate Mortgage (ARM)
Our ARMs help our clients enjoy low-interest rates for a couple of years. At the end of the
term, the interest rates you will pay will be determined by the rise and fall of market rates.
We highly encourage homeowners who plan to refinance or sell their home within the next
five years to consider this mortgage option.
7. Fixed-Rate Mortgage
Fixed-rate mortgages are especially popular since their interest rates do not change
throughout the loan term. With our mortgage firm, you can enjoy consistent interest rates
with a fixed-rate mortgage that can stretch for up to 30 years.
There you have it. If you are interested in any of our above loans, visit our website or contact