Know your Options
LOAN PROGRAMS and options
The Perfect Loan For Your Perfect Home
We can help you understand the different loan programs and choose the right loan option for you.
How to Know Which Mortgage Loan Options Are Right for You
With so many mortgage loan options out there, it can be tough to know which one is the best fit—but that’s exactly where we come in. Firstly, we take the time to understand your goals, budget, and financial situation. Then, we walk you through the different loan programs available, from conventional and FHA to VA, USDA, and more. Each option has its own pros and cons, so we’ll help you compare them side by side. As we go, we’ll answer your questions and explain things in plain terms, so nothing feels overwhelming. In the end, our goal is to make sure you feel confident in your choice and fully understand how your mortgage loan options line up with your long-term goals.
LOAN PROGRAMS
CONVENTIONAL
A conventional loan is any type of loan not secured or guaranteed by a government agency.
- Down payment as low as 3% to 5%
- Allows for multiple types of occupancy (primary residence, second home, and investment property)
- Mortgage insurance is not required with 20% down
- If required, mortgage insurance will automatically stop when your loan to value reaches 78%
BENEFITS
- Typically quicker and easier to process
- More lenient appraisal process
- Ability to have an appraisal waiver
- More flexible underwriting guidelines
FHA
The most common government-backed loan that is insured by the Federal Housing Administration.
- Down payment as low as 3.5%
- Best suited for borrowers with lower credit scores and higher debt to income limits
- Require an up-front mortgage insurance premium of 1.75% of the loan amount. This can either be rolled into the loan or paid upfront.
- Mortgage insurance is required for the life of the loan
BENEFITS
- Typically lower interest rates than conventional loans
- Are able to purchase up to a 4-unit property
USDA
These are a great option for borrowers in designated rural areas and are backed by the U.S. Department of Agriculture.
- Must be used for a primary residence
- Down payment as low as 0%
- Must meet income limits and property eligibility
- Require an up-front mortgage insurance premium of 1.0% of the loan amount. This can either be rolled into the loan or paid upfront.
- Mortgage insurance is required for the life of the loan
BENEFITS
- Great for borrowers with little to no down payment
- Lower up-front mortgage insurance premiums than FHA loans
- Lower monthly mortgage insurance than FHA loan
VA
Designed for most active-duty military, veterans, and select members of their families and backed by the Department of Veteran Affairs.
- Must be used as a primary residence
- Down payment as low as 0%
- Require a funding fee between 0.5% and 3.6% of the loan amount. This can either be rolled into the loan or paid upfront
- Funding fee is waived if you have a service-related disability
BENEFITS
- Typically have a lower interest rate than conventional loans
- Mortgage insurance is not required
- Ability to own multiple properties with a VA loan
- Ability to pay off debt with seller concessions to qualify
REVERSE MORTGAGE
Allows homeowners to borrow money by using their home as security for the loan.
- One borrower must be 62 years of age or older
- Interest and fees are added to the loan balance each month, lowering the amount of equity in the home
- The loan is repaid when you are no longer living in the home
BENEFITS
- Borrowers don’t have to make a monthly mortgage payment
NON-QM LOANS
Mortgages that don’t meet the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages (QM).
- Ability to qualify using bank statements and/or rental income
- Great for investors, borrowers with high net worth, and self-employed borrowers
BENEFITS
- Borrower’s personal income and tax information are not required for these loans
LOAN OPTIONS
ADJUSTABLE RATE MORTGAGE (ARM)
Best suited for borrowers who plan to move or refinance quickly.
- Initial interest rate is typically lower than a fixed rate
- Initial interest rate is fixed for a specific period of time (usually 1, 3, 5, 7, or 10 years
- Example: 5/1 ARM has an interest rate that is fixed for the first five years and then adjusts annually
- Can be affected positively or negatively by market fluctuations
Start today without delay!
At Edge Mortgage, Inc., we know that every homebuyer’s situation is different, which is why we offer a wide range of mortgage loan options to fit your unique needs. Whether you’re buying your first home, upgrading/downsizing, or refinancing, we’re here to help you find the right loan. From conventional loans and FHA loans to VA, USDA, jumbo, and even low down payment options, we walk you through each choice so you feel confident moving forward. We also offer programs tailored for self-employed buyers and those with non-traditional income. Finally, our goal is to make sure you understand your mortgage loan options and feel good about the path you’re on—because getting a home loan shouldn’t be overwhelming. We’re here to make it clear, simple, and right for you.
Are you ready for speedy service?
We can get you approved quickly.
We take pride in our speed and quality of service. Therefore, we typically have same-day approval once the application has been completed and offer top-notch experience all around.
our team
Ready to guide you through The loan process
Keri Imhof
owner/Loan Officer
Works with the client every step of the way to get them the best loan for their individual situation.
Kirstie Conradson
Loan Officer Assistant
Works with the borrower to collect documents and information needed to assist Keri with the pre-approval process and processing the loan.