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Government Loans Homebuying Loans Mortgages Purchase

VA Loans

The VA (Veterans Affairs) loan helps service members, veterans and their families become homeowners by providing a home loan guaranty benefit and other housing-related programs to help veterans obtain, retain, or adapt a home for personal occupancy.

VA guaranteed loans are provided by private lenders, such as banks and mortgage companies, and not by the VA directly. The U.S. Department of Veterans Affairs is not a direct lender, therefore the loan is made through a private lender and partially guaranteed by the VA so long as guidelines are met. Through the VA Home Loan Guaranty Program, VA guarantees a portion of your loan against loss and helps lenders provide you with more favorable financing terms.

The VA loan remains one of the few mortgage options for borrowers who do not have a down payment. VA loans are available to more than 22 million veterans and active military members.

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

MortgageRight is Veteran Owned and Operated and understands the needs and requirements of our veterans. We remain steadfast in honoring their dreams of homeownership.

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Homebuying Loans Mortgages Purchase

Jumbo Loans

A jumbo rate loan is a loan that exceeds conventional or conforming loan limits (the amount Fannie Mae and Freddie Mac will buy) and is a great loan for purchasing a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment – a jumbo rate loan may be right for you.

In most housing markets that amount is $417,000 and any mortgage more than that is a jumbo mortgage loan. Jumbo loans are available for primary residences, second or vacation homes and investment properties and are also available in a variety of terms.

They are offered in both fixed-rate or adjustable-rate loans and may have higher interest rates than conforming and conforming high-balance home loans. Jumbo loans may also require stricter underwriting and typically require a higher down payment, higher credit score and reserves. Jumbo rate loans have no private mortgage insurance requirements.

The perks of the jumbo rate loan are numerous.