Secure Choice Loan Options

FHA Loans

An FHA loan is a home loan the Federal Housing Administration insures. FHA loans require a smaller down payment and lower closing costs, and allow relaxed lending standards to help homeowners who don’t qualify for a conventional mortgage. FHA loans allow a down payment of as little as 3.5% on a mortgage.

This can make it possible for lower- and middle-income borrowers to buy a house when they don’t qualify for a conventional loan, which has stricter requirements including a higher credit score and bigger down payment. The downside is mortgage insurance premiums usually last the life of the loan.

 

Why FHA?
  • Relaxed credit qualifications
  • Lowest required down payment
  • Easiest to qualify
  • Perfect for first-time home buyers

VA Loans

A VA loan is a home loan the U.S. Department of Veteran Affairs insures and guarantees. A VA loan remains one of the few mortgage options for borrowers who don’t have the money for a down payment. Available to millions of veterans and active military members, VA loans are easier to qualify for than conventional loans.

While these loans do not require mortgage insurance, there usually is an upfront VA funding fee, which can be rolled into the loan or paid by the seller. VA loans allow borrowers to qualify for 100% financing and a number of other benefits.

 

Why VA?
  • 0% down payment
  • No mortgage insurance premium
  • Lower interest rates
  • Relaxed credit qualifications

Conventional Loans

A conventional loan is a mortgage that is not guaranteed or insured by the Federal Housing Administration (FHA), the Department of Veteran Affairs (VA) or any other government agency. These loans are geared for borrowers with higher credit scores and large available funds for a down payment (typically 5-20%).

Conventional loans have products that provide borrowers more flexibility. Additionally, private mortgage insurance is removed at an LTV (loan-to-value) ratio of 80% or less.

 

Why Conventional?
  • More streamlined process
  • Reduced or NO mortgage insurance premium
  • No mortgage insurance premium equals a lower payment
  • Typically higher loan limits
About Us

Secure Choice Lending is a mortgage lender committed to helping prospective and current homeowners finance their dreams. Reachable by phone, online or in person, Secure Choice Lending prides itself on customer service, on serving your real estate needs day or night. Independently owned, Secure Choice Lending subsists on hard work, integrity and trust, and currently is building its reputation in the community. Secure your tomorrow, call Secure Choice Lending today.

Click Here for NMLS Consumer Access

BRE No. 02050654
NMLS 1689518

Contact Us

(951) 707-9364
mhossler@securechoicelending.com

6728 Foxhall Court
Riverside, CA 92506