Loan Types

There are several types of loans available to you. First Source Financial will work directly with you to determine the right fit. Our goal is to find you the best rate at the lowest cost from the following popular options:

 

Fixed Rate Loan

  • Suitable for buyers with a fixed income who plan to stay in a home for several years and prefer fixed payments.
  • Fixed rates do not fluctuate with the market
  • Payments are fixed, therefore easy to plan for and amortize

Adjustable Rate Loan

  • Suitable for buyers who would prefer to spend less in the short term on mortgage payments; often more suited to those who plan to move from a home in a few years
  • Low monthly payments in the short term, which can enable a larger loan amount
  • A number of initial fixed rate options
 

FHA Loan

  • Suitable for buyers with moderate or lower income levels and minimal savings
  • Low down payment
  • Requirements for credit, debt, and income level are fairly flexible
  • Applicant can use gifted funds toward a down payment

VA Loan

  • Suitable for veterans, active military, and reservists who qualify (and their spouses)
  • Zero down payment required
  • Requirements for credit, debt, and income level are fairly flexible
 

Jumbo Loan

  • Suitable for financing larger loans and investments
  • Offer both fixed and adjustable options
  • Mortgages above $424,100 for one-unit properties
 

Let First Source Financial find a loan that is right for you.