Loan Programs

Mortage Loan Programs

Mortgage loan programs come in a variety of types, each with its own set of terms, interest rates, and eligibility requirements. Some of the most common types of mortgage loan programs include conventional loans, FHA loans, VA loans, and USDA loans. Conventional loans are the most common type of mortgage loan and typically require a down payment of at least 3% of the purchase price.

FHA loans, backed by the Federal Housing Administration, offer lower down payment options and are typically available to borrowers with lower credit scores. VA loans, available to veterans and active-duty military members, offer 100% financing and typically have lower interest rates than conventional loans. USDA loans, backed by the US Department of Agriculture, are designed to help low- and moderate-income borrowers in rural areas purchase homes and offer 100% financing as well.

Each type of mortgage loan program has its own unique benefits and drawbacks, so it’s important to carefully consider your options before choosing the one that’s right for you.

Conventional Loan

When it comes to home financing, simple is better. Conventional loans are our most popular purchase and refinance option for people with awesome credit and no time for unnecessary fees.

Reasons/Highlights

Down payments as low as 3%
Credit scores as low as 620 may be accepted
Fixed-rate mortgages can simplify budgeting
Adjustable-rate mortgages can offer lower initial payments
Easier to get rid of PMI than any other loan type

FHA Loan

Need a mortgage with flexible financial requirements? Insured by the Federal Housing Administration, FHA loans are available to borrowers of all kinds, whether you’re buying a home or refinancing.

Reasons/Highlights

Down payments as low as 3.5%
Credit scores as low as 540* may be accepted
FHA to FHA streamline refis don’t require an appraisal
FHA-eligible down payment assistance programs allowed
Great for first-time home buyers

* Credit scores for FHA loans from 540-579 have a maximum loan-to-value of 90%.

VA Loan

Guaranteed by the United States Department of Veterans Affairs, a VA loan can offer exclusive homeownership benefits for veterans, active-duty service members, and eligible surviving spouses. On behalf of everyone at Cardinal Financial, thank you for your service.

Reasons/Highlights

0% down payment
Credit scores as low as 540 may be accepted
No private mortgage insurance (PMI) required
Lowest interest rates available for qualifying borrowers
Current VA loans can be streamline refinanced with no appraisal

USDA Loan

For those looking to plant roots outside of the city and embrace a country lifestyle, a USDA loan can provide 100% financing (thanks to the U.S. Department of Agriculture) and some of the most flexible terms to boot.

Reasons/Highlights

0% down payment
Credit scores as low as 540 may be accepted
Low- to moderate-income households may qualify
Available for rural properties only
Available for US citizens, non-citizen US nationals, and qualified permanent resident aliens

Jumbo Loan

High-cost area? High-cost home? If you check either box, you’re in the right place. A jumbo loan can provide more mortgage for those with awesome credit, low debt, and a large down payment ready to go.