Loan Options


There are many types of loan options available for each unique situation. Scott will go over the best options available to you. Below are the different loan types on the market today and a brief description of how each one works.


Conventional loans are the most common type of loans used for home financing. Fannie Mae and Freddie Mac are the two government sponsored entities who provide the banks with the guidelines and funds for issuing conventional loans.



FHA loans are government insured loans, that have slightly looser guidelines than conventional loans. This includes a down payment as low as 3.5% and lower income requirements. All FHA loans require mortgage insurance.


Jumbo loans have loan amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Currently the maximum conforming loan amount is $625,500 but may be less depending on location of property. Jumbo loans typically have stricter qualification requirements.

Homeownership Affordable Refinance Program (HARP)

If your mortgage is currently held by Fannie Mae or Freddie Mac with a note date on or before May 31st, 2009, the HARP refinance option offers a streamlined process to lower your rate and/or term to save money and pay off your loan faster.


VA loans are available to U.S. Army vets and only for owner-occupied properties (not available on investment properties). This type of loan allows a buyer to put little or no money down when buying a home and does not require mortgage insurance. VA IRRL (Interest Rate Reduction Loans) are streamlined refinance loans that do not require income or value verification.

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Registered Mortgage Broker-NYS Department of Financial Services - All mortgage loans arranged with third party providers. Licensed by the NJ Department of Banking and Insurance Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.