MORTGAGE TYPES
WHAT TYPE OF MORTGAGE DO I NEED?
"It is essential to understand the various loan options available to you.
Team Hannigan has an experience of offering a wide range of loan programs designed to meet diverse financial needs and goals. "
CONEVENTIONAL | FANNIE MAE & FREDDIE MAC
- Not insured or guaranteed by the government
- Typically require a 20% down payment
- Lower mortgage insurance premiums
- More flexible terms and interest rates
- Suitable for borrowers with good credit (620+)
GOVERNMENT BACKED | FHA, USDA, VA
- Insured or guaranteed by government agencies (FHA, VA, USDA)
- Lower down payment requirements (3.5% - 0% FHA, 0% VA, 0% USDA)
- More lenient credit score requirements
- Higher mortgage insurance premiums
- Suitable for borrowers with lower credit scores (580-619) or limited funds
ALTERNATIVE LENDERS | NON QUALIFIED MORTGAGES
- Not traditional bank loans
- Offered by online lenders, peer-to-peer platforms, or private companies
- Often have higher interest rates and fees
- More flexible credit score requirements
- Suitable for borrowers with poor credit (500-579) or unique financial situations