Construction Loan

Is a short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

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Conventional Mortgage Loan

Is a mortgage that is not insured or guaranteed by the federal government. Conventional loans offer both fixed and adjustable rates.

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FHA Loan

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the U.S. FHA mortgage insurance provides lenders with protection against loss as the result of homeowners defaulting on their mortgage loans. FHA offers both fixed- and adjustable-rate mortgages that accommodate a low down payment from the borrower.

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Jumbo Loan

Is a loan that exceeds Fannie Mae and Freddie Mac mortgage limits. Also, called a nonconforming loan.

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USDA Loan

The Guaranteed Rural Housing mortgage loan program offers 30-year fixed-rate mortgage financing guaranteed by the U.S. government through USDA Rural Development.

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VA Loan

The Veterans Administration loan program enables veterans and active-duty personnel to purchase or refinance a home with favorable loan terms. VA offers fixed- and adjustable-rate mortgages that can accommodate no down payment on many purchase transactions.

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Zero Down & Low-Down Payment Loans

At eLendingNow you don’t have to be a First Time Home Buyer to receive our Zero Down & Low Down Payment Home Loans.

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