Types of Home Loans
Standard Home Loan Options to Fit Your Needs
Havn Lending offers a variety of home loan products designed to meet the unique needs of borrowers at different stages of homeownership. Understanding the differences between loan types helps you choose the right solution for your financial situation and long-term goals.
Conventional Loans
Conventional mortgages are traditional loans not insured or guaranteed by a government agency. These loans typically require a 20% down payment and serve borrowers with good credit and stable income. Conventional loans offer competitive rates and flexible terms, making them an excellent choice for qualified buyers.
FHA Loans
Backed by the Federal Housing Administration, FHA loans are designed for first-time homebuyers and borrowers with lower credit scores or limited down payment funds. With down payments as low as 3.5%, FHA loans make homeownership more accessible. These loans are ideal for buyers working to build or rebuild credit.
VA Loans
Exclusive to eligible military service members, veterans, and surviving spouses, VA loans require no down payment and no private mortgage insurance. VA loans offer competitive rates and flexible qualification requirements, honoring the service of those who’ve protected our country.
USDA Loans
Backed by the U.S. Department of Agriculture, USDA loans help borrowers in rural areas purchase homes with no down payment required. These loans support homeownership in underserved communities where conventional financing may be limited.
Fixed-Rate vs. Adjustable-Rate Mortgages
Fixed-rate mortgages provide consistent monthly payments throughout the loan term, offering predictability and protection from rate increases. Adjustable-rate mortgages (ARMs) start with lower initial rates that adjust after a set period, potentially offering savings for borrowers planning to sell or refinance.