LOAN PROGRAMS OFFERED

 There are many different things to consider when thinking about purchasing a home, no matter if it is your first time or your fourth time. Changes happen all the time in the mortgage industry, so the guidelines that were in place when you bought your last house, will be completely different today.

We know nothing goes as planned and are here every step of the way to keep your home buying process on track. This section is designed to provide knowledge so you can make more informed decisions and avoid any obstacles that may arise throughout the loan process.

Here you will find answers to questions such as:

  • What should I do to prepare for buying a home?
  • What do I need to look for when buying a house?
  • Which is better, renting or owning?
  • How much house can I afford?
  • What makes up my monthly mortgage payment?
  • How does my credit score impact my ability to get a mortgage?
  • What are the different loan programs available?
  • How much do I need for a down payment?
  • What is the difference between pre-qualification and pre-approval?
  • Why is the appraisal so important?

We are here to answer these questions and more! If you have a question that is not addressed here, contact us and ask away! We want you to ask questions and we love to answer them. We want you to feel good about your decisions, not regret them later when it matters most!

CONVENTIONAL LOANS

One of the most common loan programs that offers competitive interest rates and requires down payments ranging from 3% to 20%. Down payments less than 20% require mortgage insurance. Standard documentation and fair-to-good credit score are necessary to qualify. 

FHA LOANS

Insured by the Federal Housing Administration. Offers down payment as low as 3.5% in addition to a less stringent qualification process which is an attractive option to first time homebuyers. To protect lenders from a loss if the borrower should default, mortgage insurance is required on all FHA loans. 

RURAL HOUSING LOANS (USDA)

Government backed loans, lending up to 100% of the home’s appraised value. Qualifying properties must be located in USDA defined rural areas and communities to be eligible for USDA loan programs. 

The property must be located in a rural area with no more than 20,000 people and be a certain distance from any metro area. Click here to see check the eligibility of a property.

VA LOANS

Offering Veterans, US Military service members and eligible surviving spouses benefits through a VA loan program. Loans guaranteed by the Department of Veterans’ Affairs, no down payment or mortgage insurance required. The VA guaranty gives lenders greater degree of safety and flexibility which result in more competitive interest rates than non-VA loans. 

FIRST TIME HOME BUYER

As part of our commitment to provide the best residential home loans for our customers, we offer loans that feature a number of great benefits for first time home buyers. These benefits include: low or no down payment, tax credit advantages, and down payment assistance options. 


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We’re certain we have the right loan program to fit your needs. If you don’t see the loan program you were looking for, contact a Gershman Mortgage professional and we’d be happy to help you find the right loan for you. 



We Also offer several refinance options and can provide a number of financial benefits for homeowners. Refinancing a mortgage means that you pay off the original loan and replace it with a new home loan. Mortgage refinancing can provide a lower interest rate, shorten the term of your mortgage, consolidate debt, and more.