Conventional loans are loans that are secured by government sponsored entities such as Fannie Mae and Freddie Mac. They can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. This loan can be used for anyone from first-time home buyers, people looking to upgrade, investment homes or second homes.
In addition to common loan structures such as fixed rate, adjustable rate and balloon loans, Fannie Mae and Freddie Mac also have loan programs for low to no down payments, community lending and affordable housing initiatives.
Conventional Construction Loans
With as little as 5% down payment, you can have Cay Homes Inc build your custom dream home with all the options Fannie Mae and Freddie Mac offers!
FHA loans are fully insured through the Federal Housing Administration (FHA), a government organization. FHA loans offer benefits that include lower down payments (as low as 3.5% down), lower closing costs, straight-forward mortgage terms, and easier credit qualification.
FHA Single Family Mortgage Insurance Program
Programs that help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans.
FHA Mortgage Insurance Costs
For an FHA loan the borrower will be charged a mortgage insurance premium equal to 1.75% of the base mortgage amount which can be added into the mortgage on the property and a renewal premium of 0.85% of the base mortgage amount, calculated monthly, in subsequent years.
Down Payment Gifts for FHA Loans
FHA allows 100% of the down payment to be a gift from friends, family, or other approved sources.
FHA Construction Loans
With as little as 3.5% down payment, you can have Cay Homes Inc build your custom dream home with all the options FHA offers!
VA loans can mean a lower monthly payment for you if you are an eligible borrower. Take advantage of your VA benefits with this government backed loan. Purchase with no down payment, never pay mortgage insurance, and receive lower rates. No one brings our Veterans home like Cay Homes Inc!