Types of Financing

There are basically only three types of financing options: Conventional, FHA, and VA. Under these three categories are virtually hundreds of programs - first time homebuyer financing, jumbo financing, commercial financing, 2nd mortgages, etc. It takes years of intense training in this field to know and understand all the programs available. Though it is wise to understand what you are getting into, it is probably more important for you to trust your loan officer to help you with this large decision.

Conventional
Conventional financing is the most common method. The "conforming" loans were structured to accommodate those borrowers who can make at least a 20% down payment. More...

FHA
FHA loans were designed to accommodate borrowers who are pushing all the guidelines a little further than a conventional borrower - ie: a lower down payment (2.35%), a higher debt ratio (41%), and a little less stellar credit history. More...

VA
VA loans are for active military personnel or veterans. 100% financing is the most common reason for using VA. We often find that VA will also bend a little more on their credit standards than conventional guidelines allow. More...

WCDA
WCDA is the abbreviation for Wyoming Community Development Authority, the investor who offers a lower than market interest rate to encourage first time homebuyers to invest in Wyoming. WCDA allows financing under all three categories - Conventional, FHA, and VA. More...

Glossary
We have found that there are several things that most borrowers question time and again. This glossary should help you understand some of what will be involved in your transaction. More...