Which Loan Program is Right for You?

The best loan program for you depends on your unique home financing needs, based on your goals and circumstances.

Your Academy Loan Officer will help you examine your financial situation—credit score, debt-to-income ratio, etc.—and provide you with examples and comparisons of loan solutions to help determine which program best fits your needs. To give you an idea of what solutions might work best for you:

Please read the 10 statements below to see which ones best describe you, and click on the highlighted loan link if you’d like to learn more. Then talk to your Academy Loan Officer for more specific information about the best solution for your goals and circumstances.

  1. I'm a first-time homebuyer.
    • FHA Loan If you're a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.

  2. I want a low down payment.
    • FHA Loan If you're a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.
    • USDA Rural Development Loan If you want a 0% down payment; and you’re interested in buying or building in an eligible rural area; and you’re a low- to moderate-income buyer.
    • State Housing Loan and Down Payment Assistance Programs If you’re a first-time or repeat homebuyer; and you have low- to moderate-income, are an underserved minority, are disabled or elderly, or work in certain professions (like teaching or the military, depending on the state); and you want a low-interest mortgage rate and/or down payment assistance.

  3. I have a high credit score and want a steady interest rate.
    • Conventional Mortgage If you’re a first-time or repeat homebuyer; or you have a good credit score and money to put down; or you want a low down payment.
    • Fixed-Rate Loans These include FHA, Conventional, VA, USDA, Jumbo, Refinance, Renovation, and State Housing Loans.

  4. I'm in the military or a veteran.
    • VA Loan If you’re a first-time or repeat homebuyer; and you’re an eligible Veteran or military; and you want a low down payment.

  5. I'm making repairs and renovations to my current or new home.
    • Renovation Loan If you’re a first-time or repeat homebuyer; or you want to buy a “fixer-upper” home in a great location and get extra money to renovate it, all with just one application, one loan, and one payment each month; or you want to refinance and renovate your current home, with just one loan!

  6. I want the lowest interest rate possible.
    • FHA Loan If you’re a first-time or repeat homebuyer; or you have a lower credit score; or you want a low down payment.
    • Conventional Mortgage If you’re a first-time or repeat homebuyer; or you have a good credit score and money to put down; or you want a low down payment.
    • Fixed-Rate Loans These include FHA, Conventional, VA, USDA, Jumbo, Refinance, Renovation, and State Housing Loans.
    • ARM (Adjustable-Rate Mortgage) Loans The rate and mortgage payment stay the same for the initial fixed period (such as 5 years), after which the rate and payment may periodically adjust up or down.

  7. I need a large loan amount for a more expensive home.
    • Jumbo Loans If you can afford a more expensive primary or second home and higher monthly payments; and you want a 15-year or 30-year fixed rate.

  8. I want to lower my current interest rate and reduce my monthly payments.
    • Refinance Loan If you want a lower interest rate; or you want a different loan term (number of years); or you want a lower monthly payment; or you want cash from the equity in your home.

  9. I want to live outside the city.
    • USDA Rural Development Loan If you want a 0% down payment; and you’re interested in buying or building in an eligible rural area; and you’re a low- to moderate-income buyer.

  10. I'm retired or will retire soon.
    • Reverse Mortgage
See sample scenarios here

CONTACT US for more information about Academy Mortgage, your 1st CHOICE Home Loan Lender!