Conventional loans are for well qualified customers with a minimum of 5% down payment. The loans provide a simplified loan process with excellent interest rates. Conventional loans are provided in 10, 15, 20 and 30 year terms.
FHA loans are sponsored by HUD and provide flexible loan solutions for customers. These options include low down payments, use of gift funds for closing, lower monthly Mortgage Insurance costs and possible credit exceptions.
VA loans are sponsored by the Veterans association and require certification of eligibility. These loans allow for financing with no down payment and no Mortgage Insurance. These loans are provided to qualified armed forces members and veterans.
United States Department of Agriculture backed loans offer many unique advantages. These loans require no down payment, 30 year fixed interest rates and flexible qualifying requirements. Geographical and family income restrictions apply. Many Essex communities are in areas qualified for this type of financing.