Conventional Loans

The Acre Lending Team can set you up with 30, 20, and 15-year terms, minimum 5% down payment funds needed, conforming loan limit up to $726,200..

What Are Conventional Loans?

Conventional loans are mortgage loans that are not insured by the government (like FHA, VA, and USDA Loans), but they typically meet the lending guidelines that have been set by Fannie Mae or Freddie Mac. Typically, conventional loans have better rates, terms, and/or lower fees than other types of loans.

However, conventional loans typically require a borrower to have good-to-excellent credit, reasonable amounts of monthly debt obligations, a down payment of 5-20%, and reliable monthly income. Conventional loans are ideal for borrowers with excellent credit and at least a 5% down payment.

Most Common Types of Conventional Loans

Fixed-Rate Mortgages: Your rate and payment never change.

• 30-Year Fixed Loan
  Benefits: Lowest fixed monthly payments
• 20-Year Fixed Loan
  Benefits: Low fixed monthly payments
• 15-Year Fixed Loan
  Benefits: Lower rate than the 30 or 20 Year Fixed Loans; Pay less interest and pay your home off more quickly
• 10-Year Fixed Loan
  Benefits: Lower rate; Pay off your loan and build equity faster
• 5-Year Fixed Loan
  Benefits: Lowest rate; Pay off your loan and build equity the fastest

Adjustable-Rate Mortgages: After the initial period, your interest rate can change once per year.

• 3/1 ARM
  Fixed-rate for 3 years, adjustable-rate for the remaining 27 years
• 5/1 ARM
  Fixed-rate for 5 years, adjustable-rate for the remaining 25 years
• 7/1 ARM
  Fixed-rate for 7 years, adjustable-rate for the remaining 23 years
  

VA Loans

The VA Loan is exclusively for Veterans. As a thank you for your service, the VA Loan offers up to 100% financing for a purchase or refinance, with no monthly mortgage insurance. The Acre Lending Team is honored to work with Veterans who have proudly served our country. We sincerely thank you for your service and this benefit is exclusively for you.

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners with up to 100% financing. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Who Is Eligible for a VA Loan?

As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.

You may be eligible for a VA loan if any one of these statements describes you:

• I served 181 days during peacetime (active duty)
• I served 90 days during wartime (active duty)
• I served 6 years in the Reserves or National Guard
• I am the spouse of a service member who was killed in the line of duty
• I currently receive disability payments from the VA

Information is provided from the Department of Veterans Affairs website.

Note: Federal loan programs are subject to change.

USDA Loans

USDA mortgages are offered through the United States Department of Agriculture for applicable rural homeowners. USDA loans offer low rates, no mortgage insurance, and up to 100% financing.

A USDA Loan is like it sounds, offered through the United States Department of Agriculture. Technically, only available to rural homeowners, but many suburban places qualify that wouldn’t be considered rural.

Call us and speak with a The Acre Lending Team professional. We can tell you if the area or the home you are looking at qualifies and even pre-approve you for the loan without cost or commitment.

Investment Property Loans

Investment properties are purchased to create & generate income for the person/company who is purchasing the property.

This stream of income can be   accomplished by appreciation of the property & through rental income. 

We offer Investment Property Loans for residents of New Jersey, Pennsylvania, Connecticut, Colorado, Delaware, District  Of Columbia (Washington D.C.), Florida,   Indiana, ,Maryland , North Carolina, South Carolina, Tennessee & Texas.   

Our dedicated, professional team will determine what investment property loan solution works best for your unique situation. Call us today for more info!

Debt Consolidation Loans

Debt consolidation rolls numerous debts with high-interest , such as credit card bills,  into a single ,easy to manage payment.

We offer Debt Consolidation Loans for residents of New Jersey, Pennsylvania, Connecticut, Colorado, Delaware, District Of Columbia (Washington D.C.), Florida, Indiana, ,Maryland , North Carolina, South Carolina, Tennessee & Texas.   

Our dedicated, professional team will determine what type of type of debt consolidation loan  works best for your unique situation.

Call us today for more info!

Single-Family Housing Programs

USDA’s Single-Family Housing Programs provide direct loans or loan guarantees to help low- and moderate-income rural Americans buy safe, affordable housing in rural areas. USDA also offers loans and grants to help rural residents make health and safety repairs to homes.​

Multi-Family Housing Programs

USDA’s Multi-Family Housing Programs offer loans to provide affordable rental housing for very-low-, low- and moderate-income residents, the elderly, and persons with disabilities. Funds also may be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems. In addition, USDA offers rental assistance to help eligible rural residents with their monthly rental costs.​

Community Facilities Programs

USDA’s Community Facilities Programs provide loans, grants, and loan guarantees for essential community facilities in rural areas. Priority is given to health care, education, and public safety projects. Typical projects are hospitals, health clinics, schools, firehouses, community centers, first responder vehicles and equipment, and many other community-based initiatives.

Note: Federal loan programs are subject to change.

Home Equity

For borrowers over age 62, you may want to consider a Home Equity Conversion Mortgage, the only reverse mortgage insured and backed by the U.S. Federal Government.

203k Program

The FHA 203k is a Remodel Loan for those looking to purchase a home in need of repairs. We use the future value of the home to determine equity, and since it is an FHA loan, the down payment is usually low.