Mortgage Lending in Durham, NC
The Sherry Riano Team
At The Sherry Riano Team, we believe you deserve to know what to expect from start to finish when you are looking for a mortgage. Finding the right mortgage lender in Durham, NC can be an overwhelming experience when you consider how many different types of loans are out there.
We believe the loan process should be the easiest part of buying a home, which is why we help you wade through the options before you even get started.
In order to get the best mortgage for you, you need to understand the wide range of mortgage types out there, including:
- Conventional home mortgages
- FHA mortgages
- First Time Homebuyers mortgages
- Rural Development (RD) mortgages
- VA mortgages
We believe that what you qualify for and what you are comfortable with are two different things, and we always want to make sure that you choose the loan that makes you feel the most confident in your ability to afford your dream home in Durham.
Here is a brief overview of each type of loan so that you can begin your search for the best mortgage with confidence:
Conventional Home Mortgages
If you have excellent credit and at least 5% down to pay towards your dream home, then most mortgage lenders in Durham will tell you that a conventional home mortgage is probably the best choice for you. This will offer you the lowest interest rates and the most stable premiums over a 15- or 30-year period, which means this is one of the most affordable types of mortgages long-term.
VA Mortgages for Durham Veterans
Are you a Veteran – either active duty or retired? Or are you a family member of a deceased veteran? If so, a VA mortgage can be a great option for you!
The VA program combines flexible underwriting guidelines with low down payments and great rates. Veterans may also qualify for additional cash towards their closing costs via our Benefits for Heroes Program.
Rural Development Mortgages
Do you want to buy a home in or around Durham? You may be surprised what mortgage lenders in Durham classify as rural! And the good news is that “rural” means special financing options for you!
If you have less-than-perfect credit or are looking for 100% financing, the USDA Rural Housing Loan program may be a good fit. This program is designed to encourage rural growth, so it offers lower interest rates and more lenient credit requirements.
Talk to our team to find out more.
FHA Mortgages in Durham
FHA mortgages are insured by the federal government. There are no income restrictions with this program and gift funds can be used for the down payment. With the FHA product there is a required 3.5% down payment for the transaction. This product typically has more lenient credit requirements.
First Time Homebuyers Mortgages
This type of mortgage is very similar to an FHA mortgage, but is only available to someone who has not owned a home in the past three years. Credit scores and down payments can be lower, but interest rates will typically be higher. Some first-time homeowners choose FHA loans over specific first-time homebuyer loans due to a more forgiving credit score requirement.
Learn How The Sherry Riano Team Can Help
At The Sherry Riano Team, we believe that you are not just a transaction. Our team of mortgage lenders put Durham, NC families in homes, and we believe in having your best interests at heart – even if that means referring you to another lender where you can find better options for your situation. To find out more about how you can finally move in to your dream home, get started online or call us at 919-234-7415.