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5 Mortgage Loan Types

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There are 5 types of mortgages. Here at Team Lacey Mortgage we are experts in all mortgage types and will do a thorough analysis of your situation to help you determine which mortgage is best for you. 

Mortgage Types


VA - Veterans Administration 

Here in Hampton Roads the home of our bravest men and women, VA loans are the most popular. VA loans offer the lowest rates, no mortgage insurance, 100% financing, no down payments, most open guidelines and easy qualification. 


Conventional Loan

The overall cost of a conventional loan can be less than VA or FHA. Borrowers need a debt ratio under 50%, minimum 720 credit score and 5% down payment. 


VHDA - Virginia Housing Authority

VHDA loans are for first time home buyers or those that haven't owned a home in the past 3 years, have a 45% debt ratio or better, no down payment, 640 credit score and meet the income limitations. 


FHA - Federal Housing Administration

FHA loans are fantastic for borrowers who want a lower down payment of 3.5%, more generous lending guidelines towards higher debt ratios and lower credit scores (minimum credit score 580). FHA loans require mortgage insurance. 


USDA - US Department of Agriculture

USDA loans are for borrowers in specific rural areas (check if your address qualifies), meet the income limitations, have a low debt ratio and would like a low interest rate. 

Brian and his team were more than a pleasure to work with. As a first time home buyer this process was absolutely stressful and Brian aided in relieved a lot of stress for me. I truly appreciate how he took time out to explain everything in detail. He was very easy to talk to. I felt very comfortable and trusted he had my best interest. I would definitely refer Brian and his team in the future!!

Shanell DS - Virginia Beach, VA

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