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J.S. Shirk and Associates, Inc. offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide Conventional, FHA and VA loans, as well as Reverse Mortgages. You may qualify for a purchase or refinance for your Primary Residence, Second Home, or Investment Property utilizing our state-of-the-art desktop underwriting system.

 
Conventional Loan
Veteran’s Administration Loan / VA Loan
FHA Loan
Jumbo Loan
Rural Housing

Conventional Loan
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

Term: 30 years   Maximum Amount: $417,000

Veteran’s Administration Loan / VA Loan
VA loans are made available to veterans and current military personnel, and usually require a lower down payment than other types of loans. For those who are eligible, a Veteran’s Administration loan may be a great mortgage product. It differs somewhat from a standard mortgage. Although it is provided through a private lender, the federal government guarantees a portion of the principal with a VA loan. That means that the Department of Veterans Affairs guarantees the loan so the lender is protected if the borrower defaults. Also, those eligible for a Veteran’s Administration loan can have little or even no down payment and still receive the mortgage. This is the biggest advantage of a Veteran’s Administration loan.

Term: 30 years   Maximum Amount: $417,000
 
There are certain criteria one must meet to obtain a Veteran’s Administration loan. Some are standard, as with any loan: good credit, enough funds for payments, etc. However, the Veteran’s Administration loan is only for eligible veterans, current members of the military, or their spouses in certain cases. To see a full list of eligibility requirements, visit the Department of Veterans Affairs website at www.homeloans.va.gov. This site also answers many specific questions about the program.

FHA Loan
The Federal Housing Administration is an agency established by the United States government. Their primary function is to insure residential mortgage loans. FHA loans typically offer options for first-time home buyers, senior citizens and home improvements. One of the most difficult elements of the home buying process is saving up enough money for a down payment. If you are a first-time home buyer, an FHA loan may allow you to make a down payment of 3.5 percent. You may also be able to roll your closing costs and other fees into the loan amount. If you are interested in a home that requires some improvements, there is an FHA loan to address your needs. An FHA approved lender will check your creditworthiness and if you meet their standards, you will be approved for a loan that covers the cost of the property, plus home improvement costs and closing costs. You may also be able to get an FHA loan if you already own a home that needs some repairs and improvements. The loan will cover refinancing costs as well as the costs of making the necessary improvements.
 
Loan Limits vary By County.

Jumbo Loan
Jumbo loans, as indicated by their name, are larger than conventional mortgages and classified as non-conforming. The reason for the distinction, aside from their jumbo loan is a loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Currently the limit is set at $417,000 for most areas. Special areas such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands have a higher limit of $625,000.

Rural Housing
A division within the U.S. Department of Agriculture that manages programs that focus on rural housing and community service facilities and are designed to improve the quality of life in U.S. rural communities. Perhaps one of the RHS's most well-known programs is its subsidized home loan program for people with low-to-moderate incomes who want to purchase, construct or rehabilitate a single-family rural home.


Apply online today or contact a Loan Officer to discuss which type of loan might fit your needs.