Loan Comparison

If you're a first-time home buyer, you may have heard about FHA loans and wondered if they are the right fit for you. An FHA loan, also known as a Federal Housing Administration loan, is a type of mortgage that is insured by the government. This government insurance allows lenders to be more flexible with their requirements. This flexibility helps individuals who may have difficulty qualifying for conventional loans. FHA loans offer more lenient credit requirements. While conventional lenders often require a credit score of at least 620, FHA loans may be available to borrowers with credit scores as low as 580.  This option allows individuals who have less-than-perfect credit and who may also not have a large amount of savings for a down payment, to qualify for a home loan. The FHA loan allows borrowers to put down a lower down payment typically as low as 3.5%. The lower down payment requirement also means that borrowers can keep more cash on hand for other expenses, such as home renovations or emergencies. These loans are popular among first-time homebuyers and those with low to moderate-income levels and the fixed-rate mortgages allow homeowners to plan their finances with confidence.  Contact us to see if the FHA loan is right for you!

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• As low as 3.5% down payment

• Communities First: zero down payment & closing cost assistance program

• Low interest rates

• Lower minimum credit score requirement

• 203k/Rehab Loan: for those who finance for improvements on their house

The VA Home Loan is a mortgage that is guaranteed by the Department of Veterans Affairs which gives veterans and active duty service members a unique advantage with their applications. Available to those who have served or are currently serving in the military, this specialized loan option provides substantial benefits that make homeownership more attainable. Compared to other traditional Ohio mortgages, the VA loan program will offer more favorable qualifications and limitations. Such perks include no down payment requirements, competitive interest rates, flexible eligibility criteria, and the ability to finance up to 100% of the home’s value. Whether you are considering purchasing your first home in Ohio, or looking to refinance an existing property, all service members should first explore the benefits of a VA loan. Contact us with questions on qualifying for a VA loan with Polaris!

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• Zero down payment

• Low interest rates

• No monthly mortgage insurance

• Ability to pay off current debt with purchase

A USDA Loan, officially known as the United States Department of Agriculture Rural Development Loan, is a mortgage program backed by the USDA. Unlike conventional loans, these loans are tailored to help individuals and families with modest incomes buy homes in rural or suburban areas. Ohio, with its beautiful countryside and smaller towns, offers ample opportunities for USDA Loans. With zero down payment, favorable interest rates, and flexible eligibility criteria, they offer a unique opportunity to turn your homeownership dreams into reality. However, it's essential to be aware of the limitations, such as geographic restrictions and income limits. Before diving in, consult with a mortgage expert to ensure you qualify and find the perfect home in the heart of Ohio with the help of a USDA Loan.

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• Tailored towards rural areas

• Zero down payment

• Low mortgage insurance

A conventional loan, in the realm of finance and mortgage, refers to a type of mortgage that is not guaranteed or insured by any government agency, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). These loans are typically offered by private lenders and are primarily based on the borrower's credit history and financial stability. Conventional loans often require a higher credit score and a down payment of at least 3% to 20% of the purchase price. They offer borrowers more flexibility in terms of property types and loan amounts, making them a popular choice for those who meet the eligibility criteria. With competitive interest rates and various repayment options, conventional loans provide individuals the opportunity to secure financing for their home purchase or refinancing needs. There are two main types of conventional loans: conforming and non-conforming. Conforming loans adhere to the limits set by Fannie Mae and Freddie Mac, while non-conforming loans exceed these limits. Within each category, borrowers can choose between fixed-rate and adjustable-rate mortgages, based on their individual needs and preferences. With a fixed-rate conventional loan, the interest rate remains constant over the life of the loan, providing stability and predictability. On the other hand, an adjustable-rate conventional loan offers a variable interest rate that typically starts lower than fixed-rate loans but may change periodically over time. Both options have their advantages, and it's important for borrowers to evaluate their financial situation and goals before selecting the most suitable type of conventional loan for their needs. Ask a Polaris Loan Officer about qualifying for a Conventional Loan!

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• Fannie Mae & Freddie Mac Conventional Loans

• As low as 3% down payment

• Home Ready: low interest rates, lower down payment, and lower monthly mortgage insurance

• Healthcare & Physician loan programs available