LOAN OPTIONS

Loan Options

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Conventional Loans

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).



  • 3 or 5% minimum down payment
  • Good Credit
  • No upfront fee
  • No private mortgage insurance (PMI) with 20% down
  • PMI removed at 78% LTV (primary home)
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FHA Loans

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.


  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance
  • Upfront fee to FHA is 1.75% of loan, rolled into loan 
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VA Loans

A VA loan is a mortgage loan in the United States

guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).


  • 0% down payment
  • Must meet VA enlistment qualifications for program
  • Upfront fee to VA is 0.00% of Loan, rolled into loan (VA waives for certain military status/disability ratings)
  • No monthly mortgage insurance
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USDA Loans

A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.



  • 0% down payment
  • Property must be located in qualified area
  • Maximum household income limit is based on number of occupants (varies by State/County)
  • Upfront fee to USDA is 1.0% of loan, rolled into loan
  • Minimal monthly mortgage insurance
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First Time Homebuyers

There are many first-time homebuyer programs and grants available to help you afford your first real estate purchase, generally assisting with the down payment and closing costs.


  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance
Apply Now

Want your free guide to our mortgage loan process?

The mortgage loan process can seem complex. Luminate, and specifically Janet Lund, want to ensure you feel educated as you move through the process. This resource packet will outline the steps you will take with Luminate as you work towards your mortgage loan.


And the best part? It's free for you to download any time! Simply input your info below to get access.

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