MORTGAGES IN THE TRIANGLE

Eager to learn more about your mortgage options here in the Triangle? We’ve got you covered! We even have a handy mortgage calculator to help you estimate your monthly payments!

WHAT ARE MY MORTGAGE OPTIONS?

It’s a common misconception that there are only a few mortgage options… in actuality, there are hundreds of loan options available to Triangle home buyers. Of course, not every loan will work for every type of buyer; many mortgages are designed to target particular locations, career fields, income brackets, credit scores, situations, and more. There are even some loans specially for first-time buyers!

So, if you’re not sure whether you can qualify for a loan, it’s definitely worth the effort to do a little research—or at least reach out to a local lender or real estate team with any questions.

Mortgages Commonly Used by Triangle Home Buyers

This is hardly an exhaustive list of your possible options, but it’ll at least give you an idea of some of the more common loan options used by buyers in the Triangle area. If you want to know what’s specifically available to you, it’s always best to ask a lender. Need a lender recommendation? We can help with that!

Convential Loan

Most common, targeted to “average” buyers
requires a down payment of at least 5%. May go down to 3% for first time homebuyers if all requirements are met.
Often requires a 20% down payment; lower down payments require mortgage insurance
Typically 15 or 30 year terms

VA Loan

Available to most active military and veterans
Flexible income and credit requirements
As little as 0% down payment WITHOUT a mortgage insurance requirement
May require a one-time funding fee

FHA Loan

Common among first-time or lower-income buyers
Flexible income and credit requirements
Down payments as low as 3.5%, but requires mortgage insurance
May have higher interest rates

USDA Rural Loan

Targeted to buyers in more rural areas
Requires at least a 620 credit score
As little as 0% down, (low) mortgage insurance

Jumbo Loan

Used by buyers purchasing more expensive homes that need a loan larger than $647,201 and higher.
Requires excellent credit, low debt-to-income ratio, and significant assets in cash or savings
Typically requires a 20% down payment
Interest rates are often competitive with conventional loans

Mortgage Calculator

Not quite sure what your ideal home price range looks like? Estimate your monthly payments at various home prices (as well as interest rates and down payment percentages!) to see what’s in your budget. Want a more specific estimate of what you might be able to afford? Contact HTR today!