Shea Mortgage Inc. offers a variety of loan programs to meet your needs:
Adjustable Rate Mortgage (ARM): An adjustable rate mortgage (ARM) is a loan with an interest rate that changes. With an ARM, the initial interest rate is fixed for a period of time. After that, the rate adjusts at specified intervals during the remainder of the loan term. Adjustments are based on an "index" (the value of which can change over time) plus a "margin." The index plus the margin determines the fully adjusted rate, which is typically subject to certain limits (ceilings and floors). These limits are referred to as "caps."
Fixed Rate Mortgage: A mortgage with monthly payments that remain the same throughout the life of the loan because the interest rate is fixed.
FHA Mortgage: A mortgage for which the lender is insured against loss by the Federal housing Administration, with the borrower paying the mortgage insurance premium. The major advantage of an FHA mortgage is that the required down payment can be as low as 3.5%.
VA Mortgage: A mortgage for which the lender is insured against loss by the Veterans Administration. The primary advantage of such a mortgage is that the borrower can put little or no money down, and the loan carries no mortgage insurance. There is no maximum loan amount so long as the borrower qualifies and has full entitlement. Only Veterans, Active Duty, and Surviving Spouses are eligible for this type of mortgage.
Jumbo Mortgage: - A jumbo loan or mortgage is a loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac. In 2024, single-family mortgages with balances higher than $766,550 in most U.S. counties (and $1,149,825 in high-cost areas) will be considered jumbo.