The Loan Programs We Offer

DNJ Gateway Mortgage has a wide variety of mortgage options. The list below are the different loan programs we offer. Our experienced, professional mortgage loan officers can help you evaluate these choices and help you determine the best loan for your unique situation.

• Conventional
• FHA
• Jumbo or Non-Conforming
• NC Housing
• USDA
• VA

Conventional

A conventional loan has a maximum borrowing amount of $417,000. Conventional loans are available with either fixed or adjustable interest rates and a variety of repayment lengths (30, 20, 15 and 10 year) to fit your goals. These loans may be eligible for purchase by Freddie Mac and Fannie Mae.

FHA

FHA loans are often the right choice for the first time home buyers, but they also make sense for anyone with a credit score of less than 700 or those who would like to put less than 20% down. These loans are insured by the Federal Housing Administration. The down payment can be as little at 3.50% and can be funded by gifts, grants or subordinate financing. FHA loans are available with either fixed or adjustable rates and with 30-year repayment periods. The lending guidelines for FHA mortgages vary by county as each county has its own designated maximum loan amount.

Jumbo or non-conforming

If you anticipate borrowing more than the maximum amount permitted with a conventional loan, then a non-conforming (referred to as a jumbo) loan may be a good choice. A jumbo loan can be either a fixed or adjustable rate mortgage. The qualification requirements for a Jumbo loan depend on the actual loan amount and down payment.

NC Housing

The NC Housing Authority offers first time home buyers below-market interest rates on 30-year fixed rate FHA, VA, USDA and conventional mortgages. These mortgages are available statewide. You must be a first-time home buyer or not have owned a home and occupied it as your principal residence in the past three years. Contact DNJ to speak to a loan officer regarding other specific guidelines and restrictions to NC Housing loans.

VA

VA loans are designed for eligible borrowers who have served or are currently serving in the U.S. armed forces. Guaranteed by the VA, these mortgages may be provided with no down payment required, making them an excellent choice for first-time home buyers. Closing costs are also kept down for the protection of the home buyer.

USDA

USDA loans offer a $0 down payment option, plus the seller may pay up to 6% of your closing costs. While USDA mortgages are designed for rural property, you may be surprised at the suburban areas that are eligible for this program. Loan requirements are very specific, for instance, borrowers must not have an income over 115% of the median income for the community to which they are moving.

Buying or Refinancing a Home? Call DNJ Today!

To learn more about our many loan options, contact one of our experienced loan officers today. We work with clients in Raleigh, Durham, Chapel Hill, Cary, Apex, Greenville, Fayetteville, Fort Bragg, Greensboro, Winston Salem, High Point and Charlotte, NC as well as across the Southeast. Call today!