The conventional loan is the most popular loan program for both buying a new home and refinancing. Conventional loans can be obtained in both fixed-rate and adjustable-rate loans in a variety of term options. The most common being 10 year, 15 year, and 30 year.

Conventional loans can be obtained with a low down payment. Anything below 20% down will require mortgage insurance.

FHA Loans are issued from independent mortgage brokers like Legacy Mortgage and backed by the government through the Federal Housing Authority (FHA). FHA loans are the ideal for those who prefer a lower down payment and even for borrowers with less than perfect credit. While there is a minimum credit score for an FHA loan it is typically lower than other loan programs. FHA loans also allow you to use gift money towards the purchase and the seller may apply up to 6% of the purchase price towards closing costs to benefit the buyer.

If you do take advantage of the lower down payment with an FHA loan you will need to pay mortgage insurance but it can be rolled into your loan payment.

The VA loan is a unique program that has been created for those serving our country through the active military, as a veteran, a reservist or their spouses. The VA loan functions similarly to a conventional loan however it does not require a downpayment and does not require mortgage insurance. A VA home loan is backed by the Department of Veteran Affairs and they have their own guidelines for home inspections and appraisals.

To apply for a VA Home Loan you will want to work with a lender who has extensive experience with this program and can help you navigate the process.

A jumbo loan might be the right loan product for you if you are buying a home with a high sales price or refinancing a home with a high appraisal value. Loan amounts over the Fannie Mae and Freddie Mac loan limits are considered jumbo loans. Jumbo loans are also common for second homes and vacation homes. They offer flexibility in loan terms and both fixed rate and adjustable-rate options. 

Buying a home for the first time can be both exciting and overwhelming. To help make it more exciting and less overwhelming, choose to work with a lender who can offer diverse lending programs with down payment and term options that fit your needs. The Legacy Mortgage team prides ourselves on finding the right loan program for our first-time home buyers that makes the most sense for your individual situation.

The U.S. Department of Agriculture offers the USDA home loan through the Rural Housing Program. This loan program is available in communities with a population of 20,000 or less. These loans are guaranteed by the USDA however the money is loaned from private lenders. If you qualify for a USDA loan you can benefit from competitive mortgage rates, a zero down payment and reduced mortgage insurance.

When the property you are trying to buy has some unique characteristics it can be harder to find a loan program as well as an accurate appraised value. Homes made with unique materials, featuring unusual building configurations, log homes or even properties with a significant amount of acreage can be considered unique. If you are looking to purchase a unique property, Legacy Mortgage can help.

When you are purchasing a property that will not be your primary residence such as an investment property or vacation home, you want to ensure you are working with a lender that can handle this type of loan program. We are well versed in this type of loan and can help you navigate the process and get the best rate possible.

When you are considering building a home it is common to purchase the land in advance. When you are buying a piece of land the process is a bit different than buying an existing home and land combo but you will still need to show that you have good credit and financial means to cover the cost. A piece of land offers less collateral for the loan so it may require a larger down payment. You will also need to share your intentions for use of the land. Our team can help you determine the best way to obtain financing for the property you are buying.

At Legacy Mortgage we are thankful to be able to successfully help our local first responders obtain a home mortgage. We have a great respect for these community members and thanks to our diverse lending options we are able to offer them competitive rates while accounting for their unique income structure. It would be an honor to help you secure a home purchase or refinance in the community you protect and serve.

When you refinance your home you are replacing your existing mortgage with a new loan with updated terms and monthly payment. There are many reasons to decide to refinance you home. A refinance can capitalize on lower interest rates and lower your monthly payment or you can refinance to reduce the life of your loan and ultimately save money. You may also choose to refinance to use the equity you have built up to reach your goals or fund a home improvement project.

The Upper Valley is home to Dartmouth Hitchcock and their elite residency program. Legacy Mortgage is proud to offer both physicians and residents our physician special featuring 100% financing with no mortgage insurance. No money down, no mortgage insurance, no income limits, and you can qualify easily and close on your home with a contract before you start.

A portfolio loan is a unique loan program where the lender issues and retains the loan rather than handing it off to a secondary mortgage market. The loan is then kept in the lender’s portfolio which allows them to set the standards which can be favorable for the buyers.