Loan Programs
Learn About the Various
Loan Programs at
Gershman Mortgage
Licensed in 9 states, Gershman Mortgage has a wide variety of loan products and experienced professionals to get you on the path to home ownership.
Featured Loan Programs
Conventional Loans
Offers competitive interest rates and requires minimum down payment of 3-5%. Standard documentation and fair-to-good credit score are necessary to qualify.
VA Loans
Offering no down payment option to eligible U.S. service members, surviving spouses, and veterans. No mortgage insurance required.
FHA Loans
More flexible lending, down-payment and credit requirements than those for conventional loans. Insured by the FHA.
Rural Housing Loans (USDA)
$0 down option for qualifying properties located in USDA defined rural areas. Insured by the U.S. Government.
Reverse Mortgage
Loan Programs Offered
Conventional Loans
One of the most common loan programs that offers competitive interest rates and requires down payments ranging from 3% to 20%. Down payments less than 20% require mortgage insurance. Standard documentation and fair-to-good credit score are necessary to qualify.
VA Loans
Offering Veterans, US Military service members and eligible surviving spouses benefits through a VA loan program. Loans guaranteed by the Department of Veterans’ Affairs, no down payment or mortgage insurance required. The VA guaranty gives lenders greater degree of safety and flexibility which result in more competitive interest rates than non-VA loans.
FHA Loans
Insured by the Federal Housing Administration. Offers down payment as low as 3.5% in addition to a less stringent qualification process which is an attractive option to first time homebuyers. To protect lenders from a loss if the borrower should default, mortgage insurance is required on all FHA loans.
Rural Housing Loans (USDA)
Government backed loans, lending up to 100% of the home’s appraised value. Qualifying properties must be located in USDA defined rural areas and communities to be eligible for USDA loan programs.
Jumbo Loans
Gershman Mortgage offers loan programs for loan amounts greater than the high balance loan limits. Lower debt-to-income ratios, higher credit and larger down payments are required on this type of loan.
ARMS
Adjustable rate mortgages offer lower initial interest rate in comparison to fixed-rate mortgages. Cap limits moderate how much the interest rate can change from one year to the next.
Reverse Mortgage
Gershman Mortgage offers HUD insured, Reverse Mortgages also knows as Home Equity Conversion Mortgage (HECM) for customers age 62 and older. This type of mortgage allows homeowners with substantial home equity, to tap that equity as a source of funds to pay off their existing mortgage, cover bills or health care expenses, or to provide additional retirement income. Unlike conventional mortgages, borrowers are not required to make monthly payments. The loan must be repaid only when the borrower moves or dies.
R E F I N A N C I N G
Mortgage refinancing with Gershman Mortgage can provide a number of financial benefits for homeowners. Refinancing a mortgage means that you pay off the original loan and replace it with a new home loan. Mortgage refinancing can provide a lower interest rate, shorten the term of your mortgage, consolidate debt, and more.
First Time Home Buyer
As part of our commitment to provide the best residential home loans for our customers, we offer loans that feature a number of great benefits for first time home buyers. These benefits include: low or no down payment, tax credit advantages, and down payment assistance options.
80/10/10
Also known as a piggyback loan, 80/10/10 requires a 10% down payment, allowing borrowers to avoid costly private mortgage insurance.
Other Loan Programs
We’re certain we have the right loan program to fit your needs. If you don’t see the loan program you were looking for, contact a Gershman Mortgage professional and we’d be happy to help you find the right loan for you.