But if you’re looking for a shorter-term loan, this isn’t a fitting choice, as it’s available solely as a 30-year fixed-rate mortgage. It also comes with cheaper private mortgage insurance (PMI). More specifically, all you need to get approved is a FICO® score of at least 620. HomeReady mortgage: Although AimLoan doesn’t originate actual FHA loans, its HomeReady Mortgage program provides easy-to-meet credit requirements and as little as a 3% down payment. At AimLoan, these are offered in 30- and 15-year fixed-rate terms. The best perk of a VA loan is that you can use it to used to cover as much as 100% of your new home’s value, meaning you will not have to make a down payment. Only active and former military, reserve and national guard members and their spouses are able to get these mortgages. Department of Veterans Affairs insures VA home loans, but AimLoan originates its VA loans. To gain eligibility for this program, you are required to subscribe to automatic monthly mortgage payments. Jumbo Auto Pay Advantage loan: AimLoan created the Jumbo Auto Pay Advantage mortgage for those who have slightly lower credit scores, want better interest rates or need a larger loan than a traditional jumbo mortgage. AimLoan offers these mortgages as 30- and 15-year fixed-rate loans and 10/1, 7/1 and 5/1 ARMs.
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Because of their size, Freddie Mac and Fannie Mae guarantees no longer apply. Jumbo loan: Jumbo loans are any mortgages larger than the conforming mortgage limit, which currently stands at $726,200 for single-family homes. AimLoan’s ARMs are available as conforming and super conforming, with 10/1, 7/1 and 5/1 terms to choose from. Following that period, your rates will shift annually depending on the movement of the market index. The only difference between these two styles of conforming loans is that the super options are reserved for properties in high cost housing markets.Īdjustable-rate mortgage: Contrary to their fixed-rate counterparts, adjustable-rate mortgages (ARMs) feature fixed interest rates for a prespecified amount of time. You can get these through AimLoan as a 30-, 20-, 15- or 10-year conforming loan and a 30- or 15-year super conforming loan. This means that your monthly payments won’t vary, affording you years of reliability. What Kind of Mortgage Can I Get With AimLoan?įixed-rate mortgage: If you want to have a locked interest rate for the duration of your home loan, a fixed-rate mortgage is the way to go.
Otherwise, if you want to speak to an AimLoan mortgage professional, you can call the company at (888) 411-4246. However, it only has branches in San Diego, California and Honolulu, Hawaii. AimLoan is licensed to originate mortgage loans in all 50 U.S.
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