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Chuck Pearson
RMLO NMLS 295955

c: (614) 425-2010
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921 Chatham Lane, Suite 101,
Columbus, OH 43221
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Loan Options

Your Home Mortgage Loan Options

There are several loan options available when purchasing a home. Listed below are some of the home loan options offered by Premier Nationwide Lending. If you have any questions concerning the home loan process, please contact your Premier Nationwide Lending Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

FHA Lending

FHA loans are government-insured loans backed by the Federal Housing Authority. They are designed for low- to moderate-income earners and typically come with the lowest down payments.

Because FHA loans are designed for lower-income earners, qualifying for this type of financing is easier than many other loan types. Higher debt-to-income ratios are allowed, and borrowers need only a 3.5 percent down payment. Borrowers can have as low as a 500 credit score and still qualify for an FHA loan.

FHA loans are best for borrowers who:

  • Are first-time homebuyers
  • Have less than perfect credit
  • Have little saved for a down payment
  • Have high debt-to-income ratios
  • Are receiving gift money for their down payment

Conventional Fixed Rate Loans

A fixed rate mortgage is a mortgage loan that has a set interest rate for the entire life of the loan. It does not fluctuate with market changes and can only be altered through a refinance. Fixed rate mortgages are typically slightly higher than adjustable rate mortgages because they offer consistency and protection from inflation.

A fixed-rate mortgage may be an ideal option if you:

  • Are concerned that interests rates will increase and you want the predictability of a fixed interest rate.
  • Want to be able to determine what your payment will be for years to come in order to plan out your budget.
  • Expect to own the home for many years.

Adjustable Rate Loans

An adjustable rate mortgage (ARM) is a mortgage loan that may vary in monthly payment and interest rate depending on a change in an index. Typically, the initial rate is lower compared to a fixed rate mortgage, so for many borrowers, it could make homeownership more affordable. The risk of fluctuating monthly payments may be reduced with annual interest and lifetime interest cap ceilings.

An adjustable rate loan may be ideal if you:

  • Have a plan in place to move to a different home before the end of the initial rate period.
  • Are certain your income will increase enough in the future to cover the increase of the mortgage interest rate.
  • Require a lower monthly payment than what you can expect from a fixed-rate mortgage.

VA Loans

A VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs, or VA. It is available to military service members, veterans, and their immediate family members. The VA loan program is the most powerful home loan option on the market for veterans, service members, and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing.

To qualify for a VA loan, you must have one of the following:

  • 90 consecutive days of active military service during wartime
  • 181 days of active military service during peacetime
  • Six years of service in the National Guard or Reserves

Spouses of deceased service members who died in the line of duty are also eligible to apply for a VA loan.

Jumbo Loan Programs

A jumbo loan mortgage is any home loan that is more than the conforming limit of $453,100 according to Fannie Mae guidelines on conventional mortgages. FHA mortgages, however, have upper mortgage limits that are set for each county starting at the lowest loan limit of $271,050.

Since most banks do not have jumbo loan mortgage products available, we’ve made them one of our specialties. Our jumbo mortgages are also available as a portfolio product for expanded guidelines outside of conforming limits. We have several jumbo loan mortgage programs that can put you in control of your mortgage investment

Rural Housing

Rural Housing Development

A rural housing loan, also known as a USDA loan, is backed by the U.S. Department of Agriculture and is designed to encourage homeownership in America’s more rural and remote locations. They’re ideal for low- and middle-income earners who may have difficulty obtaining other forms of financing.

Rural housing loans can only be used for owner-occupied, primary residences, so they cannot be used on rental or commercial properties. You’ll also need to buy a home in an eligible location and meet certain debt-to-income and employment requirements.

USDA loans are designed for buyers with low to moderate income. They’re also ideal if you:

  • Are willing to live outside a major metropolitan area
  • Need low up-front costs at closing
  • Are having a hard time securing funding through other means

* Loan programs are subject to credit and property approval. Other guidelines may apply.

Residential Mortgage Loan Originators

My Premier Nationwide Lending team is built upon a reputation for excellence in client service, extensive industry experience and a dedicated commitment to our clients. My expertise in the mortgage industry and forward thinking approach allow me to adapt and rapidly respond to market changes that affect you. In doing so, I am able to offer a high level of service and provide a variety of home loan products to suit the needs of every homebuyer.


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Loan Options

There are several loan options available when purchasing a home.

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Find out more about special programs and who qualifies.

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