Types of loans available in the Mortgage Residential and Commercial

industry

Every family is different. That’s why ZIMA offers loan options designed to match your financial goals, whether you’re buying your first home, refinancing, or investing for the future.

Types of loans available

Conventional Loans:

These are the most common type of mortgage and are not insured by the government. They often require higher credit scores and down payments than government-backed loans, but can be used for primary residences, second homes, and investment properties. If your down payment is less than 20%, you'll typically need mortgage insurance.

Best for: Borrowers with solid credit, stable income, and some down payment savings.

FHA Loans:

Insured by the Federal Housing Administration, these loans are designed to help qualified borrowers buy a home with a lower down payment and lower credit requirements.

Insured by the Federal Housing Administration, these loans are designed to help qualified borrowers buy a home with a lower down payment and lower credit requirements.

VA Loans:

Guaranteed by the Department of Veterans Affairs, these loans are available to eligible military members, veterans, and their spouses. They often offer low interest rates and may not require a down payment or minimum credit score.

Best for: Eligible veterans, active-duty service members, and surviving spouses. Often available with no down payment.

USDA Loans:

Guaranteed by the United States Department of Agriculture, these loans are for buyers in eligible rural or low-income areas and can offer $0 down payment and lenient eligibility requirements.

Best for: Low- and middle-income buyers in designated rural areas.

Jumbo Loans:

These are conventional loans that exceed the conforming loan limits set by the government. They are for larger loan amounts and typically have stricter qualification requirements, including higher credit scores and down payments.

Best for: Buyers purchasing expensive properties.

Fixed-Rate Mortgages:

Adjustable-Rate Mortgages (ARMs):

The interest rate on an ARM can change periodically based on market fluctuations. This means your monthly payment could go up or down overtime. ARMs often have an initial fixed-rate period before the rate starts to adjust.

Interest-Only Loans:

These loans allow to pay only the interest on the loan for a specified period, resulting in lower initial monthly payments. However, principal payments will be required later, significantly increasing monthly payments at that time.

DSCR Loans (Debt Service Coverage Ratio loan):

Is a type of mortgage specifically designed for real estate investors purchasing or refinancing income-generating rental properties. It primarily relies on the cash flow generated by the property. Down Payment may start at 15%

Best for: Investors looking at acquiring wealth through real estate.

ITIN mortgage loans:

Design for individuals who do not have a Social Security Number (SSN) but possess an Individual Taxpayer Identification Number (ITIN). Down Payment is usually 15-30% and it requires deeper verifications than a traditional loan with social security.

Balloon Mortgages:

These loans feature low initial payments for a set period, followed by a large lump-sum payment (the balloon payment) at the end of the term.

Hard-money Loans:

Primary use for investors and these loans are commonly used for Fix and Flips, renovation of properties, etc. Collateral is the property being purchased or renovated. They are short term, usually 6-12 months. Fast approvals, funds are normally available in few days.

Construction Loans:

These are for building a new home, and the loan funds are dispersed in stages as construction progresses.

BRefinance Loans:

Used to replace an existing mortgage with a new one, often to obtain a lower interest rate, change the loan term, or tap into home equity cash.

Reverse mortgage:

Allows homeowners to convert a portion of their home equity into cash. For homeowners 62+ with some equity in their homes.

Construction Loans:

These are for building a new home, and the loan funds are dispersed in stages as construction progresses.

Not sure which loan is right for you?

We’ll guide you step by step—to find the right product based on your goals

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Contact Information

Dirección: 1000 Essington Rd, Joliet, IL 60435

(331) 401-0055

[email protected]

Accesibility Statement

Licensing

Zima Mortgage is a trusted mortgage company committed to helping individuals and families across Illinois and Arizona achieve their dream of homeownership. With a strong focus on community, personalized service, and integrity, Zima Mortgage offers a wide range of home loan solutions tailored to meet each client’s unique needs. Whether you're a first-time homebuyer or refinancing your current home, our experienced team is here to guide you every step of the way—making the mortgage process simple.