Loan Programs in Fairhope, AL

When looking into getting a loan Racq from Home Place Mortgage can help you through the process. Call for more information or to schedule an appointment today at 251-490-0457. We service Fairhope, AL.

Fixed vs. Adjustable


Fixed-Rate Loan

A fixed-rate loan is a loan where your monthly payment and interest never changes during the length of the loan. You can get these loans as a 30-year, 20-year, 15-year, and 10-year. You can have the option of doing biweekly payments to shorten the life of the loan.

Adjustable Rate Mortgages (ARM)

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages is a loan that has an interest rate which is periodically changed based on credit markets.


Is a government-backed loan that only applies to rural areas. It requires zero down payment and can provide 102% financing for home buyers. This loan is ideal if you live in a rural development areas.

Conventional Loan

This is the most popular loan option for home buyers. This includes fixed-rate mortgages, adjustable mortgages, and jumbo mortgages. THese typically require 5%-10% down.


Loan Agreement — Loan Programs in Fairhope, AL

Government Loan Programs


FHA Loans

A FHA is a loan that is insured by a federal agency with the US Department of Housing and Urban Development the Federal Housing Administration. This loan option helps creditworthy low-income and moderate-income families who cannot meet the requirements for a regular loan.

  • Only a 3.5 percent down payment is required.
  • Closing costs can be financed.
  • Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
  • More flexible underwriting criteria than conventional loans
  • FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
  • Loans are assumable to qualified buyers.

VA Loans

VA loans are made by lenders who are a part of the U.S. Department of Veterans Affairs. These loans help veterans purchase a home. For most cases, no down payments is required

  • Negotiable interest rates.
  • Closing costs are comparable and sometimes lower - than other financing types.
  • No private mortgage insurance requirement.
  • Right to prepay loan without penalties
  • The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.