VA Loans

VA loans make it possible for qualifying veterans and service members to secure a mortgage with no down payment, a competitive interest rate, and beneficial loan terms.

FHA Loans

FHA loans provide assistance to first-time home buyers, allowing them to secure a mortgage with as little as a 3.5% down payment. FHA loans also help homeowners with challenged credit refinance.

Investment Property and Second Home Loans

Whether you’re looking to expand your real estate portfolio with an investment property or purchase a vacation home, our investment property loans can help you reach your goals.

Conventional Loans and Mortgages

Conventional mortgages often serve as a great option for the typical home buyer, and we have adjustable- and fixed-rate options to choose from.

USDA Mortgages

If you live in a qualifying rural area, then you may be eligible for a USDA mortgage that allows you to purchase a home with zero percent down.

Adjustable-Rate Mortgages

If you’re unhappy with current interest rates, consider an adjustable-rate mortgage. With an adjustable-rate mortgage, you pay a fixed interest rate for a set period of time and then your rate can go up or down based on housing market conditions.

Fixed-Rate Mortgages

Fixed-rate mortgages allow buyers to lock in an interest rate when they purchase their home, providing homeowners with a single stable interest rate until the repayment period ends or the buyer chooses to refinance.

Second Mortgages for Debt Consolidation

When you take out a second mortgage, you can tap into your home’s equity and get cash to pay down debt, complete home improvement projects, fund big purchases, and more. Griffin Funding offers competitive rates and excellent customer service on all home equity loans.

Reverse Mortgage Loans

If you’re above the age of 62 and have equity in your home, you may qualify for a reverse mortgage loan. Reverse mortgages allow you to access the equity in your home and receive tax-free payments without having to make any payments yourself.

CalHFA Loans

If you’re a first-time home buyer in California, you may be eligible for a CalHFA loan. CalFHA loans can help home buyers cover down payment and closing costs, making it possible to purchase your dream home without emptying your savings account.

Frequently Asked Questions: Traditional Mortgages

What is a traditional mortgage?

The term “traditional mortgage” refers to a broad category of loan types that typically have similar loan approval processes, income verification standards, documentation requirements, and so on. Traditional mortgages are often referred to as conventional loans, although this characterization isn’t completely accurate.

A conventional loan is any loan that is backed by a private lender rather than the government. While Griffin Funding does offer conventional loans, several of our traditional mortgages—such as VA loans and FHA loans—are backed by the government.

What credit score do I need for a traditional mortgage loan?

The credit score you need will depend on the loan you’re applying for. While, for example, VA loan credit score requirements can be somewhat flexible, conventional loans tend to be more stringent. In general, lenders like to see potential home buyers that have a minimum credit score of 620. However, the higher your credit score is, the better your interest rate and loan terms will be.

What is the interest rate for a traditional mortgage?

The interest rate for your mortgage will depend on a number of factors. In general, the two largest factors impacting your interest rate will be market conditions and your own financial situation. You can typically qualify for a lower interest rate if you have a high credit score, low DTI, and a high income relative to the loan amount you’re applying for.

Your interest rate also depends on the type of loan you take out. While some loans are more reliant on market conditions to determine a rate, others—such as VA loans and some loans for first-time home buyers—are able to offer lower rates due to special programs or government backing.