Delaware
Types of Mortgages: Jumbo, Reverse, and FHA Mortgages

Gateway Funding in a mortgage lender with locations in Delaware and we know that every Delaware mortgage applicant has a different financial situation and therefore different needs. A mortgage program should fit your lifestyle, and we want you to know that you have options. Our expert Delaware mortgage bankers will answer your questions, explain your options, and work with you until we find the mortgage program that reflects your unique situation.

Below are three Delaware mortgage options available for unique circumstances.

Delaware Jumbo Mortgage

If you are buying a high-priced luxury home in Delaware, a jumbo mortgage may be right for you. Jumbo mortgages in Delaware have a loan amount that exceeds the conforming loan limits set annually by the Office of Federal Housing Enterprise Oversight (OFHEO). Jumbo mortgages are similar to traditional loans, except that they require a higher down payment.

Delaware Reverse Mortgage

Or, if you are a retiree or senior citizen, perhaps you would like to tap into your home’s equity. In this case, a reverse mortgage in Delaware may be right for you. Reverse mortgages allow elderly homeowners to borrow money against the value of their home. Repayment of the mortgage is not required until the borrower dies or the home is sold. In addition, a credit check is not required since the borrower doesn’t need to make payments.  A Delaware reverse mortgage is a good option for those who are facing bleak economic circumstances but would like to remain in their home.

Delaware FHA Mortgage

If this is your first time buying a home and you are a low- to moderate-income borrower, a Delaware FHA mortgage may be beneficial for you. FHA mortgage loans allow a borrower to buy a home even if he or she cannot afford a large down payment. In face, FHA mortgage loans allow an individual to borrow up to 97% of the value of the home.

Regardless of your financial situation, there is a mortgage option for you. If you think a jumbo, reverse, or FHA mortgage may be right for you, give us a call at 1-877-936-2677, or simply fill out our convenient online application form.