Finding the right home for you—whether that be a starter home or a forever home—can be an exciting and daunting process. When you’re ready to buy, done your research and know what you want in a home, congratulations! But the homebuying process doesn’t end there. There are loan applications, credit report checks, negotiations, and so many financing options, it can make your head spin!
Luckily, we can help you break down the types of tailored mortgage solutions you can choose from to make your decision-making process easier. Sharonview offers a variety of mortgage options for first-time and seasoned homebuyers alike and our Mortgage Loan Officers across the Carolinas can help simplify the process.
Conforming versus Jumbo Mortgages
When it comes to deciding what type of mortgage loan to get, you typically have your choice between conforming loans, jumbo loans, and government-backed mortgage loans.
- Conforming mortgage loans A conforming loan meets the limit set by the Federal Housing Finance Agency (FHFA) each year. The 2026 limit is $832,750.
- Jumbo mortgage loans are financing options for homebuyers whose loan amount exceeds conforming loan thresholds.
Both conforming and jumbo mortgages are considered conventional loans because they are not backed by the government. And to make owning a home more affordable, both loan types offer Private Mortgage Insurance (PMI) for those borrowers who have less than a 20% down payment.
- FHA: Federal Housing Administration loans are great for first-time homebuyers with limited credit.
- VA: Veterans Affairs loans that help veterans, military servicemen and -women, and their spouses with financing.
- USDA: Backed by the U.S. Department of Agriculture, these loans are excellent options for those living in designated rural areas.
Mortgage Rate Structures
Whether you need a conforming or jumbo mortgage loan, you’ll need to decide on your rate structure. What you choose can help determine your monthly mortgage payments and your short- or long-term mortgage loan rate.
- Fixed-Rate Mortgages are great if you value consistency and reliability in a loan payment. Regardless of market fluctuations, your mortgage payment and interest rate stay the same, meaning it’s easier to plan ahead for future expenses, renovations, and life events with confidence.
- Adjustable-Rate Mortgages (ARMs) are excellent options when you’re seeking short-term flexibility. An ARM includes a designated fixed period and, after that, the interest rate adjusts at scheduled intervals based on the specific ARM product you choose. To protect borrowers, ARMs include initial, subsequent and lifetime adjustment caps, which limit how much the interest rate can ever increase or decrease from the initial adjustment and over the life of the loan.
For example, a 3/3 ARM gives you a lower introductory rate for the first three years. After that, the rate can adjust once every three years—either up or down. A 5/1 ARM, on the other hand, keeps your rate fixed for the first five years, then adjusts annually thereafter.
Need help deciding which might be right for you? Check out our mortgage loan calculator to discover your expected monthly payments for each rate structure.
How Sharonview Can Help
Sharonview offers both fixed-rate and adjustable-rate mortgages in both conforming and non-conforming (jumbo) sizes. We can also help you with government-backed mortgage loans as well. Since those program requirements may change, it’s best to speak with a Mortgage Loan Officer to confirm your eligibility. To help you understand our mortgage loan options, take a look at the handy table below.
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Conforming
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Jumbo
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Loan term
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10, 15, 20, 25, or 30 years
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10, 15, 20, 25, or 30 years
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Purchases only?
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Yes
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Yes
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Primary residence?
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Yes
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Yes
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Secondary residence?
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Yes
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Yes
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Refinancing option?
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Yes
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Yes
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Downpayment minimum
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0-3%
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3%, 5%, 10%
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Loan Limit
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Up to $832,750
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$832,751 and above
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When you’ve reviewed homebuying tips, found the perfect place, and are ready to take the plunge, talk to a Mortgage Loan Officer today!