Back To Blog

Which Mortgages Are Available to My Clients?

Today, I’m joined again by mortgage lender Terry Schenck of Prosperity Home Mortgages to talk about the most common home loans my clients can get.

(Terrence V. Schenck NMLSR ID 193123 Senior Loan Officer, Prosperity Home Mortgage 13135 Lee Jackson Mem Hwy, suite 100 Fairfax, VA 22033 Phone (703)408-3978 | Fax (703) 293-4298

First, there are loans for first-time home buyers. You don’t necessarily have to be buying your first house to be a first-time buyer. You also would fall into this category if you haven’t had any interest in homeownership for three or more years.

So why would someone get a government loan versus a conventional loan? You should always start by talking to a loan officer and have them go over each program that you qualify for, including the pros and cons. Many people use government loans like a VA loan because they don’t require a down payment and come with a competitive interest rate and no mortgage insurance. FHA is another program with a low down payment (only 3.5%) that doesn’t ding you on your interest rate if you don’t have great credit.

“Talk to a loan officer as soon as you start thinking about buying a home.”

Both government and conventional loans have varying term lengths. The most common term is a 30-year fixed rate, but you can also get a 15-year, 20-year, or 25-year loan. Buyers can also get ARMs, or adjustable rate mortgages. Each category has its own set of pros and cons.

If you’re thinking about buying a home, Terry says it’s never too early to meet with a lender. He recommends doing it as soon as you start thinking about buying a house. Terry even works with a lot of buyers who are as far as a year or two out from buying. If nothing else, they can start you on the right path to obtaining a home loan.

If you have any questions for Terry, you can call him at 703-408-3978 or you can email him at

If you’re thinking about buying or selling a house in northern Virginia, give me a call, send me an email or visit our website. We’d be glad to help.

Add Comment

Comments are moderated. Please be patient if your comment does not appear immediately. Thank you.


  1. No comments. Be the first to comment.