Due to the pandemic, there have been a lot of people purchasing homes or even refinancing. It is important to understand the different types of loans that are offered to make sure the buyer knows their options. 


types of loans


Ken Venick has been in the mortgage loan business for over 30 years and is your one-stop-shop to handle all of your mortgage needs. He offers loans for every type of home buyer, including first time buyers, low-income buyers and even those looking to build or renovate their homes. We’ve put together a list of all of the loans Ken Venick and his team have to offer so that you can find exactly what works for you. 


Below are the loan programs Ken Venick offers:


  • Home Purchase

A Home Purchase loan helps to simplify the most important purchase you will ever make. These include:

  • Conventional or Fixed Mortgage

A Conventional Mortgage is a loan that conforms to the established guidelines for the size of the loan and the homeowners financial situation. A fixed rate is a mortgage that comes with an interest rate that will not change for the remainder of the home loan. 

  • FHA (Federal Housing Administration) Financing

FHA Financing is a mortgage insured by the FHA and issued by an FHA-approved lender. They are federally-backed mortgages.These types of loans require a lower minimum downpayment, lower credit scores and are typically for lower income borrowers. 

  • New Construction Loans

A New Construction loan gives a homeowner the money needed to build a brand new home. The term on a construction loan only lasts for the amount of time it takes to build the home and once construction is complete, the homeowner transitions to a home mortgage. 

  • Manufactured Housing 

A Manufactured Housing is a home constructed primarily off site before being moved to a property where it will be placed. The price for manufacturing housing often is much less than traditional homes. There may be other loans involved when purchasing a manufactured house, such as a personal property loan when the home is purchased separately from the land it will reside on. 

  • Adjustable Rate Mortgages (RAM)

A RAM is a type of mortgage where the interest applied to the remaining balance changes during the life of the loan. The initial rate is fixed for a period of time and then resets in intervals over time. This means your monthly payments could go up or down but most ARMs have an adjustment cap which limits just how much the interest rates can adjust each period.

  • Refinance

Now more than ever, more and more homeowners are considering refinancing to take advantage of lower interest rates. Refinancing occurs when the interest rate falls substantially. It can help homeowners lower their monthly payments and pay off their mortgage faster than before. Refinancing doesn’t just automatically happen when the rates fall. The homeowner is re-evaluated and their credit score and other information is checked. 

  • Home Equity

Homeowners can really benefit off of Home Equity loans. A home equity loan allows the homeowner to borrow against a part of their home’s equity. Basically, it is a lump sum of the difference between the mortgage that one owes and the home’s market value. Now is a smart time to take out a home equity loan if thinking about doing big home renovations, or have a lot of high-interest debt, like credit card debt

  • Home Renovation and Improvement loans 

Home renovation loans are great for those looking to add a little extra to their homes. This helps the homeowner comfortably finance their renovations and other improvements that will improve the return on investment. Read more about renovation loans here. 


Don’t see what you are looking for? Ken is dedicated to not only finding the perfect financing for every situation but to educate his clients along the way. Contact us today to learn more about all that we have to offer and more!