Need help with home financing?

Work with 220 Agents and Oak City Lending!

Even the most experienced home buyers have questions about mortgages, and we're here to lend our expertise! Get in touch with us or our partners at Oak City Lending to learn even more about financing your big purchase.

By giving us your phone number and email address, you are giving 220 Agents permission to contact you via email, phone, or text.

Learn More About Mortgages

Mortgages. Most home buyers need them, and they can seem pretty confusing even if you've done quite a bit of research. Believe it or not, there are dozens of different home loans available, and you can even customize your financing plan to meet your needs. So whether you're looking for a fixed-rate mortgage, a government-backed loan, or something else entirely, you can trust our team to guide you through the entire process. 

Want to learn a little more about your options? Here are a few of the most popular types of mortgages in the Triangle. You can always call us or our preferred lender—Oak City Lending—with even more questions!

Common Mortgage Options in the Triangle

Conventional loan

  • Good for buyers with solid credit, low debt, and moderate to high income
  • Requires a 10% to 20% down payment
  • Typically lasts between 15 to 30 years
  • Stricter credit and income requirements

VA loan

  • Available to most active, retired, and veteran military personnel and their spouses
  • Backed by the VA and financed by approved lenders
  • Little to no down payment without private mortgage insurance (PMI)
  • May require a one-time funding fee

FHA loan

  • Targeted towards lower- to moderate-income buyers with lower credit scores
  • Down payments as low as 3.5%
  • Private mortgage insurance (PMI) required
  • Can have higher interest rates

USDA loan

  • Targeted towards buyers with a low to moderate steady income
  • Little to no down payment required
  • Private mortgage insurance (PMI) required
  • Check the USDA availability map for eligibility

Balloon mortgage

  • Payments are based on a 30-year term, but the loan lasts for 5 to 7 years
  • At the end of the term, the borrower must pay off the balance, refinance, or sell
  • A good option for commercial properties or buyers who plan to move within a few years

North Carolina programs

  • The North Carolina Housing Finance Agency offers a variety of affordable loans and down payment assistance programs
  • Available to first-time and repeat home buyers
  • Options include the NC Home Advantage Mortgage, NC Home Advantage Tax Credit, and more

City of Raleigh programs

  • Eligible for first-time buyers in the Raleigh area who meet income requirements
  • Requires a home-buying course before approval
  • Funds of up to $20,000 can cover down payment assistance or closing costs

Lender-specialty loans

  • Available to first-time buyers, lower-income buyers, or other niche groups
  • Can offer lower interest rates, payments, and qualification requirements
  • Contact Oak City Lending to learn about their special programs

Ready to Calculate Your Monthly Payments?

Now that you've gotten familiar with the most common types of home loans, it's time to start crunching some numbers. Use our mortgage calculator to estimate your monthly mortgage payments at various home price points, interest rates, down payments, insurance and tax costs, and more. You can always contact us with any questions you might have!

Start Your Calculation

Questions? We can help.

By giving us your phone number and email address, you are giving 220 Agents permission to contact you via email, phone, or text.