Timothy Baron

Senior Loan Officer
  • NMLS#184671
  • Office: 520.577.4766
  • Cell: 520.275.5956
  • Fax: 520.618.4663
  • send me an email
1650 E. River Rd.
Suite 104
Tucson, AZ 85718

Licensed to originate mortgage loans in the following states: AZ, CA

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4 of The Most Popular Mortgage Options.


Having an understanding of the various mortgage loans available will help you when the time comes to purchase or refinance a home. Here is a simple breakdown of the 4 most popular mortgage options available.
These mortgage loans are the most popular loan types and are great for first time home buyers, repeat buyers and investment buyers. Mortgage insurance is not required with a 20% down payment. This loan type requires a minimum FICO of 620 and a minimum down payment of 3% is generally required.
FHA loans are insured through the Federal Housing Administration. These mortgages make home ownership much more affordable. These loans have easier credit requirements and are perfect for first time homebuyers, families with lower credit scores or with low to moderate incomes. A 3.5% down payment is required and the financed home is required to be owner occupied.
VA Loans are available to active duty members, Reserves/Guard, unmarried surviving spouses and POW/MIA spouses and veterans. A VA Loan does not require a down payment or PMI (private mortgage insurance) and loans can be at a 0% minimum down payment. This is NOT a one-time use program, eligible borrowers may reuse this benefit.
This mortgage option was created to promote the purchase of rural property and is only available in eligible rural areas as defined by USDA. You can qualify for a USDA loan with little or no down payment.
Additional Details:
  • There are numerous programs available that can provide down payment/ closing cost assistance and more! These may be offered at any given time and often come with unique guidelines.
  • Always consult your mortgage lender as mortgage requirements may vary.
Wish to learn more? Give your NOVA® Loan Officer a call, TODAY!
Our team of experts have been navigating the mortgage lending industry since 1981. Let us help you find the perfect loan.
The information contained here is educational only. Other conditions and restrictions may apply. Rates and available programs are subject to change without notice. Contact your loan officer for more information.

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