--- title: Will you be home for Christmas? Your Future Home Starts Here with RMCU description: Will you be home for Christmas? Rocky Mountain Credit Union can help you find the perfect place to trim your tree and deck the halls. image: https://rmcu.net/hubfs/RMCU_holiday_mortgage_tv_02.jpg --- [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) [Online Banking Login](https://banking.rmcu.net/auth/signin) [Online Banking Login](https://banking.rmcu.net/auth/signin) [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) - - [Home Loans](https://rmcu.net/home-loans) - [Personal](https://rmcu.net/personal) - [Business](https://rmcu.net/business) - [Membership](https://rmcu.net/membership) - [Careers](https://rmcu.net/membership/about-rmcu/careers) - [Contact Us](https://rmcu.net/contact-us) - Search - [Financial Education ▾](https://rmcu.net/blog/holiday-mortgage-dec-2019#financial-education-nav) - [About RMCU ▾](https://rmcu.net/blog/holiday-mortgage-dec-2019#about-rmcu-nav) - [Security](https://rmcu.net/membership/security) - [TruStage: Security Alert](https://rmcu.net/trustage-security-alert) - [Money Mastermind](https://rmcu.net/money-mastermind-lessons) - [Financial Counseling](https://rmcu.net/financial-counseling) - [Savvy Money](https://rmcu.net/membership/financial-education/savvy-money) - [Blog](https://rmcu.net/blog) - [Resources](https://rmcu.net/resources) - [RMCU Team](https://rmcu.net/membership/about-rmcu/rmcu-team) - [Member Information](https://rmcu.net/membership/about-rmcu/member-information) - [Annual Meeting](https://rmcu.net/membership/about-rmcu/annual-meeting) - [Community](https://rmcu.net/membership/about-rmcu/community) - [Our History](https://rmcu.net/membership/about-rmcu/history) [back to blog](https://rmcu.net/blog) [Home and Mortgage](https://rmcu.net/blog/topic/home-and-mortgage) # Will you be home for Christmas? Your Future Home Starts Here with RMCU Read Time **3 mins** | Written by: Rocky Mountain Credit Union [mailto:?subject=Will%20you%20be%20home%20for%20Christmas%3F%20Your%20Future%20Home%20Starts%20Here%20with%20RMCU&body=https%3A%2F%2Frmcu.net%2Fblog%2Fholiday-mortgage-dec-2019](mailto:?subject=Will%20you%20be%20home%20for%20Christmas%3F%20Your%20Future%20Home%20Starts%20Here%20with%20RMCU&body=https%3A%2F%2Frmcu.net%2Fblog%2Fholiday-mortgage-dec-2019) With so many mortgage options out there, it can seem a little mystifying when you're just starting out. It's good to know what you can expect as you begin your home buying journey. Here's the info behind the terminology to get you started.   ![iStock-1146103884\_c1](https://rmcu.net/hs-fs/hubfs/iStock-1146103884_c1.jpg?width=3472&name=iStock-1146103884_c1.jpg) # Conventional Loans A government agency doesn't back a traditional loan. The advantage of putting 20% of the value of your home down is that you can avoid paying mortgage insurance with a conventional loan. # Conforming Loans The Federal Housing Finance Agency (FHFA) sets a conforming-loan limit, which is in the form of a dollar amount. A conforming loan is one that comes in under or meets that limit. They also have to meet specific funding criteria set by Fannie Mae and Freddy Mac, which also insures them. Lenders frequently work with this type of loan since a variety of people do not qualify for traditional financing. Conforming loans often find difficulty in deals where cash buyers or bidding wars ensue. ![iStock-1158246435\_c](https://rmcu.net/hs-fs/hubfs/iStock-1158246435_c.jpg?width=3472&name=iStock-1158246435_c.jpg) # Non-Conforming Loans It follows then that non-conforming loans don't meet the standards that conforming loans do. Opting for this option lets you buy a house at a higher value than the limit, or one that doesn't meet all of the criteria for a conforming loan, but it will cost more. # Jumbo Loans Like its name implies, a jumbo loan is a type of non-conforming loan that lets you go for a higher home price. This is for buyers looking at higher value properties that don't fit traditional loan numbers. In Montana, a Jumbo loan is one that finances over $510,000 as a mortgage. It requires 20% equity and is investor-backed, so sometimes you can negotiate closing costs and interest terms with the lender. ![iStock-1133438028\_c](https://rmcu.net/hs-fs/hubfs/iStock-1133438028_c.jpg?width=3472&name=iStock-1133438028_c.jpg) # Government Loans The federal government has several programs to help homebuyers out. The good news is, you can often qualify with a lower down payment too. ### Federal Housing Administration (FHA) Loans An FHA loan can be a great place to start if your finances don't allow you to make a significant down payment on a house, but you're exploring the options. These are designed for buyers with low-to-moderate income and possibly lower credit. ### Veterans Administration (VA) Loans VA loans are an avenue available to service members, veterans, and spouses as long as they're not remarried. They're issued by lenders that are qualified, and the US Department of Veteran Affairs insures them. These are an excellent option for qualifying buyers, since they require $0 down. ### Rural Development (RD) Loans For rural and suburban homebuyers, a rural development loan offers a chance to put $0 down if they qualify. What could be better for a homebuyer in Montana? The USDA Loan Program guarantees them. ### Specialty Programs Beyond the basics, there are some special programs in place too. Contact one of our mortgage specialists for more information about these programs.       There's snow place like home for the holidays. We would love to talk more about your mortgage needs. With a variety of available lending products, we can assist you from planning to closing and everything in between. Click the banner below to get started today or [click here](https://blog.rmcu.net/blog/holiday-checking-2019/blog.rmcu.net/holiday-mortgages-2019) for more specifics.        ***If you enjoyed this blog, you might enjoy these other related blogs:***  - [So You Want to Take Your Kids to Disney World: How Much to Save and How to Do It](https://rmcu.net/blog/so-you-want-to-take-your-kids-to-disney-world-how-much-to-save-and-how-to-do-it) - [Budgeting Your Money Doesn't Have to Stink! Try These Ideas to Make Budgeting Easier](https://rmcu.net/blog/budgeting-your-money-doesnt-have-to-suck-try-these-ideas-to-make-budgeting-easier) - [Creative Ways to Save for College](https://rmcu.net/blog/creative-ways-to-save-for-college)       ##### Rocky Mountain Credit Union Share the Love [mailto:?subject=Will%20you%20be%20home%20for%20Christmas%3F%20Your%20Future%20Home%20Starts%20Here%20with%20RMCU&body=https%3A%2F%2Frmcu.net%2Fblog%2Fholiday-mortgage-dec-2019](mailto:?subject=Will%20you%20be%20home%20for%20Christmas%3F%20Your%20Future%20Home%20Starts%20Here%20with%20RMCU&body=https%3A%2F%2Frmcu.net%2Fblog%2Fholiday-mortgage-dec-2019) You May Like These ## Related Articles ![](https://rmcu.net/hs-fs/hubfs/Up%20Your%20Home's%20Curb%20Appeal%20Without%20Upping%20Your%20Budget.jpg?width=700&name=Up%20Your%20Home's%20Curb%20Appeal%20Without%20Upping%20Your%20Budget.jpg) Home and Mortgage ### [Up Your Home's Curb Appeal Without Upping Your Budget](https://rmcu.net/blog/up-your-homes-curb-appeal-without-upping-your-budget) Curb appeal is an important part of your home's value and is a factor in how welcoming your home fee... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/Campaigns/MORTGAGE/iStock-653883836.jpg?width=700&name=iStock-653883836.jpg) Home and Mortgage ### [First-Time Homebuyer Myths: You Need 20% Down to Finance a Home](https://rmcu.net/blog/first-time-homebuyer-myths-you-need-20-down-to-finance-a-home) The truth is, you do not always need 20% down payment to sign the papers on your dream home. In fact... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/RMCU-Blog_Holiday_Mortgage1-1.jpg?width=700&name=RMCU-Blog_Holiday_Mortgage1-1.jpg) Budgeting and Saving ### [Find Yourself a New Home for the Holidays With an RMCU Mortgage](https://rmcu.net/blog/new-home-holidays-rmcu-mortgage) With a mortgage from Rocky Mountain Credit Union, you'll be decking your new halls in time for the h... 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