Skyla Credit Union Blog

Whether you're a prospective home buyer or just curious, you've probably wondered what it takes to qualify for a mortgage. When getting a loan, credit score, your debt-to-income ratio, and down payment amount play a factor in getting approved with a good interest rate and monthly payment.

Ok, be honest - how many times have you attempted to do a debt paydown plan but it fell through the cracks or it was too hard to stick with? Maybe because the amount of debt is too exhausting to deal with or perhaps it’s the realization that it’s going to take a really long time to pay it off. So postponing your pay-down plan for a later date probably feels like an easier decision.

Credit. It's a scary topic. Mainly because so many things can surprisingly ruin your credit scores, such as late or missed payments, applying for more credit cards, carrying high credit card balances, ignoring your credit report, and more.

You may have heard the term "adjustable-rate mortgage" (or "ARM"). But what exactly is it? And should you consider getting one?

A fixed-rate mortgage is a mortgage product that has a set interest rate for the life of the loan. Most financial institutions like Skyla offer 15-&-30-year fixed-rate mortgages.

A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Conforming loan limits are updated annually and may vary depending on the location of the property. As of 2025, the baseline conforming loan limit for most areas is $806,500, although higher limits may apply in certain high-cost housing markets. Jumbo loans are available in both fixed-rate and adjustable-rate mortgage options, allowing borrowers flexibility when financing higher-priced properties.

Are you in the market for a new home but not sure which mortgage option is right for you? Don’t worry - you're not alone!

A Federal Housing Administration (FHA) loan is a government-backed mortgage insured by the FHA and regulated by the U.S. Department of Housing and Urban Development (HUD). While FHA loans are insured by the government, the loan itself is issued and funded by an approved lender.

A VA home loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). The loan is available to eligible veterans, service members, and surviving spouses.