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The rate and monthly payment stays the same for a fixed amount of time (10, seven, five, three, or one year), then adjusts periodically based on changes in a pre-selected index.
Ideal for new construction, this option is an adjustable rate mortgage with jumbo financing up to $5 million and down payments as low as 15 percent. The loan is interest only until project completion with renovation terms between 12 to 18 months and can be combined with lot acquisition financing.
A mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
The Federal Housing Administration program, controlled by the Department of Housing and Urban Development (HUD), removes lender risk allowing buyers who might not otherwise qualify for a home loan to obtain one.
Offers borrowers the opportunity to take out a loan that can be used for both the purchase of the property and subsequent renovations. The cost of renovations are usually between $5,000 and $35,000 and can include the repair and replacement of decks, patios and porches; elimination of unhealthy or safety hazards; heating, plumbing, air conditioning and electrical upgrades; roofing, gutters and downspouts; flooring, tiling and carpet; energy conservation improvements, including windows and doors; exterior and interior painting; or handicap access.
The rate and monthly payment stays the same for the life of the mortgage, which can be 30, 25, 20, 15, or even 10 years.
A HELOC is a convenient and cost-effective way to borrow money for almost any purchase, using your home equity as collateral. You’ll get the flexibility to pay down your credit line and access funds as you need them.
Intended for investment properties, larger home purchases or vacation homes, these loans can offer some flexibility allowing qualified applicants to use certain assets as income sources.
A loan that exceeds the conforming mortgage amount—currently $453,100, but may vary by state—and can take many forms, including fixed rate, ARM and interest only.
For loans that don’t fit the standard guidelines, there are a large selection of loan options served locally.
Geared towards homebuyers looking for quality affordable home lending to purchase and live in rural communities. The program offers affordable interest rates and no monthly mortgage insurance.
Designed to provide assistance in purchasing a home for United States veterans. In most cases, no down payment is required and the parameters for obtaining the loan are less stringent.
Interest Rate Reduction Refinancing Loans are available to United States veterans. A VA IRRRL must result in a lower interest rate except when refinancing an existing VA guaranteed adjustable rate mortgage to a fixed rate.