Loan Programs
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Loan Programs

Loan Programs.

Powerful options that help create the dream of home ownership

Conventional Loan.

 

A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government. Conventional mortgages typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.

Conventional Highlights
If you have good credit and stable income, a conventional loan might be the right option for you since it offers:
• Lower interest rates for borrowers with good credit
• Flexible mortgage insurance options
• Fewer penalties and fees
• Flexible loan terms

FHA Loans.

 

Home loans insured by the Federal Housing Administration (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA Loan Highlights
FHA loans are widely used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:
• Low down payments
• Flexible income and credit requirements
• Fixed- and adjustable-rate mortgages
• Loans for 1-4 unit properties and condos may be available
• Down payment funds can be a gift from a relative or employer*
• Home sellers can contribute up to 6% of the sales price toward closing costs
*Subject to underwriting review and approval.

VA Loans.

 

Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans and surviving spouses.

VA Loan Highlights
Since VA loans often require no down payment* with lower closing costs, you can help keep your savings secure. VA loans also feature:
• No prepayment penalties
• No private mortgage insurance (PMI)
• 100% financing with full VA entitlement*
• Fixed- and adjustable-rate mortgages
• VA financing fees can be “rolled” into the loan amount
• Variety of eligible property types, including townhomes and VA-approved condos
*A down payment is required if the borrower does not have full VA entitlement.

USDA/Rural Development Loans.

 

Home loans guaranteed by the United States Department of Agriculture (USDA) provide affordable financing options for properties located in designated small towns, suburbs and exurbs. This program helps eligible low- to moderate-income families achieve homeownership by offering a no down payment option.

USDA Loan Highlights
With flexible requirements, USDA loans feature:
• 100% financing + required guarantee fee = 102% of the appraised value
• Low interest rates
• Low closing costs
• Gift funds can be used for closing costs
• 30-year, fixed-rate mortgage

Refinancing.

 

With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and potentially improve your overall financial outlook.

Refinance Highlights
Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:
• Shorten your loan’s term to save even more money
• Refinance to a lower interest rate which might also lower your monthly payments
• Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases
• Combine a first and second lien to a single loan for simplicity and savings
• Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan which may result in lower monthly payments
• Turn your home equity into cash

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