This traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change, so you will always know what to expect.* If you do not want to see adjustments in your mortgage payments, this is the loan for you. Conventional loans are a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then ARM loans are usually cheaper.
*Your escrow payment may go up or down depending on the change of your tax and insurance assessment.
If you need 100% financing, this Guaranteed Rural Housing Loan may be a great option. The USDA mortgage program requires no down payment, and offers a fixed rate mortgage that is USDA-guaranteed for those who qualify. This is designed for borrowers in rural areas who do not have the solid credit needed to qualify for a standard home loan. Also, your closing costs may be included in the loan.
Limited income or less than perfect credit? This loan has less stringent credit and income requirements than those of conventional loans. Backed by the Federal Housing Administration (FHA), this loan allows your down payment to be as low as 3.5% of the purchase price. Closing costs can also be bundled with the loan amount. These loans require specific criteria to qualify. If you are interested in finding out if you meet the criteria, contact our loan officers today!
VA loans are designed to help qualified veterans, reservists and active duty members finance their homes. The Department of Veterans Affairs backs VA loans, and does not limit them to first time home buyers. VA loans offer 100% financing with no monthly mortgage premiums. Your funding fee may be financed, and closing costs can be gifted. These are limited to primary residences.
Our competitive construction rates will make financing your building process the easiest choice you have to make. During the construction period, interest is charged only on the funds that have been disbursed. When the project is completed, we will look at the best long term loan option for you.
You found the perfect location for your future home, so let us help you purchase the land. With land-only financing, you can secure your perfect location while taking your time to customize your future house plans. In the meantime, create as many Pinterest boards as you would like.
Refinance Your Existing Mortgage
Refinancing a mortgage means you get a new loan to replace the old loan, which allows you to shift your debt to a better place. There may be several ways to improve the terms of your loan. Refinancing may give you the opportunity to lower your monthly payments with lower interest rates, decrease your term, or switch to an adjustable rate mortgage or fixed mortgage.
Adjustable Rate Mortage (ARM) Loans
An adjustable rate mortgage, or ARM, is a home loan with an interest rate that can change periodically. We currently offer 5/1 & 7/1 ARM, which features a fixed rate for 5 or 7 years. After this time period, the rate resets once per year up or down based on the level of interest rates. What is the benefit of an ARM loan? Generally, an adjustment rate mortgage (ARM) has lower monthly principal and interest payments during the initial fixed interest rate period. Later, the interest rate will be variable and will adjust annually.
Home Equity Line of Credit (HELOC)
A HELOC allows you to use the equity you have built up in your home to help pay for home improvement, debt consolidation, refinance of a home mortgage, or even purchasing a new vehicle. Access available funds as you need them, like a credit card - but typically with lower rates. Check out our Home Equity Line of Credit Calculator.
Homebuyer Assistance Programs
DPP Program (DownPayment Plus Program) is a down payment second mortgage program that will be available for first time homebuyers, or anyone who has not owned a home in the last three years may qualify. The amount offered is up to $6,000. You must be below the 80% Area Median Income (AMI) limits to qualify. This grant is forgiven on a pro rata bases over five years. You must contribute $1,000. This loan program is subject to availability and qualifications.