Loans & Programs

Buying a home is more that just having a place to live, it is securing an investment and a future for you and your family.

Our loans and programs page is here to provide you with the information of the various loan options we offer. Our loan officers will be able to provide you with advice that is more tailored to your personal financial needs. Feel free to browse the different kinds of mortgages below and if you have any questions remember our loan officers are ready to help.

Loans Designed Specifically for Your Personal Financial Needs

Every mortgage is uniquely different, so we offer a wide range of residential loan programs tailored to fit your specific needs, including:

Fixed Rate Mortgages

A fixed rate mortgage is the most common type of mortgage used today. It is a mortgage that has a fixed interest rate for the entire term of the loan. The benefit of a fixed-rate mortgage is that the interest rate and monthly loan payments will stay the same, eliminating any concerns about varying loan rates and payment amounts that fluctuate with interest rate movements. Fixed rate mortgages most commonly come with 15 and 30 year terms.

Adjustable Rate Mortgages

An adjustable rate mortgage is a mortgage option that has an interest rate that can change periodically after the initial fixed rate period (typically 3, 5, 7, 10 years). After the fixed rate period it can become susceptible to annual increases or decreases based on market fluctuations. The benefit of an adjustable rate mortgage is when interest rates are expected to fall, a homeowner could potentially lower their monthly payment with the loweredinterest rate.

FHA Mortgage

The Federal Housing Administration (FHA) is a federal agency within the U.S. Dept. of Housing and Urban Development (HUD). The FHA can offer a potential buyer both fixed and adjustable rate mortgages. FHA’s objective is to assist in providing housing opportunities and is widely used for the first-time home buyers. FHA loans can also be used for refinancing a home. There a many advantages of using the FHA loan including: great for 1st time homebuyers, lower down payment than a conventional loan, down payments can be a gift from a family member.

VA Mortgage

VA loans are mortgage loans that are guaranteed by the Veteran’s Administration, which is an agency of the federal government that provides services for active military and eligible veterans. There are some extra documents that will be needed to use a VA loan, just be sure to ask your loan officer as to which you will need to provide.

Homestyle Rehab Loan

HSR mortgage provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

Construction to Perm Loan

A construction perm loan is a long-term permanent loan that modifies a construction loan used to finance a building project. However the closing occurs prior to the beginning of construction. To understand why a construction perm loan is advantageous, you have to compare it to a construction-only loan.

FHA 203K Rehab Loan

This loan allows buyers the ability to finance major or minor upgrades on a home without having to get the work done before closing. Consumers can not buy a home needing foundation repairs without a renovation loan that can handle rolling in of structural repairs.

FannieMae HomePath Mortgage

If a buyer is looking to purchase a FannieMae owned home, a HomePath Mortgage might be a good option. It allows a buyer to purchase a FannieMae-owned property with benefits such as a low down payment, no lender-requested appraisal and no mortgage insurance. HomePath is available for eligible owner occupants and investors. In addition to HomePath, there’s also HomePath Renovation Mortgage, which allows borrowers to purchase FannieMae owned homes that need a little renovation. HomePath Renovation is also available for owner occupants and investors.

Rural Development Mortgages (USDA)

These kinds of mortgages are offered through the United States Dept. of Agriculture, the USDA Guaranteed Loan Program provides borrowers in rural* areas the opportunity for home ownership. This is an excellent product and benefit for those individuals that qualify. The USDA Guaranteed Loan Program can offer for those who qualify at 100% financed opportunity.
*Rural areas are defined as towns, cities or places that have a population of 10,000 or less, and towns and cities that are not part of a Metropolitan Statistical Area (MSA) with populations between 10,000 and below 20,000.

Jumbo Mortgages

Jumbo mortgages are loans that are non-conforming loans that extend higher than the loan amounts set by the Federal Housing Finance Agency. Jumbo financing is also available for loan amounts greater than $417,000.

Refinancing Programs

Refinancing a home mortgage can potentially lower an interest rate and a monthly payment, but restructuring the mortgage to fit the buyer’s current financial situation is really the goal. If the borrower is in a situation where their mortgage is more than their home is worth than the Home Affordable Refinance Program (HARP) may be able to assist. HARP is a federal program of the United States that was put in place by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.

Investment Property Mortgages

These are loans that are for investment for borrowers who are interested in acquiring rental properties. These loans are eligible for 1-4 unit properties.

Debt Consolidation Mortgages

Debt consolidation loans will help enable a buyer to consolidate a higher interest credit card rate or subordinate financial loans into one loan which may result in lower monthly payments.

Reverse Mortgage

A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.
*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.