These mortgages are generally fixed for a 30 year term or 15 year term, however a 20 year term and a 10 year term are also available.  With these loans the interest rate does not change and the monthly payments are fixed over the life of the loan. 

These fixed rate products also have additional features available such as interest only and reduced documentation.  Call a Loan Specialist for details.

Borrowers looking to purchase a home in selected area can qualify for 102% financing with the USDA Guaranteed Rural Development Loan.  Income restrictions apply. 

1 Person     $49,500       5 Person     $76,850      

2 Person     $56,950       6 Person     $82,550      

3 Person     $64,050       7 Person     $88,250

4 Person     $71,150       8 Person     $93,950

Great for those looking to purchase a home with little and NO down payment.  This program allows borrowers to borrow up to the appraised value of the home to cover closing costs.  It also allows financing of the 2% Loan guarantee fee, up and above the appraised value.

FHA are Federal Housing Administration insured loans.  These loans promote home ownership to low-to moderate-income borrowers with limited down payments, and limited savings.  These loans are flexible on income, debt and credit requirements. 

VA loans are guaranteed by the Veterains Affairs (VA) department.  These loans are reserved for qualified veterans, reservists, and active duty service members.  This loan allows veterans to purchase a home with NO down payment, flexable income, and limited savings.

Private Mortgage insurance is not required on these loans, however there are specific funding fees and a monthly FHA Mortgage insurance premium that is significantly less then a Conventional loan.

The traditional program for First-Time Home Buyers is a 3% down FHA loan.  FHA loans have a government backed guarantee and they offer a lower down payment requirement and a more liberal qualifying formula then conventional loans.  

Call us to discuss Down Payment Assistance options.

FHA Secure is a new government sponsored program where you can qualify to refinance your current Adjustable Rate Mortgage with less then perfect credit. The Secure program allows for refinancing out of an ARM with Mortgage lates reflected on your credit report. 

(Please note 6 months of on-time payments must be reflected prior to the ARM adjusting)

Additional FHA guidelines do apply.

Call a Mortgage Specialist for additional information regarding this program.

These products offer fixed rates for a shorter period of time from one month to 10 years.  After the fixed rate expires the rate then can adjust at specified intervals for the remaining life of the loan.  As an example, the 5/1 arm has a guaranteed or fixed rate for the first 5 years.  At the end of that time the rate can adjust once each year for the remaining 25 years.  The payments are still calculated with a 30 year term which allows a lower payment over a shorter period of time so a borrower may qualify for higher loan amounts.  The disadvantage is that it leaves a potential for substantially higher payments if the rates increase. 

The adjustable rate mortgages also offer features like the interest only payments and the reduced documentation loans.