Mortgage Progams

Mortgage Programs

Our mortgage lenders can help you choose the mortgage loan program that is right for you and your family. Become pre-approved for a loan before you start looking. It can save you time because you'll know exactly what you can afford. A variety of programs are available.

Conventional Fixed Rate
The interest rate on the agreement stays the same for as long as you hold your mortgage, no matter how interest rates change in the financial markets. With this type of mortgage, you know exactly how much you will pay in principal and interest on your home each month. (Remember, taxes and insurance on your home may change from year to year.)

Balloon
They have low monthly payments, with a final, large payment due at the end of the term. The low early payments may make it easier to get started in a new home, but you must be sure that you will be able to make the final balloon payment. At the end of their term, some balloon mortgages offer the options of extending the same mortgage for the remainder of the 30-year period. Payments are based on rates at that time.

Example – 5 year balloon – Based on a rate of 6.5% on a $200,000 loan with 20% down equals a payment of $1,264.14.

APR = 6.671% with finance charges of $8 flood fee, $300 loan administrative fee, $50 underwriting fee, $275 closing fee, and $11 assignment of mortgage fee.

Adjustable Rate Mortgages (ARM)
This is a good option for purchasers who anticipate rising incomes or expect to move within 5-7 years.

If you are considering an ARM, the following are items to note:

What is the adjustment period (the time between interest rate changes)?
What index is used to determine interest rate? Make sure it is not too volatile (fast changing)
Does the introductory rate differ from the normal rate?
What is the margin (the percentage added to the index rate each time your loan is adjusted)?
What is the period adjustment cap?
What is the lifetime adjustment cap?

Example – 5/1 ARM - Based on a rate of 6.50% and a $200,000 loan with 20% down equals a payment of $1,264.14

APR = 6.531 with finance charges of $8 flood fee, $300 loan administrative fee, $50 underwriting fee, $275 closing fee, and $11 assignment of mortgage fee.

Margin = 2.25% with index of 4.2994%

State VA
State VA – preferred fixed rate, no mortgage insurance, for qualified veterans

WHEDA or First Time Home Buyer
Minimum or no down payment, income and purchase price limits, rates lower

No Income Verifier
Fixed rate program for those who may not "fit in the box."

Zero Down
If your credit is strong, you may purchase a home with zero down.

Investment Property
Up to 4 units, owner or non-owner occupied.

Bridge Loans
Used if you need to buy a home before your house sells.

Construction Loans
Easy transition from construction loan to permanent financing. Payments during construction are for interest only on the amount drawn. Rate lock up to 180 days.

Lot Loans

Various Second Mortgage Programs