Loan Programs

30-year Fixed Rate: The interest rate is fixed and amortized for a 360-month term for loan amounts of $30,000 – $453,100.

15-year Fixed Rate: The interest rate is fixed and amortized for a 180-month term for loan amounts of $30,000 – $453,100.

7-year Fixed / 1-Year Adjustable Rate Mortgage: The interest rate is fixed for 7 years and amortized up to 30 years. The interest rate is subject to change and reamortization annually for the remainder of the loan term.

5-year Fixed / 1-Year Adjustable Rate Mortgage: The interest rate is fixed for 5 years and amortized up to 30 years. The interest rate is subject to change and reamortization annually for the last 25 years of the term for loan amounts of $30,000 and up.

3-year Fixed / 1-Year Adjustable Rate Mortgage: The interest rate is fixed for 3 years and amortized up to 30 years. The interest rate is subject to change and reamortization annually for the remainder of the loan term.

Jumbo Mortgages: 30-year Fixed Rate; 15-year Fixed Rate; and various Adjustable Rate Mortgages (ARM) are available for loan amounts greater than $453,100.

1-year Adjustable Rate Mortgage: The interest rate and amortization is subject to change annually for the entire loan term up to 30 years.

FHA 30-year Fixed; 15-year Fixed and Adjustable Rate Mortgages (ARM): The U.S. Department of Housing and Urban Development (HUD) insures primary residential mortgages allowing financing up to 96.5% on a purchase and up to 97.75% on a refinance. Maximum loan amounts vary by individual counties in the state.

VA 30-year Fixed and 15-year Fixed Rate: The Veterans Administration (VA) insures primary residential mortgages allowing up to 100% financing and loan amounts up to $417,000. Eligible borrowers are service members still on active duty, or those who served in the military, naval, or air service, and were discharged or released from active duty with an honorable discharge. The un-remarried surviving spouse of a veteran is also considered to be a veteran for certain benefits.

USDA 30-year Fixed Rate: The U.S. Department of Agriculture Rural Development allows borrowers to finance 100% of their primary residence purchase. The property must be located in an eligible area and meet specific guidelines, and the borrower must meet certain income restrictions. There is no maximum loan amount.

Reverse Mortgages: HUD insures the refinances of primary residences for borrowers 62 and over, with no regard to income, assets, nor credit worthiness. The programs, both fixed and ARM’s, do not necessitate monthly repayment by the borrowers, and permits their possible receipt of monthly payments from the lender and/or a Line of Credit from which to draw funds. The mortgage term may last until all borrowers have vacated the property, at which time the property is either sold or refinanced and the Reverse Mortgage is satisfied.