A flexible financing program available for first-time home buyers to make purchasing a home as easy as possible. Advantages include a lower down payment, lower interest rates, and reduced closing costs.
Back to Top
Conventional
Fixed Rate
The most common type of mortgage program where the interest rate is fixed and never changes. Many term options are available.
Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term.
Back to Top
Adjustable
Rate (ARM)
These loans generally begin with a lower interest rate compared to a fixed rate mortgage. However, the interest rate is only fixed for a short period of time and then changes at specified intervals depending on changing market conditions, thereby increasing or decreasing your monthly mortgage payment.
A few options are available to fit your individual needs and your risk tolerance with the various market instruments.
ARMs with different indexes are available for both purchases and refinances. Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates. An index that lags behind the market lets you take advantage of lower rates after market rates have started to adjust upward. The two most commonly used indexes are the 1 Year U.S. Treasury Index and the 1 Year LIBOR (London Interbank Offered Rate) Index. The interest rate and monthly payment can change based on adjustments to the index rate.
Back to Top
Jumbo Loans
Jumbo loans, also called non-conforming loans, are ideal for buyers who need a larger mortgage. For the year 2009 nonconforming loans are any loans that exceed the following: $417,000 for single family, $533,850 for 2-unit, $645,300 for 3-unit, and $801,950 for 4-unit.
Back to Top
Refinancing
Refinancing pays off your existing loan with a new loan. Borrower’s usually refinance to lower their existing interest rate and/or to obtain cash from their equity.
Back to Top
Construction
Please call us to discuss your options and eligibility. With a construction-perm loan, you don't pay any principal payments during construction, but you do pay interest on the "draws" taken from the account to build your home. When your home is complete, the loan changes to a full-fledged mortgage and you begin making mortgage payments.
Back to Top
