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| Conforming Fixed Rates |
| Adjustable Rate Mortgages |
| Jumbo loans |
| VA |
| FHA |
| Fannie Mae Flexible 97 |
| Fannie Mae "MyCommunityMortgage" |
| Rural Housing |
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Conforming Fixed Rates
Fixed-Rate Products
These are the most popular mortgages. Your rate is fixed for the entire term of the loan. You may select 10, 15, 20, 25, and 30-year loans. Fixed rate products are available in Conventional, FHA, and VA loans.
Advantages: Very stable; principal and interest never change for the life of the loan. (Only taxes and insurance may change.) Good choice for those who plan to keep the loan for a long time and need a stable payment. Especially attractive when interest rates are low.
Term: 30 years
Maximum Amount: $417,000
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| | Mortgage insurance may be required on some loans, but we have many products that do not require mortgage insurance. |
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Adjustable Rate Mortgages
Popular for people who plan to move or refinance in the foreseeable future. Also popular for people who desire a lower interest rate, or who want to increase the amount of their loan qualification. These loans become more popular as the interest rates rise.
There are a wide variety of adjustable rate loans (ARMs). For example, a 3/1 ARM means the initial rate is guaranteed for three years, and the rate adjusts every year thereafter. You may prefer to choose a 5/1 ARM, where the initial rate is guaranteed for 5 years, then adjusts every year thereafter. Depending on the loan you choose, you may be able to select from the following menu: 3/1, 5/1, 7/1, 10/1. All these loans are typically based on a 30-year amortization.
Term: 30 years
Maximum Amount: $417,000
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- Advantages: Increases level of qualification. Provides lower initial rate than a fixed-rate loan. Subsequent rates may be lower if interest rates decline.
- Cautions: Ensure you can afford a “worst case” scenario if rates increase.
Mortgage insurance may be required on some loans, but we have many products that do not require mortgage insurance. |
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Jumbo loans
Loans amounts not exceeding $417,000 for single-family homes are called "conforming" loans, while loans above $417,000 for single family homes are called "jumbo" loans, and loans greater than $1,000,000 are considered "super jumbo" loans.
The down payment can be as little as 0% (with specialized financing) to as much as desired.
Mortgage insurance may be required on some loans, but we have many products that do not require mortgage insurance.
Term: 30 years
Maximum Amount: $1,000,000
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VA
VA loans are "guaranteed" by the Veteran's Administration for eligible veterans. The most outstanding feature of a VA loan is the ability to obtain 100% financing. A funding fee is paid to the VA at closing, and the fee may be included in the loan. The loan is assumable to subsequent buyers. The maximum VA loan amount is $417,000. If you think you qualify for a VA loan, contact a Loan Officer for assistance. For more information on VA loans, contact one of our Loan Officers.
Term: 30 years
Maximum Amount: $417,000
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FHA
The Federal Housing Administration insures FHA loans. Borrowers typically provide a small down payment, but with special associated programs the down payment can be obtained as a gift from a home advocacy non-profit association. A "Mortgage Insurance Premium" is paid to the FHA at closing, and the fee may be included in the loan. Additionally, there is a small monthly insurance premium added to the payment. The maximum loan amount for an FHA varies with location. For more information on FHA loans, contact one of our Loan Officers.
Term: 30 years
Maximum Amount: $271,050
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Fannie Mae Flexible 97
The Fannie Mae Flexible 97 program is very common and are typically the most flexible. The down payment can be as little as 3%, and allows for flexible sources of funds for down payments.
Term: 30 years
Maximum Amount: $417,000
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| | Down payments, closing costs and/or prepaid expenses can come from; Borrower’s own funds, Gifts or loans from relatives, Grants or loans from the government, and employer or a municipality, or Subsidized secondary financing. |
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Fannie Mae "MyCommunityMortgage"
The MyCommunityMortgage products allow up to 97% financing. Borrowers save money with reduced MI premiums, and are available to all income-eligible borrowers.
The MyCommunityMortgage program includes several low down payment loan products offering flexible sources of funds for closing costs and prepaid expenses.
Term: 30 years
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| | With a MyCommunityMortgage, you no longer have to worry about over extending yourself in order to move into the home of your dreams, and the MyCommunityMortgage products allow a Fixed-rate, 5-year or 7-year adjustable rate, and 10-year interest-only rate options. |
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Rural Housing
Rural Housing Direct (RHD) loans are directly funded by the Government. These loans are available for low- and very low-income households to obtain homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, newly constructed dwellings located in rural areas, or homes located outside a metropolitan statistical area (MSA).
Term: 30 years
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Click this link to review area income limits, or for property/community eligibility for this program
Rural Development Eligibility Website |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $50,000 with closing costs of $1,000. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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