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| Conventional
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| Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies Fannie Mae and Freddie Mac which offer standardized underwriting guidelines for conforming loan amounts up to $214,600. These loans can carry fixed or variable (ARM) rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as little as 5%, although loans with less than 20% down require mortgage insurance. Generally, these loans do not have prepayment penalties.
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| FHA
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| FHA loans are ideal for first-time home buyers and those low- to moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3% and the loans are assumable with release of liability to the original borrower. Each area of the country has a designated maximum loan amount, generally $81,548 except in high cost-of-living areas as determined by the Department of Housing and Urban Development (HUD). These loans can also be fixed or adjustable rate.
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| VA
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| Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements, VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers. Loan amounts may be as much as $184,000 with full entitlement. Loans are assumable with release of liability and there are no penalties for prepayment.
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| Adjustable Rate Mortgage
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Available on FHA and Conventional Loans.
An Adjustable Rate Mortgage (ARM) features a variable interest rate which is periodically adjusted.
ARMs may provide the security, flexibility and affordability prospective home buyers desire. These loans are especially attractive to home buyers who plan to trade up in future years. Generally, initial interest rates are lower than on fixed rate mortgages.
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| Non-Conforming Jumbo
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| If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted by other programs, we offer a variety of mortgage options which will meet your needs. So-called non-conforming jumbo loans may be up to $1.0 million and can be either fixed or adjustable rate mortgages. Underwriting guidelines may vary depending on program selected, down payment and actual loan amount. Repayment options also vary, enabling you to select a mortgage that fits your budget.
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