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| Conforming Loans |
| Jumbo Loans |
| FHA & VA |
| Investment Property Loans |
| No Mortgage Insurance Option |
| Refinance Existing Mortgage |
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Conforming Loans
Conforming 30 & 15 year fixed-rate or adjustable-rate loans that meet investor standards and guidelines for loan limits, property and borrower.
Term: 30 years
Maximum Amount: $417,000
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Jumbo Loans
Jumbo 30 & 15 year fixed-rate or adjustable-rate loans that meet investor standards and guidelines for limits, property and borrowers.
Term: 30 years
Maximum Amount: $1,000,000
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| This loan product is for loans in excess of the conforming max of $417,000. |
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FHA & VA
Federal Government insured/guaranteed fixed or adjustable-rate loans. These loans are ideal for first time home buyers as FHA requires a 3% down payment and VA is 100% financing.
Term: 30 years
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The above rates are examples of a 30 yr fixed-rate loan. However, 15 yr fixed-rate loans or 30 yr adjustable-rate FHA loans are also available.
The maximum FHA loan amount is 97% of the lesser of the purchase price or the appraised value of the home. The maximum purchase price is determined on a state by state, county by county basis and is subject to change periodically by FHA.
The Maximum VA loan is $417,000 for a veteran that has full eligibility through the Veterans Administration, home guaranty program. Both 30 and 15 yr loans are available. |
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Investment Property Loans
Conventional 30 & 15 year fixed rate or adjustable-rate loans for non-owner occupied rental properties with 1 to 4 units.
Term: 30 years
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| The above rates reflect financing for a single family unit with a 25% down payment. Rates are also available with as little as a 10% down payment for properties with up to 4 units. |
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No Mortgage Insurance Option
Here are three options for the creative borrower that would like to avoid the typical mortgage insurance requirement that is associated with borrowing more than 80% of the appraised value or purchase price of the property.
First Option 80/15/5: This option is for a borrower that has a 5% down payment. The Borrower obtains an 80% first mortgage with a 15% second mortgage.
Second Option 80/10/10: This option is for a borrower that has a 10% down payment. The Borrower obtains an 80% first mortgage with a 10% second mortgage.
Advantage of these loan programs:
1. Equity will build faster because of the amortization of the 15 yr second mortgage loan.
2. The interest on both loans is a tax deduction on your federal income tax returns vs. mortgage insurance that is not a tax deductible expense.
3. There is no prepayment penalty on either loan. Therefore, it is possible to accelerate the payments of the second mortgage loan and remain with only one mortgage loan and smaller payments within a shorter period of time.
These programs are also available for refinancing an existing mortgage where the borrower has not yet accumulated 80% equity but would still like to eliminate the existing mortgage insurance.
Term: 30 years
Maximum Amount: $417,000
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| The above rates and terms are for the 80% 30 yr first mortgage loan. The second mortgage loan is typically a 15 yr fixed-rate loan with a rate that is approximately 2% greater than the rate of the first mortgage loan. In most cases the first and second mortgage payments are about the same as the payment would have been with a 95% or a 90% loan, with mortgage insurance included. |
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Refinance Existing Mortgage
A member may chose to refinance an existing mortgage for a number of very good reasons. These reasons could include, reducing an existing rate, eliminating mortgage insurance, taking cash from the new mortgage to pay off consumer debts, remodeling all or part of the home, paying college tuition or just taking cash out of the new mortgage for any reason.
Term: 30 years
Maximum Amount: $417,000
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| The above rates reflect a conforming 30 yr fixed rate loan. However, most loan types are available for refinancing. The available loan programs include both conforming and jumbo loans and are available in adjustable or fixed rates. |
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