Types of Loans

We offer a number of different loan programs to meet our borrower’s needs. Whether this is your first home purchase or you are a seasoned buyer we can help. We are a direct lender with Fannie Mae, Freddie Mac, Ginnie Mae & Penny Mac. Plus our customers benefit from having Processing, Underwriting, and Funding at one location. You will love working with a TRUE in house lender!

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

FHA
FHA-Government insured loan programs available at low fixed rates, requiring very little cash to close. Minimizing the amount of cash needed at closing by utilizing gifted funds from a relative or employer, allowable lender and seller credits, and government grants.

  • Low down and closing costs
  • Easier credit requirements
  • Co-signer allowed

Annual ARM
This loan has a rate that is recalculated once a year.

VA
VA-A loan program created for men and women who have served our country in any of the 4 branches of the military. Veterans are eligible for a VA loan if they have served on active duty and have an honorable discharge, after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7th, 1980 or was an officer and began service after October 16th, 1981. There is a six-year requirement for National Guards and reservists with certain criteria.

  • No down payment and low closing costs
  • Competitive interest rate
  • No monthly mortgage insurance premiums
  • VA loans may be assumed by a qualified veteran

Manufactured Housing
We have extensive experience in the purchase and refinancing of your manufactured homes. Eligible financing requires the home be a double wide or larger that was built after June 15th 1976.

  • Credit scores of 660 or above
  • Low down payments

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

Adjustable Rate Mortgages (ARM)
When it comes to ARMs there’s a basic rule to remember…the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Monthly ARM
With this loan, the interest rate is recalculated every month. Compared to other options, the rate is usually lower on this ARM because the lender is only committing to a rate for a month at a time, so his vulnerability is significantly reduced.

USDA
A government insured loan that allows for 100% financing in rural areas.

  • No down payment
  • Low monthly mortgage insurance
  • Owner occupied property
  • Must be located in a rural area that is approved by USDA
  • Income limits apply

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.