Overview of Loan Products

Program Description Apply More Info Questions?
Fixed Rate
  • 30, 25, 20, 15 and 10-year terms available
  • Down payment as low as 3% for primary home
  • Refinance up to 95% of value on primary home
  • Monthly payment is consistent throughout life of loan
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Adjustable Rate
  • 3/1, 5/1, and 7/1 ARM’s available
  • Payments based on 30-year fixed schedule
  • Provides veterans with flexible options
  • Adjustable rate occurs annually after 3rd, 5th or 7th year
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USDA/Rural Dev
  • Credit scores down to 580 on purchase
  • Credit scores down to 600 on streamline refi’s
  • Area and income restrictions apply
  • Zero down payment available
  • Low monthly mortgage insurance
  • Low interest rates
  • Low closing costs
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FHA
  • Credit scores down to 500
  • Flexible Down payment optionsFlexible Down payment options
  • Standard FHA underwriting guidelines will apply
  • Post-bankruptcy qualification – 2 years after
  • Post-foreclosure qualification – 3 years after
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VA
  • Credit scores down to 580
  • Cash-out Refinance Transaction up to 100% LTV
  • Bonus Entitlement may allow for more than 1 VA Loan
  • Interest rates routinely lower than convention rates
  • Flexible closing cost options
  • Higher allowable DTI ratio
  • 0% down payment on a purchase
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Manufactured Homes
  • FHA Loan Program
  • Minimum Credit Score 620 for all borrowersMinimum Credit Score 620 for all borrowers
  • Home must be to HUD standards and built after 1976
  • Built upon a HUD standard permanent foundation
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203(k) Programs
  • Purchase or Refinance
  • Remodel/renovation costs included in original loan
  • Low down payment
  • Must live in the home
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HUD 184
  • Indian Home Loan Guarantee Program
  • 1-4 single family residence
  • Fixed-rate loans only
  • Commercial buildings are excluded
  • Construction of a new home (site-built or manufactured home on permanent foundation)
  • Rehabilitate a home, including weatherization
  • Refinance (Streamline or Cash Out)
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Down Payment Assistance Program
  • Provides up to 3% in down payment assistance grant
  • Available for FHA, VA and USDA 30-year fixed loans
  • No repayment of assistance money
  • Must be owner-occupied home
  • Borrower cannot own any rental property
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1% Down Mortgage Program
  • Minimum credit score of 700
  • Single Family purchase transactions only
  • Maximum Mortgage Insurance capped at 25%
  • No reserves required
  • Area Median Income applies to this program
  • First Time Homebuyers may be required to take Home Buyer Education
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$100 Down Mortgage Program
  • Only $100 down payment required to purchase (some closing costs may apply)
  • Lowest Down Payment requirement (very close to 100% financing.)
  • Can be easier to qualify for than conventional loans.
  • Often offers lower interest rates than conventional loans.
  • Total loan amount cannot exceed FHA maximum county loan limits.
  • Property must be a HUD owned home.
  • Buyer must be able to make an earnest money deposit
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Both Jackie and Robin were very helpful and always available to answer questions I had. Thank you for making this process as smooth as it could be.

Nicole S.

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