Mortgage Options

Lower Rates with More Flexibility

A conventional mortgage refers to any loan that is not insured or guaranteed by the federal government, as opposed to government-insured loans, including Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA), and U.S. Department of Agriculture (USDA). Conventional mortgages (whether conforming or not) typically have a slightly higher down payment than government loans; however, this loan option normally provides more flexibility with fewer restrictions.

Conventional Highlights

If you have good credit and a stable income, a conventional loan might be the right option for you since it offers:

• Lower interest rates for borrowers with good credit
• Flexible mortgage insurance options
• Fewer penalties and fees
• Flexible loan terms

Conventional Loan Programs

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you can select a 10, 15, 20, 25, or 30-year term. The main difference is the lower-term options have higher monthly payments, which also means you are building home equity faster. Remember that you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time, a fixed-rate mortgage could be the right solution.

Opening the Doors to Homeownership

Home loans insured by the Federal Housing Administration (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage.

FHA Loan Highlights

FHA loans are widely used by first-time home buyers and people with low-to-moderate incomes since this government-insured mortgage features:

• Low down payments
• Flexible income and credit requirements
• Fixed- and adjustable-rate mortgages
• Loans for 1-4 unit properties and condos may be available
• Down payment funds can be a gift from a relative or employer*
• Home sellers can contribute up to 6% of the closing costs

*Subject to underwriting review and approval.

FHA Loan Programs

Adjustable-Rate Mortgage

FHA’s adjustable-rate mortgage (ARM) insures home purchases or refinances with rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. With FHA loans, you can select a 30-, 20- or 15-year term. The main difference is the lower-term options have higher monthly payments, which also means you are building home equity faster. Remember that you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time, a fixed-rate mortgage could be the right solution.

Bank Statement Program for Self-Employed & Contractors 

Our Bank Statement Loan program allows self-employed borrowers to seek a home loan without showing net income on taxes or pay stubs. Using bank statements, we look at your income over 12- or 24 months.

Program Highlights:

• Primary or secondary residence
  
• 12 or 24-month personal or business bank statements, and we take the average of all business deposits to calculate your income.
• Min 660 FICO, Min 720 for 12-Month Bank Statement
• Min. loan amount: $150K for Full Doc, $250K for Bank Statements
• Up to $3M loan amount
• 30-Year Fixed, 5/6 ARM
• Interest Only Permitted

Turn a Fixer-Upper into Your Dream Home

When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.

HomeStyle Renovation Loan

You can use a HomeStyle renovation loan to cover the costs of repairs, remodels, renovations, or energy-efficient improvements on a primary residence, a second home, or an investment property. There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. However, repairs or improvements must be permanently affixed to the real property, add value to the property, and be completed by a licensed contractor.

Limited 203(k) Rehabilitation Mortgage

In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.

Standard 203(k) Rehabilitation Mortgage

If your potential dream home needs more than $35,000 in renovations or structural repairs, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling. A Standard FHA 203(k) can provide additional funds* to help with eligible repairs, including moving or removing walls, minor pool repairs, and landscaping.
*Final disbursement of funds is subject to final inspection.

Providing Flexibility for Homeowners

An adjustable-rate mortgage (ARM) is a loan term option with interest rates that can change periodically after the initial fixed-rate period. After this introductory period, monthly payments are susceptible to increases or decreases based on market fluctuations, which can also affect the monthly payment.

Adjustable-Rate Mortgage Highlights

An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase or the current interest rate on a fixed-rate mortgage is too high.

Highlights of an adjustable-rate mortgage include:

• Lower initial monthly payments
• Possibility to qualify for higher loan amounts
• Rates and Payments may decrease based on the index rate

Secure Your Financial Future

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you can select a 10, 15, 20, 25, or 30-year term. The main difference is the lower-term options have higher monthly payments, which also means you are building home equity faster. Remember that you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time, a fixed-rate mortgage could be the right solution.

Fixed-Rate Mortgage Highlights

A fixed-rate mortgage features:

• Consistent monthly payments and interest rates
• Protection from rising interest rates
• Mortgage tax interest deduction*
• Different term length options

*This does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and potentially improve your overall financial outlook. Determine if refinancing is right for you by using our refinance calculator.

Cash-Out Refinance*

With a cash-out refinance, you take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. This option can help you pay for major expenses like college tuition, debt, or home improvements.

*Appraised property value may affect the loan amount.

VA Cash-Out Refinance

Home loans backed by the Department of Veterans Affairs (VA) provide affordable home financing options for eligible Service Members, Veterans, and surviving spouses.

If you’re already a homeowner, a cash-out refinance may help you pay for major expenses like college tuition, debt, or home improvements. This option allows you to take cash out of your home equity by replacing your current mortgage with a new loan that is more than the amount owed. You can also refinance a non-VA loan into a VA loan with a cash-out refinance.

Save Money with a Refinance

With a refinance, you pay off your current loan with a new loan and restructure the mortgage to fit your needs. You could also save a considerable amount of money over the life of your loan and potentially improve your overall financial outlook. Determine if refinancing is right for you by using our refinance calculator.

Refinance Highlights

Refinancing may be the right decision if your home value significantly increased or current interest rates are low. You may even be able to:

• Shorten your loan’s term to save even more money
• Refinance to a lower interest rate which might also lower your monthly payments
• Convert your adjustable-rate mortgage (ARM) to a fixed-rate loan which will keep your payments safe from possible interest rate increases
• Combine a first and second lien with a single loan for simplicity and savings
• Consolidate debt from higher interest rate credit cards or subordinate financed loans into one loan, which may result in lower monthly payments
• Turn your home equity into cash

Refinance Options

Adjustable-Rate Mortgage (ARM)

Typically adjustable-rate mortgages offer low introductory rates and payments that can change periodically after the initial fixed-rate period. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. You can select a 30-, 20- or 15-year term, but keep in mind lower term options have higher monthly payments, which means you are building home equity faster. If you plan on staying in your home for a longer time, a fixed-rate mortgage could be the right solution.

FHA Streamlined Refinance

If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.