Fixed Rate Loans – Adjustable Rate Loans – Construction Loans – Community First Mortgage
Swing Loans – Lot Loans – Jumbo Loans
Fixed Rate Loans
If you need a fixed rate due to a fixed budget then a Fixed Rate Loan is what you are looking for. The principal and interest payments on a Fixed Rate Loan remain the same during the entire term of the loan. Fixed Rate Loans come with your choice of a 10, 15, 20, or 30 year term. Fixed Rate Loans can be made with a loan-to-value of up to 97%. Private mortgage insurance is required for loans exceeding 80% loan-to-value. The maximum amount for a Fixed Rate Loan is $417,000.
Adjustable Rate Loans
An Adjustable Rate Loan offers a lower initial interest rate and payment so borrowers can qualify for a higher loan amount. This rate and payment, however, can go up if economic influences increase interest rates. Adjustable Rate Loans come with your choice of a 15, 20, or 30 year term, with 1, 3, or 5 year adjustment periods. An Adjustable Rate Loan can be made with a loan-to-value of up to 95%. Private mortgage insurance is required for loans exceeding 80% loan-to-value. The maximum amount for an Adjustable Rate Loan is $417,000.
Construction Loans
One Close Construction Loans are a one-time closing, construction-to-permanent mortgage loan. The loan provides funds for the acquisition or refinancing of an unimproved residential building lot and the construction of a residential, one-family, owner occupied dwelling. At closing, the borrower signs all construction and permanent loan documents. During the construction period the borrower makes only interest and escrow (if applicable) payments. After the home is completed and all construction funds are disbursed, the loan converts to a permanent loan with regularly scheduled payments of principal, interest, and escrow (if applicable).
Terms and conditions
- Maximum loan amount is 90% of the appraised value or 90% of the construction cost plus the lot acquisition cost, whichever is less.
- There is a 6 month construction period. Monthly interest only payments are based on the amount of construction loan funds actually disbursed.
- Owner self-contracted projects are not eligible.
- Sweat equity is not permitted.
Community First Mortgage
Our Community First Mortgage plan provides first-time home buyers with up to $7,500 in matching funds toward your down payment and closing costs. To qualify for the Community First Mortgage, your family income may be as low as $12,900 or as high as $61,400, depending on your family size. First-time home buyers must complete education classes and contribute 3% of their own funds. Funds are available on a first-come, first-serve basis.
Swing Loans
Swing Loans are designed to assist homeowners in financing the purchase or construction of a new single-family, owner occupied home while still in the process of selling their existing home. A Home Building Swing Loan pays off your existing mortgage loan(s) and provides equity from your existing home to purchase or construct your new home all in one loan.
Terms and conditions
- The maximum loan-to-value is 80%
- The maximum loan amount is $200,000
- The loan term is 6 months
- Principal and interest are due at the end of the six-month term
- The existing home must be listed for sale
- Home Building must finance the new home
Lot Loans
Lot Loans provide financing for the purchase of an unimproved residential building lot for the purpose of building a single-family owner occupied dwelling.
Terms and conditions
- Maximum loan term of 5 years
- The building lot financed must be 5 acres or less
- 5 year amortization
- The maximum loan-to-value is 75% of the lessor of purchase price or appraised value
- The maximum loan amount is $100,000
Jumbo Loans
All mortgage loans over $417,000 are considered Jumbo Loans. A Jumbo Loan can be used for the purchase, refinance, or construction of a single family, owner occupied home. Jumbo Loans can be Fixed Rate Loans or Adjustable Rate Loans and will have many of the features of these loans. They are limited to a maximum loan-to-value of 60%.
Contact a Home Building Loan Advisor for more information.