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Home Finance

Finance Information

How much home can you afford? Use our finance center to learn about your loan options below. There are several loan programs available, and depending on your credit history, there is bound to be one that is perfect for you. Here are a few examples of the most popular programs offered today:

Fixed Rate Loans

This is the most popular mortgage program in use today. A fixed-rate mortgage gives you a secure rate and payment for the life of your loan, typically 15 to 30 years. You will have peace of mind knowing that your monthly payment will not change over time. Most require certain down payment and debt-to-equity ratios to qualify.

Fixed-Rate Mortgages are ideal when:

  • You want a fixed, predictable payment for the life of the loan.
  • Your budget remains relatively constant.
  • You plan to own your home for more than a few years.
Adjustable Rate Loans

Many people choose Adjustable Rate Mortgages (ARMs) to realize short-term savings. An ARM offers a low, fixed introductory rate. This rate may adjust annually, which is tied to an index that reflects the cost of money at any given point in time. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you.

Adjustable Rate Mortgages are ideal when:

  • You do not plan to own the home for longer than the fixed rate period.
  • You are looking for the lowest possible payment during the fixed rate period.
  • You are comfortable having an interest rate and payment that may increase or decrease based on market conditions.
FHA Loans

The Federal Housing Administration (FHA) offers loans for low- to moderate-income homebuyers. Advantages include a low down payment and more flexible requirements than conventional fixed-rate mortgages. Having a “less than perfect” credit history does not necessarily disqualify borrowers from using this program!

Great reasons to consider an FHA:

  • You want to minimize out-of-pocket costs on a new home purchase or refinance.
  • You are concerned that your income or credit characteristics do not meet conventional mortgage guidelines.
  • You would like to borrow as much as possible against the value of your home to take cash out or pay off higher interest rate debt.
VA Loans

The Department of Veteran Affairs (VA) offers a zero-down mortgage program. The VA loan was created to help eligible veterans find affordable housing. One of the biggest advantages of this program is that it eliminates the need for private mortgage insurance!

Great reasons to consider a VA Loan:

  • Any veteran eligible for a VA Home Loan should consider it as an option.
  • You want to minimize out-of-pocket costs on a new home purchase or refinance.
  • You would like to take advantage of the more flexible credit and income guidelines offered by the VA Home Loan.
Local Homebuying Program

There are often many state and local programs available. These programs offer down-payment assistance and programs for local home ownership. Learn more about these local programs, recommended lenders, and other finance options by contacting us today!