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Mortgage Product Information
Fixed-rate mortgage
The fixed-rate mortgage has long been the most popular home financing product. With a fixed rate mortgage the interest rate never changes. These mortgages provide stable, predictable monthly payments throughout the life of the loan. Unlike an adjustable rate mortgage your monthly payments will not decrease if market rates go down; however, you will have the comfort of knowing you are protected if rates go up.
Generally, if you plan to stay in your home for more than five to seven years and prefer the security of stable payments, a fixed-rate mortgage may be the best option for you.
 
Adjustable-rate mortgage (ARM)
An adjustable-rate mortgage generally has a low starting rate, so your initial monthly payments on an ARM will be lower than on a fixed-rate loan for the same amount.
Here's how it works:
- The interest rate starts out lower than the rate on a fixed-rate mortgage, then adjusts regularly based on market indicators.
- The starting rate remains fixed for between three months and 10 years, depending on the ARM product.
- After remaining fixed for an initial period, most ARMs adjust annually, but some adjust on a semi-annual or monthly basis.
- Individual adjustments are capped at a certain amount, and the rate can never exceed the lifetime cap. The cap safeguards against excessively high payment increases. Adjustable rate mortgage programs place a cap on the amount by which either the interest rate or payment may rise at any single adjustment, over the life of the loan, or both. Look at the cap as the worst case scenario to determine if the ARM suits your financial capabilities.
Keep in mind that the interest rate and monthly payments can increase during the loan terzm. You may get the most value from an ARM if you plan to move before the end of the fixed-rate period, or if you are buying at a time when rates are relatively high.
100% Financing Options:
- Combo Loan Programs: Want to buy a home with no money down, but are worried about the cost of Private Mortgage Insurance (PMI)? One of our combo loans could be the solution for you. Often referred to as an 80/20 loan, these loans use a first mortgage for 80% of the home price, plus a second mortgage to cover the remaining 20%. That means you do not have to pay PMI, which is usually required on loans for more than 80% of the homes value.
- Flex 100:Have you been putting off homeownership because you have not saved enough for a down payment and closing costs? Thanks to our Flex 100 loans, you can start shopping today. These programs provide 100% financing with no down payment. If the seller will pay your closing cost and prepaid items, all you need to contribute is $500.
Advantage 103:
Do you have strong credit, but not much savings? Have you put off buying a home because of the cash required for the down payment and closing costs? With our Advantage 103 loan, you can finance the entire purchase price of a home, plus some or all of your closing costs, up to a maximum loan-to-value ratio (LTV) of 103%. With the savings obstacle out of the way, you do not have to wait to enjoy the benefits of homeownership
FHA mortgage
FHA mortgages, which are insured by the Federal Housing Administration, make homeownership possible for people who might not qualify for conventional mortgage programs.
FHA mortgages offer:
- Low down payment and closing costs, with the option to use gift money for 100% of the down payment
- Flexible approval requirements for people who have less-than-perfect credit or lack a traditional credit history
- Expanded qualifying ratios for people with low-to-moderate incomes
VA mortgage
VA mortgages, which are insured by the Department of Veterans Affairs, make buying a home easier and more affordable for veterans, reservists, and active-duty service members. They offer some of the easiest approval requirements of any mortgage, including:
- No down payment requirement, so you can finance 100% of the purchase price
- The option to use gift money or secondary financing
- Flexible credit requirements
- Expanded qualifying ratios
Alternative Mortgage Options
If you need financing designed to meet your unique needs, such as an unusual property type, self-employment, or non-traditional credit history, we have loan programs to help.
- Income Express: For individuals who are self-employed or paid by commission, documentation requirements can make getting a mortgage harder than it should be. However, our Income Express program has the flexibility to fit the way you make and manage your money, so you can skip the paper-chase and focus on buying your home. Our Income Express features no verification of income or assets.
- Expanded Solutions: If you have had credit problems in the past, we have a solution that can help make financial security a part of your future. The Expanded Solutions program uses common sense guidelines to help more people get the financing they need to reach their goals, even if they do not fit the usual credit standards.
Construction Financing:
Financing the construction of your new home typically comes in the form of a construction-to-permanent loan. This financing option has two parts: a loan to cover the costs of construction, and a mortgage on the finished (permanent) home.
Our two time close construction loans offer the flexibility to make changes while you build. With our two time close loans, you get construction financing up front and close on your permanent mortgage after the home is completed. Because the permanent loan amount is determined after construction, you can make changes and add enhancements throughout the building process. Features include:
- Various periods to complete construction.
- Wide variety of programs to choose from for the permanent mortgage.
- Flexible down payment options.
- Flexible payments during construction period.
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