This could be the ideal time for you to consider home ownership. Interest rates are low, and we offer home financing options to suit a variety of budgets.
If you’ve managed your money responsibly, this can pay off big when you buy a home. Higher credit scores qualify for conventional financing with a lower interest rate. Also, if your down payment is at least 20% of your new home’s value, you won’t be required to pay mortgage insurance.
If you can’t put a big down payment on a home, don’t give up! Options such as Federal Housing Administration (FHA) loans require as little as 3.5% down. You may qualify even if your credit is less than perfect.
An FHA 203k loan also known as a rehabilitation loan, can help you buy the home you really want even if it needs some TLC or repairs. This loan provides additional funds so you can renovate or make smaller improvements such as replacing old carpets and fixtures, or modernizing the electrical or HVAC system. (Terms and conditions apply.)
Don’t like surprises? A fixed-rate loan keeps everything simple and predictable, as your interest rate is locked from the start. Your payments will only change if you maintain an escrow account for taxes and homeowner’s insurance, and only if the costs of these change.
Veteran Affairs (VA) loans offer qualifying veterans the option to buy without a down payment. Since these loans are government-insured, they offer flexible credit requirements and limited closing fees. Active duty military may also qualify.
An adjustable-rate mortgage (ARM) loan starts out with a lower rate than a fixed-rate loan, but their rates are subject to market fluctuations after the initial fixed period. An ARM may be a good choice if you’re planning to sell or refinance before the first adjustment (generally five to 10 years).
A USDA Rural* loan won’t limit your home choices to a farm. Properties zoned “rural” may also qualify, in some cases even if the nearest city is just a few miles away. Other advantages include low or no down payment, and easier credit qualifying. *Borrowers must qualify at a certain income level depending on the county where the property is located. The property must be in a designated rural area.
You may be able to lower your interest rate and the length of your loan, accomplishing two major financial goals with a single refi. These are just two of the possibilities available with our refinancing options, and two more reasons why today’s low interest rates are such good news to many homeowners!
Reduce your rate. It’s the most popular reason to refinance and now is a good time to apply to reduce your interest rate and monthly payment.
Get cash out of your home. You may have made a large down payment, your house may have increased in value, or maybe you’ve paid down the balance on your loan. In any event, if you have equity in your home, you may have an opportunity to take advantage of a cash-out refinance.
Reward yourself for making payments on time with Home Affordable Refinance Program (HARP). Lower rates, smaller payments and shorter loan terms are three of the available benefits HARP offers, making home ownership more affordable for those who qualify.
Convert your adjustable-rate loan (ARM) to a fixed rate loan that’s predictable and stable. Now is a good time to lock in your rate if you aren’t comfortable with your variable rate.
Lower your FHA* or VA loan’s interest rate, possibly without a new appraisal and with a minimum of paperwork.
Shorten the term of your loan. Your monthly payments may increase, but you’ll pay off that loan much faster. This would result in ultimately paying less interest, assuming that your new loan’s APR is lower than your current APR.
Get the funds you need to carry out one or more home improvement projects. You may be able to finance a renovation or smaller home improvement projects with a 203k refi.**
Got a Jumbo loan? You may be able to refinance to a lower rate. Lowering your rate even a small amount will reduce your monthly payments on a high balance loan.
*To qualify, your current mortgage must be an FHA loan with no more than one late payment during the last 12 months. Other terms, conditions, and requirements apply.
** To be eligible, the property must be a one- to- four family dwelling that has been completed for at least one year and that conforms to all local zoning requirements. Any newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible. Eligible improvements include painting, additions, decks, and other improvements with the exception of luxury improvements. All construction projects or additions financed with 203k proceeds must comply with certain energy conservation standards and smoke detector requirements.