Buy a Home
Choosing a Loan Program
You want to find the perfect house, but first you should look for the right mortgage. The appropriate amount of prep work can lead to a successful home buying experience. You have many loan options to consider including:
With a fixed rate mortgage, your monthly principal and interest payments remain the same throughout the life of the loan. Most common fixed rate terms range from 10 to 30 years. If you plan on staying in your home for several years, a fixed rate mortgage may be right for you.
Adjustable rate mortgages (ARMs) generally have monthly principal and interest payments that change after a set period of time, based on an external financial index. ARMs can offer a variety of features, such as lower rates, caps on interest, and conversion options. If you plan on relocating or trading up in a few years, you may want to take advantage of an adjustable rate mortgage.
Jumbo Loans
A jumbo loan is an option if you desire to purchase a higher‐priced home. A jumbo loan exceeds the conforming loan limits and the maximum loan amount allowed by most mortgage investors. Jumbo loans potentially have some additional underwriting requirements. If your situation provides you a low debt‐to‐income ratio, an excellent credit score, and a larger down payment, then a jumbo loan may be perfect for you!
Condo Loans
The financing of a condominium is different from a typical home mortgage. Our mortgage loan officers are experienced in the condo market and can help you determine if condo living is right for you.
Our loan officers know their respective markets and which condo projects are financially healthy. They are knowledgeable in the financing available for a particular building, how many units are owner-occupied or rentals, what's included in the project, association budgets and insurance, and whether the property is eligible for financing.
Advantages of Condo Living
Medical Doctor and Dentist Mortgage Loans
There are specialized mortgage loans especially designed for medical doctors and dentists. These loans may provide benefits that include zero down payments, no private mortgage insurance requirements and deferred student loan debt may be excluded from loan ratios.
Several loan programs can help make home ownership affordable. These options include low down payments, down payment assistance, gifts and grants to help you finance your dream.
Click here to learn more on the Home Possible Advantage, Community Mortgage, Guaranteed Rural Housing, WHEDA and Down Payment Grants.