Home Loan Options

Find the right home loan based on your needs

We offer a wide range of home loan options, including fixed rate, adjustable rate, FHA, VA and manufactured home loans. Your Home Loan Specialist can walk you through the benefits of each of these options.

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Fixed Rate Mortgage

A fixed rate mortgage lets you set the interest rate and monthly principal & interest (P&I) payment for the life of your loan.

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FHA Loan

Insured by the Federal Housing Administration (FHA), an FHA loan can be one of the easier home loans for which to qualify.

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Adjustable Rate Mortgage

An adjustable rate mortgage (commonly known as an ARM) has an initial low, fixed rate period and then the rate adjusts with the current market conditions.

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VA Loan

VA Loans are available exclusively to veterans, active-duty personnel, reservists, National Guard members and, in some cases, surviving spouses.

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Compare your home loan options

Now that you have a general idea of the home loans you can choose from, it’s time to determine which of these options will be right for what you want out of your home purchase – including which works for your living situation and financial status.

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Fixed Rate

The requirements

  • Credit score of at least 620
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of at least 5% (requires mortgage insurance)

The benefits

  • Fixed interest rate
  • Stable monthly mortgage payments (making budgeting easier)
  • Flexible terms, ranging from 10 to 30 years in 5-year increments Simple to understand

Right for you if

  • You prefer the stability of a fixed monthly payment
  • You plan to stay in the home for a while
  • You can put at least 5% to 20% down

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Adjustable Rate

The requirements

  • Credit score of at least 620
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of at least 5% (requires mortgage insurance)

The benefits

  • Lower rates and payments in the initial term
  • Rate caps to limit how much your interest rate can increase both yearly and over the life of the loan
  • Lets borrowers take advantage of falling rates without needing to refi

Right for you if

  • You plan to move or refinance before the rate adjusts
  • You’re expecting a boost in income soon

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FHA Loan

The requirements

  • Credit score of at least 580
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of 3.5% Mortgage insurance required (upfront and monthly premium)

The benefits

  • Lower rates than conventional loans
  • Low down payment accepted
  • Seller may pay up to 6% of closing costs
  • Overall, an easier loan to qualify for

Right for you if

  • You’re a first-time homebuyer who wants to own, but doesn’t have a significant monthly income
  • You don’t have the down payment needed for a conventional loan
  • You don’t have the credit score or DTI to qualify for a conventional loan

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VA Loan

The requirements

  • Must meet eligibility requirements
  • Credit score of at least 620
  • Debt-to-income ratio around 40%

The benefits

  • Lower rates than conventional loans
  • No down payment needed
  • No mortgage insurance required
  • Seller may pay up to 4% of closing costs
  • An assumable mortgage

Right for you if

  • You’re an active military member or veteran who does’nt have the money for a down payment

Hopefully you've benefited from learning more about your home loan options and the situations in which each may work well for you. Regardless of where you are, why not learn even more about these home loan options and what else we can do for you?