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Loan Programs

There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.

To help determine the best loan program for you, consider the following:

How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs

Loan Programs	Characteristics
10, 15, 20, 25 and 30-Year Fixed-Rate Mortgages	Interest rate does not change. Principal and interest (P & I) does not change. Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term. Different loan terms are available (15- and 30-year terms are most popular). The shorter the term, the faster equity is built and the loan is paid off.
3/1, 5/1, 7/1 and 10/1 Adjustable-Rate Mortgages	This is a 30-year loan wherein the P & I payment and interest rate do not change during initial fixed period (3, 5, 7, or 10 years). After the initial period is up (3, 5, 7 or 10 years) the interest rate and payment may adjust and typicall adjust annually thereafter. Interest rate is typically less than fixed-rate loans. Most borrowers anticipate refinancing or selling prior to the end of the balloon term.
FHA Loans	This is a government insured loan and may be either a fixed or adjustable rate mortgage. This loan is popular for it's low down payment option of 3.5% of the sales price. Features include flexible credit and income guidelines
VA Loans	This is a governement guaranteed loan designed for those in the military as well as veterans of the armed services. The VA loan allows for zero down payment on a purchase In some instances the VA loan allows one to refinance 100% of their property's appraised value. 15 and 30-year fixed are available
Adjustable-Rate Mortgages (ARMs)	There is potential for the interest rate/ payment to fluctuate. ARMs transfer to borrowers a portion of the risk associated with a changing economy. In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages. The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.