First Mortgage Loans
Thinking of Buying a New Home?
Our commitment as a prominent financial institution in the
community extends to our belief in homeownership. Homeownership
stabilizes the community, reduces crime and increases value. Owning
your own home provides several benefits! In addition to the
satisfaction of being a homeowner, you can...
- Build equity
- Enjoy tax deductions
- Stability of Housing Payment
- Say "good-bye" to your landlord and take control of your living
- Enjoy the serenity of your surroundings
However, buying a home can be a difficult process to navigate
without the correct guidance and information. We have partnered with
the mortgage experts at
to ensure responsiveness to our members' needs. We are on your side
and are eager to help you throughout the entire process!
What works best for you?
Conventional mortgages are the most popular loan option available
today. It can be used to purchase a home or to refinance an existing
mortgage. The interest rate remains the same through the term of the
loan. Monthly payments generally stay the same year to year, giving
members the ability to plan out their long-term housing costs. Like
all of the loan programs we offer, there is no prepayment penalty, so
you can make extra payments monthly or pay off the loan early without
penalties or fees.
- Low Down Payment Lending - standard 3.5% down
- Pricing - Historically low rates offered
- More flexible credit requirements - No Mortgage
Insurance required for loans of 80% LTV or less.
- Flexible terms - 10 20 30 year terms.
We also offer Adjustable rate options- 3,5,7-1 ARM's
The rate and payment are fixed for the first 3, 5, 7 or 10 years
adjusting annually thereafter for the remaining term. If you plan to
sell or refinance your home within 3 to 10 years, this could be the
ideal mortgage for you.
The Federal Housing Administration (FHA) is an Agency within the US
Department of Housing and Urban Development (HUD). Established in
1934 as a Mortgage Insurer, not a lender, to assist homebuyers in
acquiring property with small down payments. It is the only
government agency that operates entirely from its self-generated
income and costs the taxpayers nothing (MI Premiums). The program
- Low Down Payment Lending - standard 3.5% down,
- Pricing - limited adjustments and competitive
pricing has made FHA very comparable to the Conventional loan offers
- More flexible credit requirements - Lack of
credit or past payment problems don't prevent borrowers from getting
- Assumable Loans - Plan for future marketability
with today's low rates
- Rate & term refinances - Combine first and
seasoned second mortgages to max financing
- Cash Out Refinances - Up to 85%
- Streamlined Refinances - with or without an
- No income restrictions - must have the ability
to repay the loan
- Non-occupant co-borrowers - are allowed. Must
be immediate family.
Through the FHA 203k program, borrowers can purchase or refinance
their home and include rehabilitation and repair costs in the same
loan. This program can aid in expanding home ownership as well as can
help revitalize the communities they serve.
- Low Down Payment Options (HUD $100 Down may or may not be available) with LTV's
up to max financing (96.5% Purchase or Refinance 97.75%)
- Can Finance Improvements
- Borrower can do the work (Streamlined Only and must be
- Can be used for minor or major repairs.
This program can be used to rehabilitate or improve existing
one-to-four unit dwellings in one of three ways:
- To purchase a home and rehabilitate it.
- To refinance existing mortgage and rehabilitate the property.
- To move existing dwelling to another site and rehabilitate it.*
*Loan proceeds for moving house will not be available until unit is
attached to the new foundation.
Virtually any kind of improvement is eligible provided it becomes a
permanent part of the real property and it adds value.
*Eligibility may differ between FHA 203k Full and Streamlined
- Additions to the Structure
- Kitchen or bath remodels
- Finished Basements or Attics
- Patios, decks or terraces
- Roofing and Landscaping
- Safety, Energy Efficient Items and Electrical Upgrades
- Handicap Accessibility Improvements
- Requires a HUD Consultant
- For Structural Repairs
- Repairs > $35,000
- Less Common
- Up to 5 Draws
- No Consultant Required
- No structural repairs allowed
- Maximum $35,000 TOTAL Rehab Account
- Most Common
- Limited to 2 Draws
The VA Loan has many advantages that make it one of the most
appealing paths to homeownership and this great benefit is reserved
exclusively to those who bravely served our country and select
When combined, the benefits of the VA mortgage allow service
members and Veterans to take advantage of substantial cost savings
under qualification requirements designed specifically for members of
the military and their unique needs.
- 0% Down Payment Purchase
- Limited adjustments and competitive pricing
- 100% gifted funds allowed for purchase
- Honorably discharged veterans and their spouses jointly; or the
- Widow/widowers of veterans provided the veteran was killed in
- Reservists who have served sufficient length of service
This program assists homeowners by providing low- and
moderate-income households the opportunity to own adequate, modest,
decent, safe and sanitary dwellings as their primary residence in
eligible rural areas. Eligible applicants may build, rehabilitate,
improve or relocate a dwelling in an eligible rural area. The program
- Purchase 100% LTV of the appraised value; up to 102% LTV when
the guarantee fee is financed.
- Refinance 100% LTV of the appraised value; up to 102% LTV when
the guarantee fee is financed.
- No minimum loan amount
- Maximum financing up to $417,000
- Interested party contributions maximum 6%
- No cash reserves required
- Gifts are allowed
- Money back for items paid for before closing
- US Citizen
- Permanent & Non-Permanent Resident Aliens
- Non-Occupant Co-borrowers NOT ALLOWED
- Must have a valid Social Security number
- Primary residence only! Previous home must be sold.
- Loans cannot close in trust.
- Owner occupied only
- Single family, PUD's, Condo's
- Must be non-farm properties
- Must be located in rural areas as defined by local RHS office.
- Site value cannot exceed 30% of total property value.
- Property must have all weather access to a street, road or
- Property must have dependable water and waste disposal
Thinking of Refinancing Your Existing Mortgage Loan?
Refinancing your real estate to reduce your mortgage payment or
shorten your term is a great way to save thousands of dollars over the
life of your loan. Now is a great time to lock in to a low fixed rate
if you currently are paying on an adjustable rate mortgage. today to see if you are eligible to use the equity in your property to
consolidate debt or complete those wanted improvements.