LOAN PROGRAMS

Conforming Loans

A loan in which the amount borrowed is less than or equal to $806,500.

Loan Term: 30, 25, 20, 15, and 10 Year Fixed

Description: This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Stable Monthly Payments
Loan Term: 30 Year Fixed Home Possible or Home Ready

Description: Home Possible and Home Ready Mortgages offer a lower down payment for low to moderate-income homebuyers, or buyers in high-cost or underserved communities. They permit a minimum of 3% down payment.

This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Lower Down Payment
  • Stable monthly payments
Loan Term: 5/6 and 7/6 ARM's

Description: This type of loan has monthly payments that are based on a 30 year repayment schedule.

The rate stays fixed for the first 5 or 7 years, depending on the chosen term, and then adjusts every 6 months thereafter. The rate in which it adjusts to will be based on the index it is tied to and the margin. Because the interest rate can change after the fixed period, the monthly payment may also change. For example, a 5/6 ARM would have a fixed interest rate for the first 5 years and adjust every 6 months thereafter for the remaining 25 years.

Benefits:
  • Lower payments than fixed rate mortgages during initial fixed period.
  • Short term plans for ownership
Conforming loan limits of $806,500 or less apply to one-unit properties. For more information regarding multi-unit property loan limits, please contact your Mortgage Consultant or the New Loan Center at (888)-547-4050.

Manufactured Home Loans

A loan in which the amount borrowed is less than or equal to $806,500.

Loan Term: 30, 25, 20, 15, and 10 Year Fixed

Description: This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Stable Monthly Payments
Loan Term: 30 Year Fixed Home Possible or Home Ready

Description: Home Possible and Home Ready Mortgages offer a lower down payment for low to moderate-income homebuyers, or buyers in high-cost or underserved communities. They permit a minimum of 3% down payment.

This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Lower Down Payment
  • Stable monthly payments
Manufactured Home loan limits of $806,500 or less apply to one-unit properties. For more information regarding multi-unit property loan limits, please contact your Mortgage Consultant or the New Loan Center at (888)-547-4050.

Super Conforming Loans

A loan in which the amount borrowed is greater than $806,500.

Loan Term: 30 or 15 Year Fixed

Description: This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Stable Monthly Payments
Loan Term: 5/6 and 7/6 ARM's

Description: This type of loan has monthly payments that are based on a 30 year repayment schedule.

The rate stays fixed for the first 5 or 7 years, depending on the chosen term, and then adjusts every 6 months thereafter. The rate in which it adjusts to will be based on the index it is tied to and the margin. Because the interest rate can change after the fixed period, the monthly payment may also change. For example, a 5/6 ARM would have a fixed interest rate for the first 5 years and adjust every 6 months thereafter for the remaining 25 years.

Benefits:
  • Lower payments than fixed rate mortgages during initial fixed period.
  • Short term plans for ownership
Super Conforming loan limits of greater than $806,500 apply to one-unit properties located in a designated high-cost area. For more information regarding loan limits in your area, or for multi-unit properties, please contact your Mortgage Consultant or the New Loan Center at (888)-547-4050.

Jumbo Loans

A loan in which the amount borrowed is greater than $806,500 or greater than the Super Conforming loan limits established per state.

Loan Term: 30 Year Fixed

Description: This type of loan has monthly payments that remain the same for the entire loan term after which time the loan is paid in full. The monthly payment is based on an interest rate which does not change over the term of the loan (hence the term "fixed rate").

Benefits:
  • Stable Monthly Payments
Jumbo Program loan limits of greater than $806,500 apply to one-unit properties not located in a designated high-cost area. For more information regarding loan limits in your area, or for multi-unit properties, please contact your Mortgage Consultant or the New Loan Center at (888)-547-4050.