Mortgage Loan Types

• Fixed interest rate and monthly principal and interest payments that never change
• Various term lengths available
• Shorter term lengths help to save on interest; longer term lengths provide lower monthly payments

• Start with fixed payments for 5, 7 or 10 years
• Annual adjustments following initial fixed period
• Interest rate and monthly payment may change

• Minimum loan amount of $548,351^*
• Fixed-rate and adjustable-rate loans available
• Flat origination fee on any loan amount

• FHA fixed rate mortgage
• Insured by the Federal Housing Administration
• As low as 3.5% down payment
• Fixed monthly principal and interest payment; various terms available
• Minimum 620 FICO score

• VA fixed rate mortgage
• Guaranteed by the Department of Veterans Affairs
• 100% Financing available
• Minimum 620 FICO score
• Fixed monthly principal and interest payments; various terms available
• Exclusively for servicemembers and veterans

• USDA loan
• Guaranteed by the U.S. Department of Agriculture, if eligible*
• Get up to 100% financing
• Minimum 640 FICO score

• Other assistance programs
• Options available for down payment and closing costs assistance
• Can be utilized with either conventional or government loan programs

The Neighborhood Connection loans provide affordable financing options for borrowers in low- and moderate-income census tracts. The programs offer borrowers up to 100% loan-to-value (LTV)¹ financing to purchase or refinance the existing balance on their mortgage. In addition, the Budget Booster allows up to 105% combined loan-to-value (LTV)¹ financing for consolidating debt, home improvements and repairs.

Neighborhood Connection Home Loan² – to purchase or refinance your home

• Eligible borrowers receive $2,500 Neighborhood Connection grant toward closing costs³
• Satisfactory employment history
• Program only applies to purchases and refinancing of existing mortgage balance of primary residences or to refinance the balance of your existing mortgage
• Minimum FICO score above 580⁴
• Borrow up to $331,760
• Home buyer education with select HUD approved agencies required for all borrowers
• No late payments on any open accounts in last 12 months
• Fixed-Rate Product

Neighborhood Connection Budget Booster Loan² – for consolidating debt, home improvements and repairs

• Minimum FICO score above 580⁵
• No bank fees at closing
• Competitive interest rate, low monthly payments
• Minimum two tradelines or non-traditional credit
• Satisfactory employment history
• Fixed-Rate Product
• No late payments on any open accounts in last 12 months
• Borrow up to $10,000⁵

• Simplify building your new home under one mortgage team
• Borrow up to $2 million for land, labor and materials
• Interest only payments during construction period
  

• Renovation of single-family home only
• First lien only
• Minimum loan amount is $25,000. Maximum loan amount based on “After Renovation”* loan to value (LTV)**
• No maximum repair amount as long as the renovation costs do not exceed 75% of the After Renovation appraised value of the property*
• Repairs or improvements must be permanently affixed to the property
• Can be used on a primary residence or second home
• Minimum of 660 FICO® credit score

Apply now for a Renovation loan

* Appraiser will determine the current value of the property plus the added value of the renovations.
**Loans up to $1,000,000 may qualify for After Renovation 95% LTV offer. Loans exceeding $1,000,000 and up to $1,250,000 in value may be eligible for After Renovation 90% LTV offer. Loans exceeding $1,250,000 and up to $2,000,000 in value may be eligible for 85% After Renovation LTV offer. Loans subject to credit approval.

• Switch from an adjustable-rate loan to a fixed-rate loan
• Pay less interest with a shorter term
• Convert your FHA loan to a conventional loan