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 $647,201^*
• 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 580 FICO^® score

• VA fixed rate mortgage
• Guaranteed by the Department of Veterans Affairs
• 100% Financing available
• Minimum 580 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™ loan programs 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 refinance⁷ the existing balance on their mortgage. In addition, the Neighborhood Connection™ 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 a $5,000 Neighborhood Connection™ grant toward closing costs and down payment on purchase of primary residence³
• Satisfactory employment history
• Program applies only to purchases of primary residences or to refinance⁷ the balance of your existing mortgage on primary residence
• Minimum FICO^® score above 580⁴
• Borrow up to $431,251
• Home buyer education with select HUD approved agencies required for all borrowers
• Minimal late payment history acceptable⁵
• Fixed-rate product

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

• Minimum FICO^® score above 580⁶
• No bank fees at closing
• Competitive interest rate, low monthly payments
• Minimum two tradelines or non-traditional credit
• Satisfactory employment history
• Fixed-rate product
• Minimal late payment history acceptable⁵
• Borrow up to $10,000⁶

• 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 lien¹ and second lien² loans available
• Minimum loan amount is $25,000. Maximum loan amount based on “After Renovation”³ 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 property³
• 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

1. First lien loans up to $1,000,000 may qualify for 95% After Renovation loan to value (LTV). Loans exceeding $1,000,000 and up to $1,250,000 in value may be eligible for 90% After Renovation LTV. Loans exceeding $1,250,000 and up to $2,000,000 in value may be eligible for 85% After Renovation LTV. Loans subject to credit approval.
2. Second lien loans up to $2,000,000 in value may qualify for 80% combined loan to value (CLTV – including both first and second lien loans). Loans subject to credit approval.
3. Appraiser will determine the current value of the property plus the added value of the renovations.

• 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