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LOAN PROGRAMS
CONVENTIONAL
A conforming loan program in which a borrower can obtain a loan using a minimum 3% down payment. The loan can be amortized over 30, 20, 15 or 10 years. Good credit is required. Property can contain 1-4 units. Fixed and adjustable rates are available.
Maximum Loan limits (base amounts) are as follows:
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| $417,000 |
1 Unit |
| $533,850 |
2 Unit |
| $645,300 |
3 Unit |
| $801,950 |
4 Unit |
JUMBO
Any conventional loan amount typically over $417,000. Fixed and adjustable rates are available. Loans amortized over 30 or 15 years.
FHA (Lancaster, Lebanon & Dauphin Counties)
You DO NOT need to be a first-time homebuyer. This is a government insured loan requiring only a 2.25% down payment. All funds for down payment and closing costs can be gifted. Specific appraisal requirements, a pest inspection, and monthly Mortgage Insurance are required. Credit qualifications are more flexible than the conventional program.
Maximum Loan limits (base amounts) are as follows:
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| $200,160 |
1 Unit |
| $256,248 |
2 Unit |
| $309,744 |
3 Unit |
| $384,936 |
4 Unit |
| (call for loan amounts for other counties) |
VA
A 100% financing option for eligible veterans and you do not have to be a first-time buyer. Funds for closing can be contributed from the Seller and/or gifted. There are specific VA appraisal requirements and a pest inspection is required. There is no monthly Mortgage Insurance with this program. A Certificate of Eligibility must be obtained from the Veteran's Administration to qualify. Challenged credit will be considered and reviewed.
Maximum Loan limits (base amounts) are as follows:
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| $417,000 |
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ARMS
Adjustable Rate Mortgages are available on Conventional, Jumbo and FHA loans. In addition to annual ARM’s, we also offer 3/1, 5/1, 7/1 ARM’s which have a fixed interest rate for a specified time and after that time expires the loan automatically converts to an annual ARM.
100/103/107%
A fixed rate program that allows you to borrow 100% of the purchase price of the property. You may also finance closing costs and prepaid items by borrowing more than the purchase price of the home. Excellent credit is required and there is monthly Mortgage Insurance on this loan. The interest rate will be slightly higher than prevailing rates.
FARM HOME/RURAL HOUSING
A 100% financing option for low to moderate income families. (contact us for current income limitations) The property must qualify for this program by being located within the allowed areas and bypassing specific inspections. No down payment is needed and no monthly Mortgage Insurance is required. The borrower cannot own any other real estate at the time of application and must use the property as their current residence. The loan is amortized over 30 years and the interest is a fixed rate. Challenged credit or no credit applicants will be considered for this program.
COMBINATION LOANS
We offer many variations of the combination loans. The two main reasons for choosing this program is to either eliminate monthly Private Mortgage Insurance or to avoid Jumbo interest rates. Simply stated, this program uses two loans, closed simultaneously, to achieve your goal. The second loan is typically a higher interest rate than the first loan and is amortized over a shorter term. Very good to excellent credit is required. The most common combinations are as follows:
| 80/20 |
80% 1st mortgage |
20% 2nd mortgage |
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| 80/15/5 |
80% 1st mortgage |
15% 2nd mortgage |
5% down payment |
| 80/10/10 |
80% 1st mortgage |
10% 2nd mortgage |
10% down payment |
| 80/5/15 |
80% 1st mortgage |
5% 2nd mortgage |
15% down payment |
RENOVATION LOANS
This program allows you borrow enough money to purchase a home and renovate it all at one time. The Appraisal is based upon inspection of current condition of property. The appraiser will also review and evaluate the contractor's proposed plans/specifications to complete the project.
STATED INCOME/NO DOC LOANS
This program is designed to give borrowers the ability to use existing income and/or assets for qualifying that may be difficult to verify. Stable work history and excellent credit is required.
NEW CONSTRUCTION
We have many different options available for building your dream home. We offer low rates with interest only payments due during the construction period. We make fast payments to the builder so the project stays on schedule, with a simple conversion to the permanent loan at the end of construction and no duplicate closing costs. You can choose to lock in your interest rate at any time during the building phase. Contact us for a free construction mortgage timeline and cost estimate.
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