Fixed Rate loans

  • 30, 25, 20, 15, and 10 years terms are all available
  • Buy a home with as little as 3% down (primary residence).
  • Monthly payments remain the same for the entire loan term.
  • MI applies when down payment is less than 20%.
  • MI removable - automatically when loan to value reaches 78% and meets certain amount of time.
  • MI removable – upon request when loan to value reaches 80% and meets certain amount of time.
  • Max qualifying debt to income ratio: 45-50%   

Home Ready and Home Possible Products for moderate income applicants (Fixed rate loans)

  • Features a reduced mortgage insurance coverage requirement for loans above 90 percent LTV. Mortgage insurance is cancellable.
  • Homeownership counseling
  • Income limitation: Below 80% of the area medium income  

Adjustable Rate Loans

  • 3/1, 5/1, 7/1 and 10/1 ARM's. Monthly payments based on a 30 year repayment schedule.
  • The rate stays fixed for the first 3, 5, 7 or 10 years (depending on chosen terms), then adjusts annually thereafter.