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Unique Loans

VA, HARP & Low Down Payment Loan

 

If your needs don't fit within the framework of more traditional loans, we have some other options for you.

 

Call a loan representative at 866-226-5225 to discuss alternative loan programs such as Veterans Affairs (VA) Loans, Home Affordable Refinance Program (HARP), or Low Down Payment Loan.

 

For Rates, Assumptions and full disclosures visit our Daily Rate Page.

 

15 Year Fixed Rate Veterans Affairs (VA)

Best Choice If:

  • You fall into one of the following categories: veterans, active duty personnel, certain reservists and National Guard members, Surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, and Certain spouses of active duty personnel.
  • You would like to pay off the loan balance more quickly than a longer term mortgage.
  • You want your monthly payments to remain fixed over the life of the loan.
Advantages:

  • You can buy a home without a down payment in some cases.
  • You won't need private mortgage insurance (PMI).
  • VA may be able to provide you some assistance if you run into difficulty making payments.
  • VA-backed loans are assumable in some cases.

    Advantages of a 15 Yr Fixed

  • You would like to pay off the loan balance more quickly than a longer term mortgage.
  • You want your monthly payments to remain fixed over the life of the loan.
  • Disadvantages:

    • Monthly payments are higher than a longer term mortgage for the same amount.
    • There are limits to the amount you can borrow for a VA Loan in certain areas.
    • Learn more on the VA website [www.benefits.va.gov/homeloans]

    30 Year Fixed Rate Low Down Payment Loan

    Best Choice If:

    • You plan on staying in the home long term.
    • You want your monthly payments to remain fixed over the life of the loan.
    • You want your monthly payments to be lower than they would be on a shorter term mortgage for the same amount.
    • You think interest rates could rise in the next few years and want to maintain the current interest rate over the life of the loan.
    Advantages:

    • Opportunity to enroll in an educational course to prepare for homeownership (may be required of some loans).
    • Not required to be a 1st time homebuyer.
    • As low as 3% down payment.
    • May use a community second mortgage for down payment and closing costs.
    • Down payment can be a form of a gift.
    • Reduced mortgage insurance.
    • Mortgage insurance coverage is allowed to be cancelled (restrictions may apply).
    Disadvantages:

    • You will pay more interest over the life of the loan than you would on a shorter term mortgage for the same amount.
    • You will build equity more slowly than you would with a shorter term mortgage for the same amount.

    30 Year Fixed Rate Veterans Affairs (VA)

    Best Choice If:

    • You fall into one of the following categories: veterans, active duty personnel, certain reservists and National Guard members, Surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, Certain spouses of active duty personnel.
    • You want your monthly payments to remain fixed over the life of the loan.
    • You want your monthly payments to be lower than they would be on a shorter term mortgage for the same amount.
    Advantages:

    • You can buy a home without a down payment in some cases.
    • You won't need private mortgage insurance (PMI).
    • VA may be able to provide you some assistance if you run into difficulty making payments.
    • VA-backed loans are assumable in some cases.

      Advantages of a 30 Yr Fixed

    • Level payments for the full term of the loan.
    • Monthly payments will be lower than a shorter term mortgage for the same amount.
    Disadvantages:

    • You will pay more interest over the life of the loan than you would on a shorter term mortgage for the same amount.
    • You will build equity more slowly than you would with a shorter term mortgage (20-year, 15-year, 10-year) for the same amount.
    • There are limits to the amount you can borrow for a VA Loan in certain areas.
    • Learn more on the VA website [www.benefits.va.gov/homeloans]

    Lot Loan

    Best Choice If:

    • You're interested in purchasing a piece of property.
    • You're interested in refinancing a piece of property that you currently own for equity.
    Advantages:

    • Ability to use equity from the piece of property to reduce other debt.
    • Rate and term are better compared to an unsecured loan.
    Disadvantages:

    • A lot loan is a balloon loan, which will have a larger-than-usual, one-time payment at the end of the term.

    Mortgage Rates

    The Loan Consultant feature determines the products and rates that match your needs.

    Ready to Start?

    To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.

    Apply