A conventional mortgage requires a minimum credit score of 620. Other home loans may have different requirements. If you would like to discuss your situation, contact us and we'll be happy to help.
Rates are based on multiple factors including your credit score, the loan amount you’re requesting, and the type of property you’re purchasing.
Ideally, your debt-to-income (DTI) ratio would be 43% or below. A higher DTI might be ok in some situations.
Although down payment requirements vary based on the property and transaction type, in general our minimum down payment requirements for purchasing a home are:
Conventional: 3% for first time homebuyers or 5% for all others
Manufactured homes: 20%
Submit your application and a Mortgage Loan Officer will contact you with your best options.
Your closing costs are determined by your loan amount, transaction type, and other factors. We can give you an estimate after reviewing your application and learning about the home you're purchasing.
In most cases, yes. $500 is collected prior to ordering the appraisal.
PMI is required when borrowing more than 80% of a home’s value or purchase price, whichever is less. This protects the lender in case a borrower defaults on their mortgage payments.
One exception: FHA mortgages require PMI for the life of the loan, regardless of down payment.
You can lower your interest rate by paying points. Typically, one point equals 1% of the loan amount. For example, for a loan amount of $100,000.00 one point would equal $1,000.00. You can choose to pay the point either out of pocket or by rolling it into the loan amount, if the appraised value allows for it.
If you will have less than 20% equity in your home, you may be required to set up an escrow account for payment of your property taxes and homeowner’s insurance. When you make your monthly loan payment, the portion earmarked for property taxes and homeowner’s insurance will be diverted to your escrow account. From there, the money will be sent to your city or town and insurance agent when your payments are due.
Yes! Contact one of our mortgage loan officers to learn about the options we provide.
Yes, we finance mobile homes on owned land. A 20% down payment is preferred, but smaller down payments are sometimes possible.
A construction line of credit may be just what you need. By tapping into your home's anticipated equity after project completion, you'll have the cash you need to take your home renovation to the finish line. When your home is finished, your construction line of credit is closed and the mortgage process begins.
We'll need your income verification and a property appraisal or tax assessment.
We'll need your income verification and a project estimate.
It's based on multiple factors including your credit score, property type, and the loan option you choose.
Financial institutions use the Prime Rate as a “base rate” or “index rate” for many of their variable rate loans and lines of credit. That’s why you’ll see them listed as “Prime Rate + 2%”, for example. The Prime Rate can change at any time, so the fastest and easiest way to find it is to do an online search.
The student loan must be in the name of a college graduate, or a graduate's parents
At least 12 months of consecutive on-time payments must have been made on the student loan
The low-interest REACH student loan is available only in conjunction with an approved mortgage application
Borrowers can refinance up to $100,000 in student loan debt per household, with a repayment term of up to 15 years.
It's a two-step process:
Complete the mortgage application online or through our mobile app.
When we contact you, let us know of your interest in REACH and we'll add it to your request.
Both types of student loans can be refinanced.