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Our loan officer did a great job making the process administratively easy, despite the fact that I was in 4 or 5 different cities (business travel) during the process. |
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—Steven S..
more testimonials >
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The outline below will help you determine which
of our loan products is best for you:
Fixed-Rate Mortgages back to top
30-year fixed, 15-year fixed |
| Advantages: |
Disadvantages: |
- Monthly payments are fixed over the life of the loan
- Interest rate does not change
- You’re protected if rates increase
- Option to refinance if rates decrease
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- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates decrease
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Federal Housing Administration (FHA) Mortgages back to top
>>Learn More about the Federal Housing Administration
30-year fixed, 15-year fixed, Adjustable Rate Mortgage (ARM) |
| Advantages: |
Disadvantages: |
- Only need 3% down payment
- Down payment can come in the form of a gift
- Seller can pay up to 6% of closing costs
- Former bankruptcy and/or less-than-perfect credit may not be a problem
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- Must purchase Mortgage Insurance (MI)
- All outstanding judgements must be paid in advance of closing
- May take longer to process than a conventional loan
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Department of Veteran Affairs (VA) Mortgages back to top
>>Learn More about Loans for Veterans
30-year fixed, 15-year fixed, Adjustable Rate Mortgage (ARM) |
| Advantages: |
Disadvantages: |
- Up to 100% of loan amount can be financed
- Seller can pay all closing costs and/or discount points
- No Mortgage Insurance (MI)
- No cash reserves necessary
- Most loans are assumable
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- Eligibility requirements vary
- Can only be use a limited amount of times
- May take longer to process than a conventional loan
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Missouri Housing Development Commission (MHDC) back to top
30-year fixed, Refinance Loan, Cash Assistance Loan (CAL),
Non Cash Assistance Loan (Non CAL), Second Mortgage
>>Learn More about Missouri Housing Development Commission Loans |
| Advantages: |
Disadvantages: |
- Qualified first-time homebuyers are eligible to receive a second mortgage of 3% for down payment and closing costs
- Competative interest rates available
- FHA, VA, USDA/Rural Development, or Fannie Mae 30 year conventional mortgages may be used under the rules of this program
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- Eligibility requirements vary
- Can only be use on qualified properties
- Purchase price limits
- Household income restrictions
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United States Department of Agriculture (USDA)
Rural Development (RD) Loans back to top
>>Learn More about USDA Rural Development
30-year fixed |
| Advantages: |
Disadvantages: |
- Up to 102% of property's appraised value can be financed
- Seller can pay all closing costs and/or discount points
- No Mortgage Insurance (MI)
- No Down Payment necessary
- Available for low income applicants (below 50% of are median income)
- Modular and "new" manufactured homes allowed
- No Maximum Loan Amount
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- Eligibility requirements vary
- Can only be use on qualified properties
- Income limits for applicants
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Adjustable Rate Mortgages back to top
10/1 ARM, 7/1 ARM, 3/1 ARM, 1-year ARM, 6-month ARM, 1-month ARM |
| Advantages: |
Disadvantages: |
- Lower initial monthly payment
- Lower payment over a shorter period of time
- Rates and payments may go down if rates decrease
- May qualify for higher loan amounts
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- More risk
- Payments may change over time
- Potential for high payments if rates increase
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First-Time Buyer Programs back to top
>>Learn More about the advantages of being a First-Time Homebuyer |
| Advantages: |
Disadvantages: |
- Lower down payment
- Easier to qualify
- You may get lower rates
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- May be subject to income and property value limitations
- Some programs with government subsidies may have a recapture tax if you sell the house too early.
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Jumbo Loan Programs back to top
>>View this PDF which explains why Jumbo Pricing can be expensive. |
| Advantages: |
Disadvantages: |
- Get loans for higher loan amounts
- Get fixed or adjustable loan terms
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| Home Ownership Accelerator - back to top |
| Advantages: |
Disadvantages: |
- Save Thousands in Interest
- Build Equity Faster
- Pay off Much Sooner
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- Adjustable Interest Rate
- Must have at least 10% equity in home
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| Money Merge Account (UFirst) back to top |
| Advantages: |
Disadvantages: |
- Save Thousands in Interest
- Build Equity Faster
- Pay off Much Sooner
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- Must have both a first & second mortgage
- Can be time consuming because you must transfer money consistently between the different accounts
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| Home Equity Line of Credit back to top |
| Advantages: |
Disadvantages: |
- You only borrow what you need
- Pay interest only on what you borrow
- Flexible access to funds
- Interest may be tax deductible (ask your tax advisor)
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- Rates can change. Maximum interest rate is typically high.
- Payments can change
- Harder to refinance your first mortgage
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| Home Equity Fixed Loan back to top |
| Advantages: |
Disadvantages: |
- Fixed payments
- Interest may be tax deductible (ask your tax advisor)
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- Higher interest rates than first mortgages
- Harder to refinance your first mortgage
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Alternative Loan Programs back to top
>>Learn More about Alternative Purchase Strategies |
| An alternative loan programs might best serve your needs: |
- Piggyback loans 80-10-10 or 80-15-5.
- Debt consolidation programs
- Home Improvement loans
- You may qualify even if you may have been turned down before!
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