Loan Programs

30 Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

15 Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

20 Year Fixed Rate Mortgage

This loan is fully amortized over a 20-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home even faster. The disadvantage is that, with a 20-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 20 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

203K Renovation Loan

The Federal Housing Administration (FHA) has a loan program available to homeowners that wish to fix up and remodel their primary residence. This program is called the FHA 203K loan and it’s designed for homeowners who want to remodel their home and build equity. There is no second mortgage or Home Equity Line of Credit. You have one monthly payment at roughly the same interest rate as a normal FHA 30 year fixed rate. The size of the project can range from something as simple as replacing a furnace to something as large as remodeling an entire home! Learn more about the 203K Loan here.

PROUD PARTNER WITH CHFA