Mortgage Programs

mortgage-programsA variety of mortgage options are available for home purchases and refinances. Our mortgage loan officers are here to help you evaluate the options that best fit your needs.


 

Personal assistance — Our mortgage loan officers will answer all your questions, offer advice and help you in any way possible during the application process. They can meet with you at a branch or by phone. Please contact an officer if you would like to schedule an appointment.

Multiple loan options for property located in VA — Loans for primary residences, second homes and land. Loans for investment property are also available. We offer options for single-family homes, town homes, warrantable condos, and modular homes. Financing for manufactured and mobile homes is not available.

Purchases & refinances — Loan programs listed here are available for purchases and refinances unless otherwise noted. See product details below including types of refinances available.

Rate/term refinances & cash out refinances — A "rate/term" refinance refers to the refinance of a first mortgage balance to change the rate and/or term without advancing new money on the loan. With a "cash out" refinance, additional funds are advanced, such as for home improvement, debt consolidation or other purposes.


Conventional Mortgages:

Fixed rate mortgage loan

  • Good option if you plan to stay in your home for a while
  • The principal and interest portion of your payment stays the same for the term of the loan (escrow amounts such as property taxes and insurance may change)
  • Loans up to 95% of your primary single-family home’s value are available for purchases and rate/term refinances, or up to 80% for a cash out refinance
  • Loans up to 97% of a home’s value are available for first-time home buyers
  • Financing options for second homes and investment properties
  • Term options available
  • Private mortgage insurance (PMI) required for loan to value ratios greater than 80%
  • Income and sales price limits apply – talk with a mortgage loan officer for details
Get Started

 

Adjustable rate mortgage loan (ARM)

  • Good option if you want a lower initial monthly payment or think you won’t be in the home for many years
  • May be a good choice if rates are expected to go down in a few years so you could refinance with a fixed-rate loan
  • Rate changes will affect your monthly payment
  • Primary residence and second home financing available
  • See our adjustable rate mortgage disclosures and the Consumer Handbook on Adjustable Rate Mortgages for additional information
  • Private mortgage insurance is required for loan to value ratios greater than 80%
  • Purchase loans, rate/term refinances and cash out refinances available – talk with a mortgage loan officer for details
Get Started

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No Closing Cost Refinance:

Fixed rate no closing cost refinance mortgage loan*

  • No VACU or third-party provider fees -  see example
  • Term options available
  • Rate-term refinances available up to 95% of your home’s value
  • Cash out refinances available up to 80% of your home’s value
  • Minimum loan amount is $100,000
  • Income and sales price limits apply – talk with a mortgage loan officer for details

Get Started

See our limitations of offer

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Government Programs:

Federal Housing Authority (FHA) loan

  • Good for first-time home buyers or others with down payment as low as 3.5%
  • Purchase loans, rate/term refinances and cash out refinances available
  • Term options available
  • Monthly mortgage insurance premium is required on all FHA loans
  • Income and sales price limits apply – talk with a mortgage loan officer for details
Get Started

U.S. Department of Agriculture (USDA) Rural Development loan

  • Good option if you are purchasing in a rural community
  • No down payment required
  • Income, sales price, and property eligibility restrictions apply – talk with a mortgage loan officer for details

Get Started

Veterans Administration (VA) loan

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Specialty Programs:

Jumbo Mortgage loan

  • Available for mortgage balances greater than conventional or government thresholds
  • Primary residence financing available
  • Multiple term options are available
  • Income and sales price limits apply – talk with a mortgage loan officer for details

Get Started

Land loan (for unimproved property)

  • Adjustable-rate mortgage (ARM) for purchase or refinance of land or a lot
  • Rate may adjust annually, but not more than 2% annually or 6% over the life of the loan
  • Income and sales price limits apply – talk with a mortgage loan officer for details
Get Started

Doctors mortgage loan

  • For new doctors, dentists and veterinarians and those who completed their residency within the last 10 years
  • Financing up to 100% of home value
  • No mortgage insurance required
  • Financing available on homes valued up to $1,000,000
  • Refinances available – talk with a mortgage loan officer for details
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VACU 100 loan

  • For qualified current or previous home owners
  • Up to 100% financing available on homes valued up to $500,000
  • Only purchase loans available
  • Private mortgage insurance required
  • Income and sales price limits apply – talk with a mortgage loan officer for details

Get Started

HomeReady loan (Federal National Mortgage Association)

  • Low down payment
  • Flexible source of funds, such as a Community second mortgage within certain limits, may be used for down payment and closing costs
  • Purchase loans and rate/term refinances available
  • Private mortgage insurance required
  • Income, sales price, and property restrictions apply – talk with a mortgage loan officer for details
Get Started

Virginia Housing Development Authority (VHDA) FHA Plus loan

  • For first-time home buyers
  • Buyer must provide 1% of own funds toward the transaction
  • In addition to VHDA’s FHA-insured first mortgage, qualified borrowers may obtain a second mortgage within certain limits to help fund the down payment and closing costs
  • Income and sales price limits apply – talk with a mortgage loan officer for details
  • Monthly mortgage insurance premium is required on all FHA loans

Get Started

Virginia Housing Development Authority (VHDA) with FNMA – No MI

  • Low down payment
  • Down payment assistance may be available through VHDA
  • Purchase loans and rate/term refinances available
  • No mortgage insurance (MI) required
  • Income and sales price restrictions apply – talk with a mortgage loan officer for details
Get Started

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Please contact a mortgage loan officer if you have questions or we can help you in any way.