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Mortgage Options

Buying a home is one of the biggest financial decisions you’ll make in your life. It doesn’t have to be a big hassle.

 

A 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 a mortgage loan 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, modular homes, and manufactured homes.

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 


No Closing Cost:

Fixed rate no closing cost 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.

 


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

Get Started 

 

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 

 

Hobby Farm Conventional Loan

  • For hobby farmers whose primary business or employment is other than farming
  • Fixed rate mortgage for purchase or refinance
  • Income and sales price limits apply – talk with a mortgage loan officer for details

Get Started 

 

Renovation Loans

  • For properties that need renovations, repairs or upgrades
  • Funds provided for both the property and anticipated improvements made to the home after closing
  • Allows you to purchase a home regardless of current condition
  • Low down payment
  • Purchase loans and rate/term refinances available
  • Repair limits and contractor restrictions apply – talk with our mortgage loan officer that specializes in renovation loans

Get Started