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Reduced Rate Bond Loan
Loan Term:
30 / 25 / 20 / 15 years
Max Loan Amount:
loan amounts vary by county and state
Minimum Down:
roughly 3% of purchase price (down payment assistance available)
Available for:
Owner-occupied primary residence, 1-4 unit properties (you must occupy one of the units)
Loan Features:
Get a discount on your interest rate
This is special 30 year fixed rate financing for your first home. It features a discounted interest rate, and is only available to first-time home buyers. Contact us for more details.
Fixed interest rate and monthly payments
Your monthly principal and interest payment will never change for the life of the loan. Get the peace of mind that you are protected from any future increases in interest rates.
Low down payments and flexible guidelines
This loan is an FHA loan and FHA loans feature low down payments and flexible qualifying guidelines which make it easier to obtain your next home. With FHA loans there is no minimum credit score to qualify so credit qualification is easy. Down payment assistance is available.
Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.
Consider choosing this loan if:
You prefer predictable monthly payments and you are concerned that interest rates are going to rise in the future.
You worry you don't have enough money for a downpayment. With an FHA loan, your entire down payment can be a gift.
You are a first time home buyer or even a move-up buyer looking to qualify for more home than conventional programs will allow. FHA's credit and down payment guidelines are flexible to help get you into your next home.
To Proceed:
Click here to
Apply for this loan
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Speak with an experienced
professional about this loan.
Other
First-time home buyer options:
Low Down Payment 30 Year Fixed
Reduced Rate Bond Loan
(click on the loan to learn more about it)
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Learn more (key terms and concepts)
Our American Dream Loan
Our American Dream Loanfeatures a low down payment and flexible guidelines to make it easier to qualify. It is an FHA loan and FHA home loans are insured by the Federal Housing Administration (FHA), a division of Housing and Urban Development (HUD). HUD does not generally provide the funds for the mortgages, but they insure mortgage loans made by private industry lenders such as banks and mortgage bankers.
First-time Home Buyer Benefits
Low Down Payment
Reduced interest rates
Easy to qualify, special down payment assistance available.
Term Options
The Loan Term
is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:
30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)
pay more total interest
when you pay over 30 years
Extends principal payments
over 15 yrs.
(higher monthly payment)
Pay less total interest
by paying over 15 years
Build equity faster
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All rights reserved. Revised: October 16, 2000.
