A Conventional Mortgage is any mortgage that is not insured or
guaranteed by the federal government or state government. Conventional mortgages typically
require a higher down payment, usually 5%-20%. They also have higher income and credit score
requirements than government loans.
KEY BENEFIT: Repayment terms are
generally more favorable.
The Federal Housing Administration (FHA) insures these mortgages so
Adams Bank & Trust can offer you very attractive loan terms. With flexible qualification
guidelines, these loans can be especially helpful and benefit first-time homebuyers and
buyers who don’t have perfect credit or a lot of money to put down.
KEY BENEFIT: Low down payment
(as low as 3.5% of the purchase price).
VA Home Loans help veterans finance the purchase of a home with
very favorable loan terms at an interest rate typically lower than rates charged on other
types of mortgages.
KEY BENEFIT: No down payment
USDA Home Loans are for low to moderate-income homebuyers wanting
to buy a home in a rural area. USDA Home Loans are affordable and backed by the federal
KEY BENEFIT: 100% financing on a
fixed 30-year loan on the appraised value of the home.
NIFA provides affordable loan programs for first-time home buyers
KEY BENEFIT: Below market
interest rates and down payments.
A jumbo mortgage is any single loan amount over the conforming loan
limit set by Fannie Mae and Freddie Mac, which is currently $726,201.
KEY BENEFIT: Allow purchase of a
more expensive home.
Provides the opportunity to purchase a new home prior to selling
KEY BENEFIT: Interest only
payments until the sale of your current home.
Purchase a piece of land with no residence on it prior to
construction of a primary residence.
KEY BENEFIT: Simple, temporary
financing prior to construction.
Short term loan to cover the building of a new home as a primary
KEY BENEFIT: Flexible financing
Home Equity Lines of Credit:
Make home improvements, pay for school, consolidate high-interest
debt, or have funds available for emergencies.
KEY BENEFIT: Low interest rate
for various financing needs.
"All mortgage loan products are subject to credit
approval and must meet loan and program qualifications."