The following mortgage loan programs have options for Primary Residence, Second-Home and Investment Properties:
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 may be a potentially cheaper option. Piedmont Financial also offers 20-year fixed products which come with a slightly lower rate and is a good compromise between the 30-year and 15-year.
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 the flexibility of a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. Piedmont Financial also offers 10-year fixed products.
Adjustable Rate Mortgages (ARM): These increasingly popular ARMs - also called 5/1, 7/1 or 10/1 - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "7-year ARM" has a fixed monthly payment and interest for the first seven years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 23 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Conventional: Most mortgages fall into this category which offers various options for down-payments as low as 3%, terrific interest rates, and cost of credit.
U.S. Dept. of Agriculture (USDA): Low down-payment, low interest rates and cost of credit for properties in designated USDA (rural) areas.
Federal Housing Administration (FHA): The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. Traditionally, they require a 3.5% down-payment and are best suited for low-mid 600’s credit scores.
Veteran's Administration (VA): VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.
Home Affordable Refinance Program (HARP): We offer both the Fannie Mae DU Refi Plus and the Freddie Mac LP Open Access. The HARP program is designed to refinance mortgage loans that were originated prior to May 31, 2009 into more affordable/stable mortgage programs.
Jumbo Loan: Loans for amounts exceeding the conforming loan limits established by Fannie Mae/Freddie Mac – in 2024 the conforming loan limit is $766,550.
Conforming Plus/High Balance: In certain counties/pockets of the U.S. where the median-home value exceeds the $766,550 threshold, you are eligible to receive a conventional loan instead of a jumbo loan depending on your county loan limit.
Debt Service Cover Ratio Loans (DSCR): Loans offered based on the sufficient cash flow/rental income to cover the mortgage payment, taxes, and insurance of a property. Generally used for investment properties.
Commercial Real Estate Loans: Loans for property types - Multifamily, Mixed-Use, Office, Retail, Warehouse, Light Industrial and Self-Storage.