Mortgage Loans

You have a wide choice of financing options available to you. Some choices are yours to make and others are based on your specific circumstances.

• Fixed-rate mortgages - Conventional Fixed-Rate Mortgage Loans are typically available in terms of 15, 20 and 30 year terms. Choose a fixed-rate mortgage if you prefer the certainty of a fixed monthly payment without the risk of the interest rate changing. Fixed-rate ensures that your payment principal and interest remains the same each month, which can make budgeting a lot easier. However, if your loan has an escrow account that is collecting for taxes and or insurance, that likely will change over time and cause your total monthly payment to change annually.
  
  
• Bi-Weekly Program - This program offers the same certainty of the interest rate over the life of your loan as the Conventional Fixed-Rate Mortgage, except your mortgage payments are billed and collected on a bi-weekly basis. Instead of 12 payments per year, you are paying 26 bi-weekly payments per year. This is an effective way to build equity faster in your own. This program does require an Automatic Payment.
  
  
• Low down payments - Historically, the standard down payment for mortgages has been 20%. Today many lenders realize how difficult it can be to come up with such a large amount of cash, and will help buyers with special loan programs. Conventional Fixed-Rate Mortgages have a down payment option for as low as 3% for first-time homebuyers. More information is below in the Government Loan Programs for their down-payment options.
  
  
• See our Homebuyer's Guide for more information on mortgages and choosing the best one for you!  
  
  
• NOTE: For down-payments less than 20% on conventional loans, private mortgage insurance (PMI) is required and PMI charges apply. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all programs are available for all loan amounts. Other restrictions and limitations apply.

• FHA - The Federal Housing Administration insures this mortgage. The required down payment can go as low as 3.5%. Customers like FHA loans because they have more liberal qualification requirements. This is a fixed interest rate, monthly payment loan option. Your monthly payment will include monthly payments towards collecting for taxes, insurance and monthly mortgage insurance premiums that likely will change over time and cause your total monthly payment to change annually. In addition, FHA allows all of your down payment to be a gift from a family member, relative, or non-profit organization. See FHA Mortgage Basics
  
  
• VA - VA loans are guaranteed by the U.S. Department of Veteran Affairs and is available to veterans, active duty military, reservists and for those that are an eligible family member of a former service member. This is a fixed interest rate, monthly payment loan option with little or no down payment. Your monthly payment will include payments towards collecting for taxes and insurance, that likely will change over time and cause your total monthly payment to change annually. VA loans share similar liberal qualification requirements to FHA and often with lower closing costs. You can purchase your new home or refinance your current VA loan using the program.
  
  
• NOTE: For down-payments less than 20% on conventional loans, private mortgage insurance (PMI) is required and PMI charges apply. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all programs are available for all loan amounts. Other restrictions and limitations apply.

• Designed to meet the needs of borrowers who have strong credit and employment profiles but cannot make the standard down payment
  
  
• Funds for down payment, closing costs, and/or prepaid items may be obtained from the buyer's own funds, gifts from a family member or grants from an employer, non-profit, or government agency.
  
  
• Homeownership Opportunities Program (HOP): We partner with the Federal Home Loan Bank of Indianapolis to offer HOP grants. Qualifying first-time home buyers who can provide at least $1,000 of their own money toward the purchase of their home, could receive up to $10,000 in grant assistance.*
• We’ve also taken the extra step to develop a unique mortgage option that can be used in combination with the HOP grant to help qualifying individuals and families with low to moderate incomes make their first home a reality. Not everyone will qualify for these special financing programs, and some may need to develop a more realistic time frame to achieve their goal. Wherever you find yourself financially, our team offers the advice, education and tools to help put you on the path to home ownership.  Request more information here >
  
  
• NOTE: For down-payments less than 20% on conventional loans, private mortgage insurance (PMI) is required and PMI charges apply. All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all programs are available for all loan amounts. Other restrictions and limitations apply.