Loan Programs
There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.
| Loan Programs | Characteristics |
| Fixed-Rate Mortgages |
- Interest rate does not change.
- Principal and interest (P & I) does not change.
- Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term.
- Different loan terms are available.
- The shorter the term, the faster equity is built and the loan is paid off.
|
| VA |
|
| Fixed-Rate with Temporary Buydown |
- Borrowers or the seller may pay to temporarily lower the interest rate.
- Decreased interest rate reduces the monthly payment.
- Lower interest rate may help borrowers qualify more easily; qualifying factors may vary.
- Interest rate/payment is typically reduced for 1, 2 or 3 years
|
| FHA |
- Government insured loans
- Fixed rates available
|
| Adjustable-Rate Mortgages (ARMs) |
- There is potential for the interest rate/ payment to fluctuate.
- ARMs transfer to borrowers a portion of the risk associated with a changing economy.
- In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages.
- The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.
|
| Portfolio Lender |
- Portfolio Loans are in-house bank loans
- Construction -Perm financing (Otherwise known as One-Time-Close)
- Doctor Loan - Financing designed specifically for Physicians
|
| Rural Development |
- Programs for rural and non metro communities
|
| MHDC |
- Missouri Housing Development Commission - a program specifically designed for first time home buyers that offers zero money down.
- Missouri Bond money as available by the state
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