Loan options
CONVENTIONAL
Traditional loan programs that usually require at least 3-5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
FHA
FHA-insured loans require very little cash investment to close a loan as well as offering more flexibility in calculating household income and payment ratios.
2-1 BUYDOWN
Lower the interest rate on a mortgage for the first 2 years before it rises to the permanent rate. The rate is 2% lower during the first year and 1% lower in the second year of the mortgage.
UHC
Program that can provide borrowers with the option to have a 2nd mortgage covering the down payment.
80/10/10
Commonly referred to as a piggyback loan, 80/10/10 eliminates the needs for the borrower to pay private mortgage insurance (PMI).
HOME RENOVATION
Designed to create opportunities to repair or improve existing homes and increase the value of the home in a single mortgage with low, fully amortized, rates.
VA
Offers long term home loans to active duty US Military service members, eligible American veterans and reserves or their surviving spouses.
RURAL HOUSING
USDA programs that provide home ownership opportunities to individuals in qualifying rural areas.
CONSTRUCTION LOANS
A short term interim loan for financing the cost of new home construction. The loan is made directly to the borrower and managed by Citywide’s experienced Construction Department.
JUMBO
Loan programs that offer financing for loan amounts greater than the convention or high balance limits
STATE BOND
Programs that offer 100% financing to first time and repeat home buyers. These low cost, low interest mortgage programs enable more people to invest in their own homes.