When you have questions about financing your home purchase, United Fidelity Bank is ready to serve you. Our professional loan officers will help you determine which of our mortgage products best suits your needs.
Fixed Rate 1
A fixed-rate mortgage is a home loan with the same interest rate for the entire payment period. The principal and interest payments remain the same during the entire term of the loan. The fixed payment makes budgeting easier. Terms are offered from 10 to 30 years. Low downpayment for qualified buyers.
Adjustable Rate 1
An adjustable-rate mortgage loan (ARM) is a home loan which the interest payment changes or adjusts over the life of the loan. It allows you to take advantage of a lower initial interest rate and monthly payment. An ARM may be a great option if a borrower plans a move within 5-7 years. The Bank offers 5/6 and 7/6 ARM. The rate will remain fixed for 5 or 7 years and can be adjusted every 6 months until maturity.
New Hope 1, 2
This program is designed for low-to-moderate-income households interested in purchasing a home or refinancing their existing mortgage. It is also available for borrowers looking to purchase or refinance a property in designated low-to-moderate income areas. The New Hope Mortgage Program is limited to United Fidelity Bank’s footprint/assessment areas. Home and Pest Inspection is required on purchases. Low downpayment for qualified buyers.
Jumbo
Jumbo loans are typically for high-priced homes, as they reflect amounts that exceed the conforming limits set by Freddie Mac and Fannie Mae each year. Jumbo product is normally offered as an ARM product.
FHA
If you are a first-time buyer with limited cash on hand, our FHA can help. FHA loans are insured by the Federal Housing Administration (FHA). FHA loan limits are based on the county the subject property is located. The loan provides flexible income and credit requirements. Low downpayment for qualified buyers. An upfront and monthly mortgage insurance premium. The upfront mortgage insurance premium may be financed into the loan. A low minimum credit score requirement.
VA
Department of Veterans Affairs (VA) loans provide financing for qualified veterans, reservists, active-duty personnel, or eligible family members. VA loans are guaranteed by U.S. Department of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms and offers long-term financing to eligible American veterans or their surviving spouses. One of the big benefits for veterans is that VA loans will have no monthly mortgage insurance. There is an upfront VA fee that is financed with the loan amount. The U.S. Department of Veterans Affairs does not make loans; rather, it guarantees loans made by lenders. The program offers 100% financing.
USDA
The Guaranteed Rural Housing mortgage loan program offers 30-year fixed-rate mortgage financing guaranteed by the U.S. government through USDA Rural Development (RD). Primary residence only. The program is designed for properties located in eligible rural areas. The program offers 100% financing. A low minimum credit score requirement. Flexible credit terms.
Construction
Our construction loans have a one-time close, up to twelve-month construction term, and interest-only payment during construction. Instead of separate loans for construction and permanent financing, you can get one convenient loan to cover both. Once the home is completed and all construction funds are disbursed, the loan converts to a permanent loan with regularly scheduled payments. Escrow is not allowed during the construction phase. Escrow may be established once the home is completed, and funds are disbursed.
Loans are subject to credit approval. Rates are subject to other terms, and conditions and are subject to change without notice. 1 Loans for more than 80 percent for the home’s value require mortgage insurance. See associate for details. 2 Income based on borrower not household income. All rates assume a 45-day lock period and escrow for taxes and insurance may be required for this product.
