LOAN PROGRAMS

FIRST TIME HOMEBUYER PROGRAM

The First-Time Home Buyer Program is offered by the Centre County Commissioners. If you qualify, the trust fund provides down payment and closing costs assistance.

CONVENTIONAL LOANS

• Competitive interest rates across all of our lenders
• Purchase a home with as little at 3% down for first-time buyers or 5% down if not a first-time buyer
• Residential investment properties with 20% down
• Refinance to shorten term and/or improve your rate
• Cash-out refinances to pay off debt or finance home improvements

USDA RURAL HOUSING

• Move in with little to no cash out of pocket
• Seller may pay all or part of closing costs
• Income caps vary by county
• Home must be located in rural area
• Visit https://eligibility.sc.egov.usda.gov/ to check income limits per county as well as specific home eligibility

VETERAN LOANS

• No down payment or mortgage insurance required
• Closing costs may be paid by seller
• Great refinancing benefits too!
• Interest rates are typically 0.5% less than conventional programs

FHA: FEDERAL HOUSING ADMINISTRATION INSURED LOANS

• Only 3.5% down payment is required
• 1-4 unit homes are accepted
• No income limits to be approved
• Relative can co-borrow if needed

FHA 203K PURCHASE/ REMODELING LOANS

This program is designed for purchasing a home at a low cost, or refinancing to get extra money for remodeling by borrowing up to 96.5% of the expected finished value.

• The maximum $35,000 renovation budget can be used for updating kitchen, bathrooms, siding, roofing, appliances, and more

CONVENTIONAL RENOVATION LOAN

The sky is the limit- anything that adds value to the home is acceptable in this program.

• Build a garage
• Remodel rooms
• Landscaping and exterior living space
• Other improvements on case by case basis as long as they meet "as improved" valuation
• Must use a licensed general contractor, no self-help allowed

MOBILE HOME LOANS

• Conventional, Veteran Affairs, and Federal Housing Administration offer loan programs.
• Home cannot be in a park or condominium project
• Home must have been build after July 1976
• Talk to one of our originators about the options available.