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Loan Program
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Why Select This Loan Type?
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Loan Feature(s)
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| Adjustable Rate Mortgage (ARM) |
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Plan to keep a home for a short period of time
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-Adjustable rate
-1/1, 3/1, 5/1, 7/1 or 10/1 term
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| 100% Loan |
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No savings for a down payment Or keep savings for home improvements upon purchase
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-Easy fixed-rate loan
-Helps buyers afford “more house”
-Allows closings costs to be paid by seller
-Gift is allowed
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| No PMI Loan |
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Less than 20% available for a down payment, but want to avoid paying PMI (Private Mortgage Insurance)
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-Saves money over paying PMI |
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| Cash-Out Refinance |
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Cash-out some equity in current home, but prefer not to have a second mortgage payment
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-Pay off current mortgage(s) and/or other debt
-One loan, one payment
-Lower fixed interest rate
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| Interest-Only Loans |
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Minimal monthly payment OR afford the most home possible
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-Lower monthly payment
-Allows voluntary principal reductions
-Greater flexibility in monthly cash flow
-Fixed or adjustable rate
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Government Loans
(FHA or VA)
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Minimal or no down payment required OR Veteran
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-Fixed interest rate and term
-Reduced PMI
-Greater credit flexibility
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| KHC Section 8 Voucher |
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First-time homebuyer currently receiving Section 8 assistance |
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-KHC coordinates the participation of property owners and landlords and pays a Housing Assistant Payment (HAP) to their landlord
-Income limits to apply
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Home Equity
Line of Credit
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A flexible, revolving line of credit with convenient access to funds
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-Potential tax advantages
-Low monthly payment
-Utilize up to 100% of your home’s equity
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| Home Equity Loan (Second Mortgage) |
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Closed-end mortgage for home improvements, debt consolidation or more without refinancing first mortgage
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-Fixed payments
-Potential tax advantages
-Utilize up to 100% of your home’s equity
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| Construction Loan |
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Temporary loan to construct new residence
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-Flexible line of credit
-Interest-only payments
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| Bridge Loan |
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Purchase new home before current home sells |
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-Flexible payment options
-Temporary financing
-Utilize equity in current home
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All loans are subject to credit approval.
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