The Peoples Bank Mortgage Options

  • These are Fannie Mae regulated products which are offered with several term options including 10-year, 15-year, 20-year and 30-year
  • The interest rate is set at the time of closing and remains constant over the entire loan term
  • Many loans are subject to a 20% down payment, although other loan options may be available
  • Loans with less than 20% down payment will typically require Private Mortgage Insurance
  • Borrowers must meet minimum credit requirements in order to be eligible for Fannie Mae regulated products
  • These are Fannie Mae regulated products which are offered with several initial fixed-rate periods of 1, 3, 5 and 7 years
  • The interest rate is set at the time of closing and remains constant over the initial fixed-rate period
  • Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis
  • Loans with less than 20% down payment will typically require Private Mortgage Insurance
  • This is a government-sponsored loan program geared towards first-time home buyers
  • Fixed-rate periods range from 10 years to 30 years
  • New purchase mortgages allow for a down payment as small as of 3.5% of the purchase price
  • The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States
  • The Veterans Administration loan program enables veterans and active-duty personnel to purchase or refinance a home with favorable loan terms
  • Fixed Rate periods range from 10 years to 30 years
  • VA offers mortgages that can accommodate no down-payment on many purchase transactions
  • Loans are available with fixed rate over a 10-year term
  • Down payments range from 15% to 35% depending on the development of the property prior to the loan
*The Peoples Bank may work in conjunction with a 3rd party for these options.