Types of Mortgage Loans

From refinance loans to more specific loans like Doctor and Resident Loans, there is something for everyone when it comes to getting a mortgage loan. But with so many different options, which one is perfect for you? Learn more about our loan types and schedule an appointment to talk with your Warsaw Federal mortgage loan officer to get started on your homebuying journey today.
Your interest rate stays the same for the life of the loan. Available with 30-, 20-, 15- and 10-year terms, these fully-amortizing loans come with no pre-payment penalty, and down payments can be as low as 3%. A Fixed Rate Mortgage may help you  budget with  a set payment every single month.
Adjustable Rate Mortgages (ARMs) feature interest rates that adjust with time and may be lower initially than fixed-rate mortgages. You can choose an adjustment period of 1, 3, or 5 years.

Hybrid ARMs (1/1 ARM, 3/1 ARM, 3/3 ARM, 5/1 ARM, 5/5 ARM): Get the best of both worlds, a period of stability before the loan adjustment period begins.
If you’re a medical doctor, resident, dentist, podiatrist, ophthalmologist or veterinarian, a Doctor and Resident Loan may be for you. We offer these loans with special mortgage financing terms to help make financing that dream home an easy procedure. Enjoy special rates and up to 100% financing. Your student loan payments may be excluded from your debt-to-income calculation, making it easier to qualify for your loan.
Fannie Mae’s HomeReady® mortgage loan can help make it easier for low-to-moderate income borrowers to realize the exciting dream of home ownership. Benefits include affordable mortgage insurance, flexible terms, competitive pricing, affordable financing and fixed rates. Read more about HomeReady.
Since 1934, the Federal Housing Administration (FHA) has been helping people become homeowners by insuring the loan so your lender can ultimately offer you a better deal. Benefits include low down payments, low closing costs and easy credit qualifying. FHA loans offer competitive terms and require a down payment of just 3.5% on one to four unit properties.

Ready to refinance your loan? Refinancing allows you to replace your current loan obligation with one that may have more favorable terms. Plus, a refinance could provide any number of advantages. It may lower your monthly payment, lower your interest rate, shorten or extend the number of years on your loan, or give you more favorable loan terms.

Looking to purchase a single-family home or condo in a rural area? A USDA Rural Housing Loan may be for you. These loans are designed for individuals to get a low mortgage interest rate and qualified borrowers can finance 100% of the home's cost.
The U.S. Department of Veterans Affairs offers eligible veterans the chance to enjoy homeownership with special lending terms, no matter if they want to buy, build, repair, retain or adapt a home for personal occupancy. Qualified borrowers can finance 100% of the home's cost – no down payment necessary. Eligibility requirements are determined by length of service or service commitment, duty status and character of service.
The Welcome Home Program offers grants to fund down payments and closing costs and is available to low-income and moderate-income borrowers, military personnel, veterans and surviving spouses of military personnel. 

If you are a non-military borrower, the Welcome Home Program is limited to $5,000 grants to assist homebuyers in funding reasonable down payments and closing costs incurred with the acquisition or construction of owner-occupied housing by low-income and moderate-income borrowers.

If you’re a surviving spouse of service personnel, active duty military or an honorably discharged veteran, the Welcome Home Program grants are limited to $7,500. 
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Ready To Buy A Home?

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