Mortgages

Mortgages

 

FHA, VA and USDA Mortgages

Government-backed loans can put you in your dream home sooner and with a lower monthly payment. You need less cash up front and other requirements are more generous. The rate on these mortgages can also be lower, which makes your payments lower.

Warsaw Federal expedites government loans. With many lenders, it take as long as seven weeks to get through the process and close on your home. With Warsaw Federal, you may be moving into your new home in less than a month: 60 percent sooner!

FHA Loans

The Federal Housing Administration backs these loans so that lenders can enable more people to buy homes. Lower incomes are allowed, and so are lower credit scores.

FHA mortgage aren’t just for home purchase. You can also take out an FHA loan to make repairs on your house.

 

VA Loans

The Veterans Administration gives veterans excellent terms to help they buy a home. A VA mortgage requires no down payment at all in many cases. There’s a cap on closing costs, and vets don’t pay private mortgage insurance (PMI), which reduces the monthly payment.

 

USDA Loans

The US Department of Agriculture backs mortgages to allow people with a lower income to buy their own home. You may also be able to finance 100 percent of the purchase cost. USDA mortgages are meant to help people in rural areas, so they are limited to buyers in these areas.

 

Residential Loans

Warsaw Federal makes it easy to finance your home, to repair or improve your home, or to use the equity in your home for other purposes. Take a look at the types of loans we offer, then gives us a call or send us a message to learn more and to get started on your dream.

Fixed Rate Mortgage
The interest rate on a fixed rate loan remains the same for the life of the loan. This means the monthly payment will stay about the same as well. If you plan to stay in your home for a long time, this is a good choice. The fixed rate makes it easy for you to plan and budget.

Adjustable Rate Mortgage (ARM)
The initial interest rate and payments may be lower for an ARM than for a fixed rate mortgage. However, after a certain period, the interest rate and loan payments change each year, possibly going up over the life of the loan. We offer three-year, five-year and seven-year ARMS. This means your initial rate remains the same for that term, then varies each year after. An ARM can be a good option if you plan to move in the near future, say three to five years.

First Time Home Buyer Program
Our Home Ownership Program is designed specifically for the first time home buyer. You have a low down payment, and as much as half of that payment can be a gift or grant. Closing costs are minimal, and our approval process is designed to fit the budget of a first-time home buyer.

Home Purchase and Rehab Loans
Looking to refinance? Buying a fixer-upper? Warsaw Federal has the loan for you. Refinance your existing home, or finance the purchase and rehabilitation of a home. (Owner-occupied properties only.)