Special Mortgage Loans for Homebuyers

As mortgage rates increase, special “niche” loan programs may be a good option for you. These loans have features that may avoid mortgage insurance, allow you to buy with less money down, or use adjustable rates to get you a lower interest rate. I talked with Chris at Fulton Bank and Melissa at Northwest Bank to find out some of their current loan products. (See their contact information at the end of the article)

Hero Loans

All first responders, EMT, ambulance, fire fighters, police officers, retired/active military. As little as 3% down, all bank fees waived. With 10% down, no mortgage insurance. Conventional. Portfolio loan. This is a good option for properties that don’t meet VA requirements.

(Melissa at Northwest)

Doctor Loans 

People in residency, fellowship or practicing less than 15 years. Medical doctor, dentist, pharmacist, veterinarians, podiatrists, etc. No to low money down up to 1.5 million, no mortgage insurance, conventional loan.

(Chris at Fulton)

Adjustable Rate Mortgages

Terms vary: 15/6  10/6  7/6

30 year loan. For example, a 15/6 means the rate is fixed for 15 years. Then it goes to a “floating” rate, which means the rate could adjust every six months during the floating time. You’re accepting a lower rate and betting on how long you’ll be in the house. If 15 years or less, then an arm could be a good option.

(Chris at Fulton)

Home Buyer Advantage

3% down, no PMI, income limits, conventional loan, restrictive debt to income ratio, no pricing adjustments for different credit scores (that qualify), waives income limits in Lancaster City and Columbia, center of Manheim, parts of Ephrata, etc. (low to moderate census tract). Could be great for lower income earners.

(Chris at Fulton)

Community Combo

100% financing, conventional with no PMI, adjust per credit score, interest rates higher. Could be great for homebuyers with little cash to put down.

(Chris at Fulton)

Jumbo Loan

Up to $850k purchase. No mortgage insurance. Minimum 15% down. Conventional. Good interest rate.

(Melissa at Northwest)

Construction Loans

Land only purchase minimum 20% down, ten year loan. One time construction loan close. Construction loan 5% down. Conventional mortgage. No escrow required for taxes. 

(Melissa at Northwest)

These are summaries of the loan programs at this time. Loan products change. Qualifications change. For complete and accurate information, contact the loan officer. This article is for information purposes only and is not intended for any type of endorsement or financial advice.

Chris Karshin

Fulton Bank

ckarshin@fultonmortgagecompany.com

Melissa Mattison

Northwest Bank

Melissa.Mattison@northwest.com 

YOU MIGHT ALSO ENJOY

Holiday Lights and Local Delights

December has a way of making our towns feel a little more magical. From twinkling lights to cheerful markets and cozy small businesses, this time of year reminds us why Lancaster County and its surrounding communities are such special places to call home. Whether you’re new to the area, a long-time local, or exploring neighborhoods as you consider a move, here are some of the best ways to enjoy the season.

A Season for Gratitude: Five Reasons to be Thankful for Your Home

As the season of gratitude settles in, it’s a wonderful time to pause and appreciate the place we call home. Our homes hold our memories, protect us from the world, and offer comfort at the beginning and end of each day. Yet it’s easy to forget how significant that blessing is, especially when so many people across the country don’t have stable housing at all.
Here are five heartfelt reminders that help us reflect on just how much we have to be thankful for.

The Pitfalls of Overpricing Your Home

When it’s time to sell your home, it’s natural to want the best possible price. There are many reasons why overpricing negatively affects your home sale. But setting the price too high—hoping to “test the market” or leave room for negotiation—can actually hurt your sale in ways many homeowners don’t expect. Let’s take a look at the main reasons why.

Listing As-Is: When It Makes Sense

Sometimes, selling a home feels like a race against time, and the last thing you want to do is spend time and money on renovations. Maybe your home needs updates or has a lot of deferred maintenance. Maybe your situation calls for a simple sale. That’s where listing as-is comes in.
Does it actually make sense for you to sell this way? What should you keep in mind before you do? Let’s walk through the details.