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


Melissa Mattison

Northwest Bank



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