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Standard and Government Issued Loans

  • Both fixed and adjustable rate mortgage loans are available for conventional conforming loans, jumbo (non-conforming) loans and FHA or VA programs.

    Fixed-Rate Mortgage:

    This type of loan has an interest rate that doesn’t change over the life of the loan, so monthly payments for principal and interest (P&I) do not fluctuate. They typically have a 15- or 30-year term length, though they can be for any length the borrower and lender agree upon.


    • Predictable monthly P&I payments allow you to budget more easily
    • Protection from rising interest rates for the life of the loan, no matter how high interest rates may go
    • May be a good choice if you plan to stay in your home for a long time


    • The overall interest paid is higher on a longer-term loan than a shorter-term loan
    • Shorter-term loans typically have higher interest rates than longer-term loans



    Adjustable Rate Mortgage (ARM):

    This type of loan has interest rates that are adjusted periodically based on changes in overall interest rates. If interest rates rise, you can expect to see an increase in what you pay monthly. Your interest rate and monthly P&I stay the same for an initial period of 5, 7 or 10 years, then are adjusted annually.


    • Often has an interest rate cap that sets a limit on how high your interest rate can go
    • Loans available in a variety of longer terms.
    • Includes interest rate cap that set a limit on how high your interest rate can go.


    • Monthly P&I payments may increase when the interest rate adjusts
    • Monthly P&I payments may change every year after initial fixed period is over


    NOTE: Please see program specific pages for details or speak with your local mortgage consultant.
    By refinancing an existing loan, your total finance charges may be higher over the life of the loan.

  • FHA Loans

    These loans insured by the U.S. Department of Housing and Urban Development. They are designed to make housing more affordable, particularly for first-time homebuyers. FHA loans typically permit borrowers to buy a home with a lower down payment than conventional loans or refinance with less home equity. Current FHA loan limits vary depending on home type and home location.


    • Available in a variety of fixed rate and adjustable rate loan options
    • May allow the use of gift or grant funds for all or a portion of closing costs
    • Current FHA homeowners may be able to obtain an FHA streamline refinance


    • Require less cash upfront for down payment and closing costs
    • Available for all income levels.
    • Less paperwork is required for those who qualify for an FHA streamline refinance
    • A co-applicant can help a borrower to qualify, even if they do not live in the home


    • Typically can only have one FHA mortgage at any given time
    • May end up being more expensive than other financing options in some circumstances


    VA Loans

    This type of loan is guaranteed by the U.S. Department of Veterans Affairs. It was created to help make housing affordable for eligible U.S. veterans and members of the military. VA home loans are available to veterans, reservists, active-duty military personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to buy a home with no down payment, refinance up to 100% of the home’s value and pay no private mortgage insurance.


    • Provides a wide range of rate, term and cost options.
    • Doesn't require monthly mortgage insurance.
    • No down payment required


    • Typically requires a one-time VA funding fee that can be financed into the loan amount
    • Only available for a primary residence

    These programs have special requirements to qualify. Talk to your local Mortgage Consultant to see if you qualify today.


  • Refinancing with FHA Streamline may help qualified borrowers reduce their overall mortgage payment, decrease an existing interest rate and help build home equity faster.
    Refinance with confidence


    • Lender-paid closing costs – No out-of-pocket closing costs for borrowers
    • No appraisal required – using the original appraised value may help minimize declining home values
    • No maximum income ratios – changes in income may have less impact
    • Quicker financing process – reduced documentation helps facilitate a faster loan closing
    • Potential refund of existing FHA upfront MIP


    Please see program specific pages for details or speak with your local mortgage consultant.
    By refinancing an existing loan, your total finance charges may be higher over the life of the loan.

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  • VA Home Loans

    As a servicemember or veteran of the United States military, your duty has been to support and defend our country. FM Lending Services proudly salutes your commitment, and we stand ready to help you reach your home financing goals with a VA Home Loan.

    With many veterans returning home and in need of housing within the communities we serve, we would like to extend not only the advantages of a VA home loan, but also additional incentives to help lower the cost of purchasing a home:

    Features of a VA Home Loan:

    • No down payment if the purchase price does not exceed the appraised value of the home
    • No monthly mortgage insurance requirement1
    • No prepayment penalty for loans paid off early
    • Closing costs are limited by the VA and may be paid by the seller


    Other Benefits for Veterans:


    • Purple Heart - If you are an active duty Servicemember who has earned a Purple Heart, your funding fee can be waived if you close on your home while still serving on active duty.
    • Higher Loan Limits - Veterans will have greater access when using their no-down payment home loan benefit. Our VA home financing allows loan amounts up to $1.5 million.
    • Native American Direct Loan - This law removes the former loan limit of $80,000 for Veterans using their entitlement for a VA Native American Direct loan to build or purchase a home on Federal trust land. Eliminating the loan limit enhances access to home loan benefits for Native American Veterans.

    Incentive Offers available through December 31, 2022 include:

    • No loan origination fee (up to $1,395 value) through FM Lending
    • Lender credit toward appraisal (up to $800 value)2

    A Dedication to Service

    FM Lending Services continues to place our men and women in uniform at the forefront of our new ideas and promotions. Since the program's inception, our exclusive VA loan program has accomplished the following:

    • Over $6 million in appraisal savings
    • Over $14.1 million in origination savings
    • Total borrower savings of over $20.2 million
    • Over 13,500 military families served


    FM Lending Services is not affiliated with or endorsed by any government agencies.

    1. Generally, all Veterans using the VA Home Loan Guaranty benefit must pay a funding fee. The funding fee is a percentage of the loan amount which varies based on the type of loan and your military category, if you are a first-time or subsequent loan user, and whether a down payment is made. The VA funding fee may be financed or paid in cash at the time of closing.

    2. Borrowers are eligible for a lender credit toward closing costs on the Closing Disclosure on a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with FM Lending Services. Loan must close within 90 days from the date of loan application. Discount may not exceed $800 for appraisal. This offer must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. This discount is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 12/31/2022.

    Not all incentive offers are available in all areas. All Incentive offers valid on complete VA home loan applications received between 11/01/2021 and 12/31/2022. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan. Contact local Mortgage Consultant for details.

  • The USDA Guaranteed Rural Housing Loan Program’s mission is to assist low to moderate income, rural home buyers achieve their homeownership dreams.

    As an approved lender, we offer USDA loans to qualified borrowers and can help applicants purchase a home with affordable interest rates and loan terms.1


    Budget-friendly benefits — no minimum down payment or cash reserve requirements. Closing costs and fees may be financed as part of the loan amount up to 100% of the appraised value.2

    Contributions allowed — Iinterested party contributions of up to 6% and gift and grant funds are permitted

    Built-in resale advantage — loans are assumable, with Rural Development approval, giving qualified, future buyers an option to take over the exisiting interest rate.


    No or low down payment options may not be the best product for all borrowers. Please consult your mortgage consultant to discuss your financing options.

    1. Eligible only for single family, primary residences purchased within the eligible rural areas as defined by the USDA. Credit is subject to approval. Property location, asset and income restrictions apply, and home buyer education may be required.
    2. A guarantee fee is charged and collected at the time of closing and can be paid by the buyer or seller, or financed. Loan amounts may exceed the appraised value of the property (e.g. >100% LTV) to include the amount of a financed guarantee fee. This applies only to loans for which all or a portion of the guarantee fee is being financed into the loan.

  • Jumbo, or non-conforming loans, may be a good option for borrowers that have a higher-value property and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans (including cash-out refinances).


    • Available in a variety of fixed- and adjustable rate loan options
    • May be able to add extra features, such as temporary buydowns


    • Provides financing for loan amounts up to $3 million

    • Provides the convenience of one loan for the entire loan amount


    • Interest rates are usually higher on jumbo loans than on conforming loans with lower loan amounts.

    Interest-Only Jumbo Loan

    The interest-only jumbo loan product is designed to serve borrowers who require a higher loan amount, but prefer a lower mortgage payment for the first few years of the loan. An interest only home loan may not be the best option for all borrowers.


    • Maximum loan amount up to $3,000,000.
    • Down payment as low as 25% for purchase transactions.
    • Purchase and rate term refinance loan options available.
    • 5/1, 7/1, and 10/1 adjustable rate mortgage (ARM) options available.
    • Available for a primary residence or second home. Condos may be eligible.
    • No pre-payment penalty.


    1. Interest only products are not the best products for all borrowers or all situations. Consult your Mortgage Consultant and/or a Certified Financial Planner to assist in determining if this product is right for your individual circumstances. Loan product not available in West Virginia.


  • Benefits:

    • Accessible and sustainable financing
    • Low down payment. Up to 97% financing for purchase of a primary residence (1-unit properties).
    • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties)
    • Extended-income household (EIH) may allow non-borrower income to be considered when qualifying the borrower for the mortgage1
    • Lower than standard MI coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.
    • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.


    HomeReadyTM is a trademark of Fannie Mae.
    1. Non-borrower income must be at least 30 percent of the total monthly qualifying income being used by the borrower(s).

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