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Traditional Loans

If you’ve already been through the home-buying process or feel that a traditional loan program fits your need, Village Bank Mortgage has a variety of options available to help you reach your homeownership goals. Whether you are purchasing or refinancing, the following loan programs may be worth taking a look at.

Conventional Fixed Rate Loans – Specifically designed for individuals that will be putting 5% down or financing 95% of the value of your property, these fixed-rate loan programs allow you to have a stable monthly payment throughout the life of your loan. Qualifying standards for these loans tend to be a little more restrictive than government-backed loans. These loans are often referred to as “agency loans” as both Fannie Mae and Freddie Mac securitize these mortgage instruments in what is known as the secondary market. Village Bank Mortgage offers 10-, 15-, 20-, 25- and 30-year terms for qualified applicants.

Conventional Adjustable Rate Loans (ARMs) – Similar to their fixed-rate counterparts, these loans come with an adjustable rate feature. Most loans have an introductory rate for the first 1 – 10 years of the loan term and typically amortized for 30 years. Not for the risk-averse, most people will look at these options carefully and decide if the reduced rate is enticing enough to undertake the long-term volatility that may occur. In some cases, borrowers may consider an ARM if there is a known relocation or life event that falls within the introductory period. Village Bank offers an adjustable rate mortgage with introductory rates for up to 10 years.

FHA Mortgages – Village Bank Mortgage has an array of loan products available through the Federal Housing Administration (FHA). Insured by the Department of Housing and Urban Development, most FHA Mortgage products offer the borrower the ability to purchase for as little as a 3.5% down payment. Also, current borrowers may have the option of refinancing up to 96.5% of the value of their home. Just like most programs, seller contributions towards closing costs are allowed that will help minimize the out-of-pocket costs needed to purchase a home.

VA Mortgages – Loans available through the guaranty of the Veterans Administration, VA Mortgages are similar to FHA Loans except that they are designed for qualified veterans, active duty service members or their spouses. This is one of the few programs available that allow for the purchase or refinance of your home for up to 100% of the value. If you’ve spent time in your life serving our country, you deserve the benefits of a loan built just for you. Village Bank Mortgage is honored to assist you with VA loans.

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