Conventional Loans
A conventional loan is a mortgage loan which is not insured or guaranteed by any government housing agency such as the Federal Housing Authority (FHA) or the Department of Veterans' Administration (VA). Conventional loans may be conforming or jumbo loans. Conforming loans have terms and conditions that follow the guidelines established by Fannie Mae and Freddie Mac. With accompanying private mortgage insurance, financing options may be available which allow up to 95% of the value of the property to be financed.
HomeBanc offers both fixed rate and adjustable rate conventional loans with amortization terms of 15 years, 20 years and 30 years. Adjustable rate loans carry an initial fixed rate period of 3, 5, or 7 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
Federal Housing Authority (FHA) Loans
A FHA loan is a mortgage loan which is insured by the Federal Housing Administration. FHA loans have a variety of benefits including lower down payment requirements. If you are a first-time homebuyer or have a low to moderate income level, an FHA loan might be best for you. HomeBanc participates with local and state housing finance authority loan programs that assist with down payment and closing costs for first time home buyers.
HomeBanc offers both fixed rate and adjustable rate FHA loans with terms of 15, 20 and 30 years. Adjustable rate loans carry fixed interest rates for periods of 3 or 5 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
Veterans Administration (VA) Loans
A VA loan is a mortgage loan which is insured by the Department of Veterans Affairs and is offered to eligible "veteran" members of the selected reserve, active duty personnel and certain categories of veteran spouses. VA mortgages have a variety of benefits including no down payment requirements.
HomeBanc offers both fixed rate and adjustable rate VA loans with terms of 15, 20 and 30 years. Adjustable rate loans carry fixed interest rates for periods of 3 or 5 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
Rural Housing (USDA) Loans
A Rural Housing or USDA loan is a mortgage loan which is insured by the United States Department of Agriculture. USDA loans have a variety of benefits including no down payment requirements. HomeBanc offers 30 year, fixed rate USDA home loans.
Jumbo Conventional Loans
A jumbo conventional loan is a mortgage which has a loan amount that exceeds the maximum amount allowed under the Federal Housing Authority's (FHA's) insured loan program and the current conventional Fannie Mae loan size limits.
HomeBanc offers both fixed rate and adjustable rate jumbo conventional loans with terms of 15, 20 and 30 years. Adjustable rate loans carry an initial fixed rate period of 3, 5, or 7 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
Foreign National Loans
HomeBanc's Foreign National Loan Program was established to allow individuals from the United Kingdom and Canada to purchase and refinance homes located in the United States. Additional nationalities may be available, contact a Mortgage Loan Officer for details.
HomeBanc offers adjustable rate foreign national loans with a term of 30 years. Adjustable rate loans carry an initial fixed rate period of 3, 5, or 7 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
Manufactured Housing Loans
HomeBanc's Manufactured Housing Loan Program was established to simplify the process of obtaining financing for manufactured housing under an FHA loan insured by the Federal Housing Administration.
HomeBanc offers fixed rate manufactured housing loans with terms of 15 and 30 years.
Condo Loans
HomeBanc's Condo Loan Program was established to simplify the process of obtaining financing for condominiums. HomeBanc's Condo Loan Program allows individuals to finance condominiums which for various reasons may not eligible for other loan programs.
HomeBanc offers both fixed rate and adjustable rate condo loans with terms of 15, 20 and 30 years. Adjustable rate loans carry an initial fixed rate period of 3, 5, or 7 years after which the rate adjusts every year based on an index and a margin. Therefore, the payment may increase after the initial fixed rate period.
HomePath Loans
Homepath loans are used to purchase homes which Fannie Mae has received through the foreclosure process. Homepath loans have a variety of benefits including low down payment requirements and no appraisal or private mortgage insurance.
HomeBanc offers fixed rate Homepath loans with terms of 15 or 30 years.
Portfolio Loans
HomeBanc offers various Portfolio Loan Programs which provide borrowers with additional financing options. Please contact a Mortgage Loan Officer to obtain details and program eligibility.