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Active-Duty and Retired Military: VA Loans

Backed by the Veterans Administration, these loans allow eligible Military personnel - active-duty or retired - to buy with easier qualifying guidelines and to waive a private mortgage insurance requirement. 

In particular, our VA loan programs can cover a variety of financial needs including:

  • 0% down payment
  • Fixed-rate & ARM options
  • High balance loan amounts
  • Options for primary homes, second homes, and investment properties
  • Refinancing programs

     

First-Time Homebuyers: FHA Loans

A good fit for first-time homebuyers or anyone who hasn’t owned a home within the last three years, this program from the Federal Housing Administration (FHA) is aimed at backing loans for buyers with limited funds for a down payment or imperfect credit.

FHA loans come with these benefits:

  • 3.5% down payment
  • Fixed-rate & ARM options
  • Refinancing programs

Traditional Financing: Conventional Loans

Conventional loans aren’t backed by the US government, but   They are a good choice for those with stable employment and financial histories.

  • Widest range of loans on acceptable properties
  • Variable loan terms outside of the standard 30-year or 15-year loan
  • 3% down payment for 1st time Home Buyers.

Higher Price-Points: Jumbo Loans

Exactly as the name suggests, jumbo loans are for luxury properties and high-cost areas. They allow the borrower to take out a larger-than-normal loan amount.  Armed Forces Bank's jumbo loan programs offer:

  • Loans up to 2.5 million dollars
  • Interest only options
  • Down payments as low as 5%
  • Varying loan terms

Flips & Fixer-Uppers: Renovation Loans

Sometimes you need to make repairs before moving in. Renovation loans are used in addition to your mortgage to ensure that you have the money you need to account for those costs upfront.  The FHA 203(k) Fixed-Rate Rehab Loan - Allows you to borrow against the “as completed” appraised value of the property, or what it will be worth once all the work is done. Plus, offers standard or limited programs based on the scope of the renovations that need to be completed.

Unique Financial Situations: Portfolio Loans

Portfolio loans are kept and serviced in-house, as opposed to be being sold to a larger lender, which is often the case with more traditional financing. Since our branch will be keeping responsibility for the loan, we have more freedom in terms of who can be declared eligible.

Usually, these loans are a good choice for those with non-cookie-cutter finances or who are interested in higher-risk properties. If you’re self-employed, have some credit issues, or intend to tackle a tricky flip, you may be a good candidate.

Armed Forces Bank's portfolio loan programs include:

  • Homeowner’s Access - Allows you to have several 30-day late or 60-day late payments within the last year.
  • Fresh Start Program - For those looking to rebuild credit after a bankruptcy, foreclosure, or short sale.
  • 1-4 unit Residential Investment Program.

Everyone’s financial situation is unique. Contact Us more information about we can help you find your ideal loan program.

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Armed Forces Bank

   Mobile: 719.650.8019

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Down Payment Assistance has been available throughout the nation for FHA, Conventional, USDA, and VA buyers for a long time. I still run into Realtors  and clients that think Down Payment Assistance (DPA) programs on mortgages are only for first time homebuyers. This is not ...

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