No Nonsense Mortgage
Primary residence, second home or
investment properties
Minimum down payment: 10.1% to 20%, 25% for investment properties
Interest rate: fixed or 5/1 & 7/1 Adjustment
Rate Mortgages (ARMs)
Loan term: 30 year or less
Maximum loan amount: $424,100
Mortgage insurance not required
TLC mortgage
Minimum down payment: 10.1%
Interest rate: 7/1 ARM
Loan term: 30 year or less
Maximum loan amount: $424,100
Up to $35,000 cash out for renovations
Mortgage insurance not required
Jumbo mortgage
Minimum down payment: 25%
Interest rate: fixed or 5/1 & 7/1 ARMs
Loan term: 15 or 30 year
Loan amount: $424,100- $1,000,000
Construction loan
Primary residence or year round second home
Down payment options vary based on occupancy and maximum loan amount
Interest rate: 5/1 ARM
Loan term: 30 year
One closing
Property inspections completed by lender
Mortgage insurance not required
Green construction program available
Land loan
Minimum down payment: 35% for unimproved land, 25% for improved land
Interest rate: fixed
Loan term: 5 year balloon with a 15 year amortization
Seasonal second home
Minimum down payment: 20%
Interest rate: fixed or 5/1 & 7/1 ARMs
Loan term: 30 or 15 year
Maximum loan amount: $424,100
Seasonal camp
Minimum down payment: 25%
Interest rate: 1/1 ARM
Loan term: 20 year maximum
Mobile home
Minimum down payment: 20%
Interest rate: 5/1 ARM
Loan term: 20 year for owned land, 10 year for rented land
Remaining economic life of mobile home must exceed loan term by 5 years
*Loan programs and terms are subject to change.
