Types of Home Loans
Benefits of a NavyArmy Home Loan
- Fixed Interest Rates
- Escrow Options Now Available*
- No Private Mortgage Insurance
- Down Payments Starting at 5%
5 Great Home Loan Options!
Homestead Loans
(purchases & refinance)
- Maximum loan advance is 95% of purchase price or appraisal value, whichever is less
- 95% loan to value on refinances
- Max term is 30 years
Second/Vacation Home
(purchases & refinance)
- Covers purchases and refinances
- Max loan advance is 80% of purchase price or appraisal value, whichever is less
- 80% loan to value on refinances
- Max term is 15 years
Home Improvement Loans
- Maximum loan advance is 90% loan to value
- Loans made for tangible improvements to homestead
- Max term is 30 years
Home Equity Loans
- Loans secured by member’s homestead
- Maximum advance is 80% loan to value
- Max term is 30 years
- Interest* may be used for tax deductions (*Contact your Tax advisor for details)
One Time Close Construction
- Construction and permanent rates are locked up front
- Program starts with a 10% down payment
- Minimum 90% loan-to-value if you own the land
- 9 – 12 months interest-only payments during the build
Benefits
- Lower fees
- Less paperwork
- Only go to the closing table once
- Perfect for custom homes
- Program designed for well-qualified buyers
Call 361-986-4500 and press 6 for Home Loan Inquiries then 2 for New Loans
