Mortgage Loan Options Sheet

LOAN OPTIONSMortgage

CONVENTIONAL-CONFORMING FIXED RATE | MONTHLY PRINCIPAL AND INTEREST PAYMENTS THAT WON’T CHANGE.

• Multiple terms available

• Competitive rates

• Down payments as low as 3%*

ARM, ADJUSTABLE RATE MORTGAGE | INTEREST RATE THAT MAY CHANGE PERIODICALLY DEPENDING ON CHANGES IN A CORRESPONDING FINANCIAL INDEX THAT IS ASSOCIATED WITH THE LOAN. GENERALLY, YOUR MONTHLY PAYMENT WILL INCREASE OR DECREASE IF THE INDEX RATE GOES UP OR DOWN.

• Multiple terms available

• Competitive initial rate

• Good option to build credit or for temporary housing

HOMEREADY | FLEXIBLE FINANCING AVAILABLE FOR DIVERSE NEEDS.

• Down payments as low as 3%*

• Full down payment can be a gift from an eligible source2

• Income limitations based on property location

USDA RURAL DEVELOPMENT LOAN | PROPERTY LOCATED IN A USDA ELIGIBLE AREA.1

• 100% financing options available

• Applicants must also meet credit, income, and property requirements2

VA, DEPARTMENT OF VETERANS AFFAIRS LOANS | AVAILABLE TO ELIGIBLE CURRENT OR FORMER MEMBERS OF THE U.S. ARMED FORCES AND THEIR SURVIVING SPOUSES.

• 100% financing options available

• No Private Mortgage Insurance required

FHA, FEDERAL HOUSING ADMINISTRATION | A GREAT OPTION FOR BORROWERS WITH LIMITED MONEY AVAILABLE FOR A DOWN PAYMENT.

• Down payments as low as 3.5%*

• No pre-payment penalties

PRIVATE WEALTH SPECIAL | HIGH LOAN TO VALUE FINANCING OPTION FOR QUALIFIED BORROWERS.

• Credit and income requirements for qualified borrowers2

• 100% financing options available for loan amounts above $250,000

• No Private Mortgage Insurance required

PADUCAH AND LOUISVILLE PRIDE | HIGHER LOAN TO VALUE OPTIONS AVAILABLE.

• 100% financing option for residents of McCracken and Jefferson Counties

• Income and property restrictions2

• Borrower responsible for paying closing costs

• No Private Mortgage Insurance required

BRIDGE | TEMPORARY OPTION AVAILABLE WHEN SELLING AND PURCHASING ANOTHER HOME.

• Use existing equity to purchase new home

• Typically interest only payments until current home is sold

CONSTRUCTION | TEMPORARY FINANCING AVAILABLE DURING CONSTRUCTION PHASE.

• New home construction

• Options for purchase or refinancing of lot or land

• Purchase existing home and receive funds for renovation

JUMBO3 | FINANCING OPTIONS FOR LARGER LOAN AMOUNTS.

• Credit and income restrictions apply2

• Multiple terms available

• Options available with no Private Mortgage Insurance requirements*

HIGH BALANCE CONVENTIONAL | FINANCING OPTIONS FOR LARGER LOAN AMOUNTS.

• Loan amounts from $766,551–$1,149,825

• Purchases up to 95% loan to value; refinances up to 80% loan to value

• Credit restrictions apply 2

• Property must be located in a high cost area

*Private Mortgage Insurance, PMI, may be required in some transactions increasing monthly payments.

1 designated rural area is defined by the U.S. Department of Agriculture Rural Development

2 Each program has specific eligibility requirements. Please contact a Relationship Manager for current eligibility requirements

3 Loans that exceed the loan limits set by FHFA. Currently the amount is $766,550 for a single-family home in most states ($1,149,825 for Alaska and Hawaii). Amounts subject to change.

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