Log In  |  Contact Us  |  Help
Apply Now
Select a loan application:

GO

Types of Loans

ADJUSTABLE RATE MORTGAGE  

An Adjustable Rate Mortgage (ARM) is ideal for borrowers who are seeking short-term security and stability. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed rate mortgage is too high.

 Benefits:

  • Typically ARMs have a lower initial interest rate than on a fixed rate mortgage. 
  • The interest rate cap limits the maximum amount your P&I payment may increase at each interest rate adjustment and over the life of the loan. 
  • May provide flexibility if you expect future income growth or if you plan to move or refinance within a few years. 

CONSTRUCTION LOANS

Building a new home or purchasing a home under construction is a big commitment requiring time and money. Fortunately, we offer great solutions for construction loans to help you save both. 

We have an extensive amount of experience helping people build their new home. Whether you are building your primary home or a second home, we offer a variety of loan programs to help you achieve your dream.

FHA LOANS

FHA Loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA), which is part of HUD, helps borrowers who may not qualify for conventional mortgage programs. 

FHA Loans Offer:

  • Low down payments
  • Low closing costs 
  • Easy credit qualification

Loan Features:

  • Available in a variety of fixed rate and adjustable rate options.
  • Has down payment options as low as 3.5%
  • May allow you to use a gift or grant for all or a portion of the down payment or closing costs. 
  • You typically have to pay upfront and monthly FHA mortgage insurance premiums.

Right for you if:

  • You want to purchase a home with a low down payment
  • You're a first time homebuyer
  • You earn a qualifying income
  • You want to refinance your existing loan to a lower rate

FIXED RATE LOANS

A fixed-rate mortgage offers a straightforward, predictable monthly payment. With fixed-rate mortgages, your interest rate—and your total monthly payment of principal and interest will stay the same for the entire term of the loan. 

Benefits:

  • Predictable monthly P&I payments allow you to budget more easily.
  • Protection from rising interest rates for the life of the loan, no matter how high interest rates go.
  • May be a good choice if you plan to stay in your home for a long time.

HOME AFFORDABLE REFINANCE PROGRAM (HARP) 

If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply. 

 You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it's a Fannie Mae loan that was refinanced under HARP from March-May 2009. 
  • The current loan-to-value (LTV) ratio must be greater than 80%. 
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months. 

JUMBO LOANS

A jumbo loan is for borrowers who require loan amounts that exceed the existing Fannie Mae conforming loan limits.

 Jumbo Loan Features:

 Loan amounts up to $3,000,000

  • Flexible fixed and adjustable rate programs available
  • Portfolio Service Program
  • Requirements vary by state/county

REVERSE MORTGAGE LOANS

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. It is smart to know more about reverse mortgages, and decide if one is right for you!

USDA LOANS

United States Department of Agriculture (USDA) loans stand alone as the only zero money down program to borrowers that have not served in the military. If you are in the market for a home outside of a major metropolitan area, you may qualify for a USDA Loan. 

 A USDA Loan offers:

  • $0 down, 100% financing
  • No monthly mortgage insurance
  • Potential for lower income families and those with blemished credit to qualify

Eligibility requirements are based on three factors:

  • Credit worthiness
  • Income requirements
  • Location of property

VA LOANS

First Hope Mortgages is proud to serve those who have served our country. VA (Veterans Affairs) loans are government insured loans offered to qualified veterans, reservists, active duty personnel, or eligible family members. 

 Benefits:

  • Provides financing for eligible service members 
  • Low or no down payment
  • Available in a variety of fixed-rate and adjustable-rate loan options 
  • Purchase or refinance options available

Right for you if:

  • You're a United States military veteran
  • You're a widow or widower of a veteran
  • You're currently serving in the military or military reserves
  • You're from a military family including active duty, retired, reserve/guard, veterans, and commissioned officers of the Public Health Service or the National Oceanic and Atmospheric Administration.

For more information, please contact a loan specialist at (866) 319-1214.

First Hope Bank, N.A.
201 Route 94, Second Floor, Columbia, NJ  07832
Toll Free:  (866) 319-1214
Office:  (908) 459-4121
residentialmtg@firsthope.com
Copyright © 2017 Company NMLS #460885
Privacy Policy  | Security Statement  |  Site Map