Government Loans
Veterans and active-duty personnel can leverage this loan program—available through the Veterans Administration as recognition for their service—to buy or refinance a home with favorable terms. A good mortgage option for those unable to afford a down payment. This loan is available with a variety of repayment terms. Once your initial rate expires, annual market conditions determine whether your rate increases or decreases.
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Veterans and active-duty personnel can leverage this loan program—available through the Veterans Administration as recognition for their service—to buy or refinance a home with favorable terms. Many purchase transactions available through VA mortgages need no down-payment. Other terms of interest include available 3- and 5-year initial fixed-rate periods and interest rates set at the time of closing that remain constant over the initial fixed-rate period; once the initial fixed-rate period expires, the rate can increase or decrease on an annual basis depending upon market conditions.
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A good choice for those with existing VA-guaranteed loans who are looking to refinance. This easily-implemented, streamlined refinance option often requires no appraisal and minimal paperwork. In recognition of their service, applicants may also be eligible to lower their principal and interest payments as part of this refinance option. Desert Community Bank offers both fixed and adjustable-rate terms for VA IRRRL.
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Prospective home buyers with imperfect credit, no formal credit history, or limited funds for down payments can utilize this mortgage, which is backed by the Federal Housing Administration. FHA fixed rate loans are available through Desert Community Bank with a variety of repayment terms. A minimal down payment is available on new purchase mortgages.
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Prospective home buyers with imperfect credit, no formal credit history, or limited funds for down payments can utilize this mortgage, which is backed by the Federal Housing Administration. Initial fixed-rate periods of 3- and 5-years are available through the FHA. The interest rate, set at the time of closing, remains constant over the initial fixed-rate period. When the fixed-rate period expires, the interest rate can increase or decrease annually.
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The USDA mortgage program is for property located in eligible rural areas determined by the U.S. Department of Agriculture. Key elements of this program: fully amortizing, fixed-rate mortgage financing guaranteed by the U.S. government and no required down payment.
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All borrowers are subject to qualification, underwriting approval, lender terms and conditions. Terms, conditions, and rates are subject to change without notice. Program terms available may vary based on the state and county in which the financed property is located. Some restrictions may apply.
1With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Your variable rate can adjust annually for the remaining life of the loan. Your payment amount will vary based on any adjustment in the interest rate after the fixed-rate period.
2Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for Federal Income tax purposes. You should consult a tax advisor for further information regarding deductibility of interest and charges.