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Types of Loans

Conventional Fixed Rate Mortgages

  • 10, 15, 20, 30 year terms 
  • Fixed rate and terms provide peace of mind that your rate and payment will remain the same
  • Down payment options as low as 5%
  • No private mortgage insurance (PMI) required if down payment is 20% or more 
  • Sellers can pay some of the closing cost
  • Financing offered on owner occupied primary, vacation and 1- 4 family rental properties
  • 1-4 family, PUDS & approved condos, modular and manufactured with certain restrictions
  • No pre-payment penalty

Fannie Mae Home Ready

  • 30 year conventional fixed rate
  • 3% down payment
  • Minimum credit score: 620
  • Income limits 
  • Lower cost private mortgage insurance (PMI) that is removable 
  • Owner occupied properties only 
  • Must be owner occupied single family 1-4 unit, condo, PUD’s, or manufactured housing 
  • Cannot own other property 
  • No pre-payment penalty

Freddie Mac Home Possible

  • 30 year conventional fixed rate
  • 3% down payment
  • Minimum credit score: 660
  • Income limits
  • Lower cost private mortgage insurance (PMI) that is removable 
  • Owner occupied properties only 
  • Single family, condo, or PUDs
  • Cannot own other property 
  • No pre-payment penalty 

Dover Federal 10/10 ARM

  • Low fixed rate and payment for 10 full years
  • Fully amortized over 30 years
  • Financing up to 97% LTV
  • Closing cost assistance options
  • Only adjusts twice over 30 years
  • Caps on adjustments of 3% in year 11 with a life time cap of 5%
  • Primary residence or second home 
  • Single family, condo, or PUD
  • No pre-payment penalty 

Dover Federal 5/5 ARM

  • Low fixed rate and payment for 5 years
  • Fully amortized over 30 years
  • Financing up to 97% LTV
  • Closing cost assistance options
  • Adjust every five years
  • Caps on adjustments of 2% with a life time cap of 5%
  • Primary residence or second home 
  • Single family, condo, or PUD
  • No pre-payment penalty 

Medical Professional Loan

  • 3% down for loan amounts up to $484,350
  • Choose between the 5/5 ARM or 10/10 ARM
  • Loan amounts up to $850,000 available 
  • No pre-payment penalty 
  • Closing cost assistance options
  • Move in up to 90 days prior to starting your next position
  • Special underwriting consideration for student loans in deferment  

Construction Loan w/ Permanent Financing

With a construction to permanent loan, the initial loan will automatically convert to a long term mortgage loan once construction is complete. A one-time close allows borrowers to streamline the construction financing process because it requires just one approval, one closing and one set of closing costs.

  • Construction to permanent – one unit single family homes 
  • Stick built or modular
  • Minimum credit score: 680 
  • Primary or secondary (contractor subject to lender approval)
  • One time close, construction to permanent loan product
  • 12 Months allowed for completion of constructing with a general licensed contractor (no self-build) 
  • Interest only payments on balance of loan during construction phase 
  • End loan options 5/5 ARM 10/10 ARM or 15 year fixed 

FHA

  • Flexible credit and qualifying guidelines
  • Fixed rate mortgage for 15 or 30 years
  • No income limits
  • Popular for first time buyer loan with lower down payment requirement of 3.5% 
  • Seller can pay up to 6% of sales process to help with closing cost. 
  • Financing on primary owner occupied residence only.
  • 1-4 family, PUDs & approved condos, modular and manufactured 
  • Mortgage insurance protection (MIP) for life of the loan
  • No pre-payment penalty 

USDA

  • Flexible credit and qualifying guidelines
  • No down payment needed 
  • Seller can pay up to 6% of sales price toward closing cost
  • Geographic and income restrictions
  • Single family homes only
  • No pre-payment penalty 

VA Loans

You must be an eligible veteran or unmarried surviving spouse of a veteran who died on active duty or as the result of a service related disability.

  • No down payment needed 
  • No private mortgage insurance (PMI)
  • Flexible credit and qualifying guidelines
  • Seller can pay up to 6% of sales price toward closing cost
  • 1-4 family, PUDS & approved condos, modular and manufactured 
  • No pre-payment penalty 

 

Need Help?

Whether you’re buying, building, renovating or refinancing, we have the mortgage programs to fit your unique needs. Through our mortgage lending partner, Member First Mortgage (MFM), we are able to offer a full suite of conventional and government loans.

Contact our Mortgage Specialists today

1-888-818-3328
mortgages@doverfcu.com