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Fixed-Rate Mortgage

Gives you the peace of mind that comes with a consistent, stable interest rate.

  • Interest rate stays the same for the life of the loan
  • Available with 30-, 20-, 15- and 10-year terms
  • No prepayment penalty
  • Down payment can be as low as 3%

The main value of a fixed-rate mortgage is its interest rate doesn’t change. If interest rates are low, and your credit score is optimal, A fixed-rate mortgage could lock in the best rate possible for the duration of your mortgage.

Adjustable-Rate Mortgage (ARM)

This type of loan offers interest rates that fluctuate, or vary, with current market conditions throughout the loan’s lifetime.

  • Variable interest rate
  • Rate may be lower initially than fixed-rate mortgages
  • Choose an initial adjustment period of 5, 7 or 10 years
  • Down payment could be as low as 10%

An adjustable-rate mortgage can be your best avenue for optimal savings. It depends on the current interest rate, your home’s total cost and how you feel about a rate that will change. 

If you don’t plan to stay in your home for a long time, you’ll want to consider an adjustable rate loan when rates will be lower in the beginning.

Refinance Loan

Looking to refinance your current home mortgage? Refinancing options are available.

  • Available with 10-, 15-, 20-, or 30-year terms 
  • Low closing cost options available
  • Choose a rate and term refinance or a cash-out refinance, even if your current mortgage is with another bank

When you refinance your home, you replace your current mortgage with a new, more favorable one. There are many reasons why refinancing your mortgage could be a good idea, like taking advantage of lower interest rates. You can also leverage your financial position if it’s greatly improved since you were approved for your initial mortgage. 

If you have equity in your home, you may be able to take out a new mortgage for more than what you owe, so you can use the extra cash for other expenses. Refinancing could also eliminate your private mortgage insurance (PMI) payments. 

Other reasons are to avoid a balloon payment or refinance an adjustable-rate mortgage to a fixed term.

Fannie Mae HomeReady® Loan

Enables affordable housing opportunities for borrowers with low-to-moderate income.

  • Available for home purchases and limited cash-out refinances
  • Put as little as 3% down
  • Affordable and cancellable mortgage insurance available
  • Wide range of down payment and closing cost funding sources accepted
  • Income limit is 80% of Area Median Income*
  • Homeownership education and counseling options are available

*Area Median Income data source is Fannie Mae.

The Fannie Mae HomeReady® Loan program offers fixed-rate mortgage loans designed to make home ownership more accessible for more people. Created to meet the needs of borrowers with low-to-moderate income, HomeReady® offers affordable financing with flexible terms.

Wide range of down payment and closing cost funding sources accepted including gifts, grants, cash-on-hand and Fannie Mae Community Seconds.

Fannie Mae HomeStyle® Renovation Loan

One easy loan that covers both your new home or refinance and funds for repairs.

  • Fixed-rate loans available
  • Any improvement that adds value and is permanently affixed to the property is eligible
  • Use for renovations or improvements totaling up to 75% of the as-completed appraised value
  • Primary residences, one-unit second homes, or single-unit investor properties are eligible
  • Applies to purchases and rate and term refinances

By combining the funds you need for repairs with the funds you need for a purchase or refinance, this dual-purpose loan offers a more cost-effective way to renovate a home.

Having a single mortgage means lower closing costs and a lower interest rate.

Plus, you get the convenience of having the cash you need for repairs rolled right in. It’s never been simpler to finance and renovate at the same time.

Jumbo Loans

A jumbo loan gives you special terms when you finance more than $766,550.

  • Down payment as low as 10% with no Private Mortgage Insurance, when combined with a second mortgage or line of credit
  • Fixed- and adjustable-rate mortgage financing available
  • Special financing available for doctors/residents

A jumbo loan lets you take out a larger amount than a traditional mortgage would allow. We’re proud to offer competitive rates to ensure you get the house of your dreams.

Construction to Permanent Loans

Save on mortgage costs by only paying the interest until your construction period is complete.

  • Borrow up to 95% of either the appraised value of the property with or the cost of the construction, whichever is lower
  • Available as a fixed- or adjustable-rate loan
  • No prepayment penalty
  • Up to five draws are available to help you finance your construction costs throughout the process

If you’re looking to build your new home, our Construction to Permanent Loans help you save on mortgage costs. While your home is in construction, you pay only the interest on your mortgage until your construction period is complete.

Then your mortgage converts to a fixed- or adjustable-rate loan. It’s never been easier to finance a home from building it to living in it.

Doctor and Resident Loan

Medical doctors, residents, dentists, podiatrists, ophthalmologists and veterinarians can take advantage of special lending terms.

  • Down payments as low as 0%
  • No Private Mortgage Insurance (PMI) charges
  • Fixed and adjustable rate mortgages available for purchases and refinances
  • Student loan payments may be excluded from debt-to-income calculation
  • Construction financing available

If you’re a medical doctor, resident, dentist, podiatrist, ophthalmologist or veterinarian, a Doctor and Resident Loan may be for you. We offer these loans with special mortgage financing terms to help make financing that dream home an easy procedure.

Enjoy special rates and up to 100% financing. Your student loan payments may be excluded from your debt-to-income calculation, making it easier to qualify for your loan.

Because buying a home doesn’t need to be a secret.

Download our step-by-step guide on the homebuying process. From making an offer to closing, this guide gives you the information you need to feel comfortable throughout the process.  

Let’s Set You Up for Success

Start saving for tomorrow, today

Every little bit counts, and with our savings account options, you can get started today. Putting money aside for your goals is easy with our help.

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Biddle Family – Residential Construction Lending Testimonial

Lauren and Andrew Biddle went through Blue Grass Federal to build their home. Having the reassurance from Shanda and her team made the process so much easier for them.

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