Loan Programs

Choosing the best loan to meet your needs

The type of loan you select may have many determining factors such as the number of years you plan on living in the home, future employment promotions and family growth plans. The following chart outlines some possible scenarios:

Years planned in home Best loan program
1-3 6 month ARM, 1 year ARM or 3/1 ARM
3-5 5/1 ARM
5-7 7/1 ARM
7-10 15 year fixed, 30 year fixed or 10/1 ARM
10+ 15 year fixed or 30 year fixed

Fixed Rate Mortgages

Type of Loan Pro's Con's
15 year fixed
30 year fixed
The interest rate stays the same for the life of the load Your rate does not go down if interest rates decrease.
Higher Payment

Adjustable Rate Mortgages

Type of Loan Pro's Con's
3/1 ARM
5/1 ARM
Lower initial monthly payment.
Payments can decrease if rates are lowered.
May qualify for higher loan amount.
Rate can increase.

First Time Buyer Programs

Type of Loan Pro's Con's
Kentucky Housing Very low down payment
Family can assist with gift
Special interest rate
Subject to income
Price restrictions
Possible recapture

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