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Horizon Bank

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Conventional Fixed-Rate Mortgages

        Benefits of Conventional Loans:

  • Fixed-rate and Fixed Term means a predicable monthly payment
  • Low down payment options for first-time homebuyers 

Find out which loan might be best for you by using one of our Mortgage Calculators.

Option for those who:

  • Plan to stay in the home for a long time
     
  • Protection from rising interest rates for the life of the loan
     
  • First time homebuyers

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Adjustable(ARM) rate loans

        Benefits of ARM Loans:

  • Pay less over the life of your loan starting at a lower rate than a conventional fixed-rate loan
  • Interest rate and monthly payment remain the same for an initial period, then adjust annually
  • Includes an interest rate cap that sets a limit on how high your interest rate can go


Benefits of ARM loans:

  • Allows a co-applicant to help you qualify even if the person doesn't live in the home.

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FHA (Federal Housing Administration) loans

        Benefits of FHA Loans:

  • Low down payment options
  • Flexible qualification guidelines
  • Fixed rate, fixed term mortgages insured by the government
  • Allows a co-applicant to help you qualify even if the person doesn't live in the home
  • Special programs that provide extra cash for repairs (loans will be based on the projected value after repairs are completed)


Options for those who:

  • Have limited funds for a down payment
  • Have "less than perfect" credit
  • Need to complete repairs on a home that is being purchased or currently owned.

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VA (Veteran's Affairs) loans

        Benefits of VA Loans:

  • Little or no down payment
  • Up to 100% financing
  • No mortgage insurance (PMI)
  • Fixed rate, fixed term loans
  • Option to reduce interest rate in future with Interest Interest Rate Reduction Refinance Loan (IRRRL)



 

Options for those who:

  • Are active duty, reservist or a veteran
     
  • Are an eligible family member of a former service member 

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USDA/Rural Development Section 502

        Benefits of USDA Loans:

  • Any individual or family who plans to occupy a home located in an eligible rural area as their primary residence
  • Obtain 100 % financing
  • PMI insurance required

 



Benefits of USDA loans:

  • No down payment required
  • Competitive fixed-rate loans with U.S. government guarantee
  • Flexible credit guidelines
  • No maximum purchase price

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Jumbo Mortgages

        Benefits of Jumbo Loans:

  • Increased funding limits for purchasing or refinancing a home
  • Fixed-rate and adjustable rate options

 



Benefits of Jumbo loans:

  • Are buying or refinancing a home that exceeds the conforming loan limts of $417,000
  • Have established credit
  • Higher down payments required when purchasing a new home

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Residential Construction Loans
  • Eligible property types include primary and second homes, single family including both stick-built and modular 
  • Must meet financial requirements as determined by Horizon Bank and execute construction loan agreement
  • One close and two close options available

 



Benefits of Construction loans:

  • Requires less cash upfront for your down payment and closing costs

Apply Now!

 

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Horizon Bank