Overview

• Stable interest rate and monthly payment throughout the life of the loan. 10, 15, 20, 25, and 30 year options offered.

The requirements:

• Documentation verifying finances, income and employment
• Credit score of at least 620
• Debt-to-income ratio between 40%-50%
• Minimum down payment of at least 5% (requires mortgage insurance)

The benefits:

• Fixed interest rate
• Stable monthly mortgage payments (making budgeting easier)
• Flexible terms, ranging from 10 to 30 years in 5-year increments
• Simple to understand

Right for your situation if:

• You prefer the stability of a fixed monthly payment
• You plan to stay in the home for a while
• You can put at least 5% to 20% down