Mortgage LoansHome Loan Options
- Fixed-Rate Home Loans
- New Construction Loans
- Balloon Loans
- Adjustable Rate Home Loans
- Government Loans (FHA &VA)
- Rural Development (RD)
- NIFA Loans (Nebraska Investment Finance Authority)
Fixed-Rate Home Loans
With a fixed-rate home loan, your interest rate (and your payments) will stay the same over the life of your loan. This could be important if you plan to stay in your home for several years. When you choose the number of years to repay the loan, keep in mind that while shorter term loans may have higher monthly payments, they also let you pay less interest in the long run and build equity (the portion of the home you own) in your home faster.
New Construction Loans
Interim construction loans help you spread out the necessary loan amount in increments over a period of time. When the construction is complete, we can roll your financing over to one of our competitive long-term real estate loans.
Balloon Loans
These short-term loans often offer lower interest rates than fixed-rate mortgages in which principal (the remainder of the loan, excluding interest) and interest is repaid over a longer period. With a balloon home loan, however, only a portion of what you borrow is paid off during the repayment period. At the end of the repayment period, you are obligated to pay off the remaining loan balance in a lump sum, called a "balloon."
Adjustable Rate Home Loans
With an adjustable rate mortgage (ARM), the interest rate you pay may adjust at certain times to keep it in line with the financial index the ARM is tied to. If your ARM's financial index goes up or down, your monthly payments may go up or down as well.
Government Loans (FHA &VA)
The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) are two federal agencies that offer government-insured loans.
- FHA Loans
With FHA insurance, you can purchase a home with a low down payment. FHA loans have a maximum loan limit that will vary depending on the average cost of housing in a given region. - VA Loans
The VA's guarantee allows a qualified veteran to buy a house by borrowing funds up to a certain maximum limit (that changes from time to time) with no down payment. If you are a qualified veteran, this home loan program may best fit your needs. To determine whether you are eligible, check with your nearest VA regional office.
Rural Development (RD)
Rural Development loans have been established for the development of rural communities, by both private individuals and community based government organizations to create and sustain businesses in and around rural communities.
NIFA Loans (Nebraska Investment Finance Authority)
The Nebraska Investment Finance Authority was established by the Nebraska Legislature in 1983 to provide decent, safe and sanitary housing for low and moderate income persons of the State. A NIFA home loan is a fixed-rate mortgage available to first-time homebuyers. To qualify there are income limits, and purchase price limits. You must plan on living in the residence you purchase for the life of the NIFA morgage loan, you must have good credit, and you must have enough for the required down payment and closing costs.
NIFA funds are available on a first-come, first-serve basis to eligible borrowers throughout the state of Nebraska. Applications will be taken until funds are all used. For further information contact Residential Lending at (308) 234-2424 or 1-800-967-2464.
