Fixed Rate Mortgages
With a variety of term lengths and competitive interest rates available, the fixed rate mortgage offers one monthly payment amount for the duration of the loan. Fixed rate mortgages are available for primary residences, vacation homes and 1 -4 family investment properties. First Time Homebuyer’s receive additional benefits.
OneLocal’s Fixed Rate Jumbo Mortgages are for loan amounts over $726,200 and are available for primary residences or vacation homes. Jumbo Adjustable Rate Mortgages (ARM) are available for primary residences, second homes and investment properties.
No Points No Closing Costs
Every borrower has a unique financial situation. Many buyers find great value is our Fixed Rate No Points No Closing Costs Program. Your mortgage specialist will help you determine if this is the best fit for you.
7/1 Adjustable Rate Mortgage (ARM)
The 7/1 Adjustable Rate Mortgage offers a low initial interest rate that is fixed for the first 7 years. After the first 7 years the rate will begin to adjust annually but no more than 2% over the previous year’s rate and never higher than 4% above the initial rate. Depending on the fixed rate environment the 7/1 ARM can give the buyer greater “borrowing power” due to the lower initial interest rate. Up to 90% financing with no PMI for loan amounts up to $500,000. The 7/1 ARM is for primary residences and second homes only. Other ARM options are available for investment properties, as well as for primary residences and second homes.
Equity Builder Grant Program (Purchases Only)
Assists eligible homebuyers with up to $22,000 in down-payment and closing costs. Available to households with incomes at or below 80% of HUD Area Median Income based on property location. Funds are limited and available on a first come, first served basis.
Housing Our Workforce (HOW) Grant Program (Purchases Only)
HOW grants are available to households earning between 80% and 120% of the area median income. HOW offers a two-to-one match of the down payment made at the time of purchase by eligible homebuyers. For example, if a homebuyer makes a $10,000 down payment, the HOW Grant Program will provide a $20,000 match. The grant amount caps at $20,000. Funds are limited and available on a first come, first served basis.
One Step Construction Loan
The One-Step Construction Loan finances the purchase of the land and construction costs. The One-Step Construction Loan has an initial construction period followed by a permanent loan. The payments during the construction phase of the loan are interest only. When construction is completed the loan will convert to a permanent loan. You may also use a construction loan for an addition.