Types of Loans

Seeking a cost-effective loan with benefits designed to save you money over time? A Jonah Bank Conventional Home Loan might be the perfect fit for you. With down payment options starting as low as 3% and flexible terms ranging from 10 to 30 years, this loan offers affordability and versatility.

Eligibility: Typically requires a credit score of 620 or higher.

Benefits:

• Lower Costs: Generally cheaper than many government-backed programs requiring upfront mortgage insurance.
• Property Flexibility: Available not only for your primary residence but for second homes and investment properties.
• Variety of Down Payment Options: Choose from a broad range of down payment options to suit your financial goals.

FHA loan programs are crafted to assist creditworthy low- and moderate-income families who may not meet the criteria for conventional loans. With down payment requirements starting as low as 3.5% and term options from 10 to 30 years, FHA loans are an excellent choice for those with less available cash.

Eligibility: Ideal for first time homebuyers or those with less than perfect credit; accepting credit scores starting at 580 with a 3.5% down payment or at 500 with 10% down.

Benefits:

• Low Down Payment: Minimize your initial cash outlay with down payment options as low as 3.5%.
• Competitive Rates: Enjoy market rate interest while benefiting from lower down payment requirements compared to conventional loans.
• Reduced Mortgage Insurance: Lower monthly mortgage insurance premiums with potential for automatic cancellation under specific conditions.
• Flexible Criteria: Benefit from more forgiving underwriting standards, making it easier to qualify.
• Assumable Loans: Transfer your loan to qualified buyers, providing added flexibility.

VA home loans are one of the most powerful benefits available to active-duty military members and veterans. These versatile loans can finance the purchase of a home or support home improvement projects, such as installing energy efficient appliances or making updates. Today's VA loans offer significant money saving advantages and are generally easier to qualify for than other loans, with down payment options starting at zero and terms ranging from 15 to 30 years.

Eligibility: You may be eligible for a VA loan if you meet one of the following service criteria:

• Served 90 consecutive days of active duty during wartime.
• Served 181 consecutive days of active duty during peacetime.
• Served 6 years in the National Guard or Reserves.
• The surviving spouse of a veteran who died in the line of duty or from a service-connected disability.

Benefits:

• 100% Purchase Financing: Buy a home with no down payment required.
• No Mortgage Insurance: Save on costs with no requirement for private mortgage insurance (PMI).
• 100% Cashout Refinance: Access your home equity with a full cashout option, offering financial flexibility.

WCDA loans are designed to provide accessible financing for low- and moderate-income homebuyers in Wyoming. These loans are tailored to facilitate home ownership with appealing terms and lower financial barriers.

Eligibility: Designed for both first-time and non-first-time homebuyers. Must meet income and purchase price limits specific to the WCDA programs. Intended for the purchase of a primary residence within Wyoming.

Benefits:

• Lower Rate Mortgage Financing: Enjoy reduced interest rates, making home ownership more affordable.
• Diverse Loan Options with lower down payment requirements, including:
• FHA
• VA
• Conventional loans with or without mortgage insurance
• Buyers: Programs available for both first time and non-first-time homebuyers.
• Minimal Down Payment: Out-of-pocket down payment requirements as low as $1,500.
• Mortgage loans are intended for purchasing a principal residence only.
• Low Closing Costs: Keep more money in your pocket with competitive closing cost options.
• Local Servicing: All loans serviced by the WCDA in Wyoming, ensuring a focus on community and client needs.