Loans We Offer

We know the home buying process can be stressful and seem complicated. We’ll simplify the process for you so you can focus on finding the perfect home. Here’s a look at the variety of loan programs we offer.

Conventional

A conventional fixed-rate loan is one of the most popular and traditional mortgage options. With this type of loan, principal and interest payments remain the same over the entire life of the loan. A conventional loan is fully paid off over a given number of years, usually 15 or 30. Thirty-year conventional mortgages offer low down payment options, as well as scheduled, monthly payments. With a 15-year conventional mortgage payments are higher, but you build equity in your home faster. You also have a lower interest rate and pay less interest over the life of the loan than you would with a 30-year mortgage.

FHA

FHA borrowers are typically first-time homebuyers with moderate income. FHA loans are insured by the Federal Housing Administration—a section of the U.S. Department of Housing and Urban Development that sets the guidelines for the approval and insurance of these loans. An FHA loan allows consumers to get into a home with a smaller down payment (usually less than 5 percent) and moderate qualifying restrictions. Loan limits are lower than conventional loans and vary by county. Some closing costs can also be financed with an FHA loan.

VA

Veterans Administration (VA) loans are designed to help military veterans buy homes. The VA offers 30-year and 15-year fixed rate loans with no down payment required. It also provides a 30-year ARM with a three-year fixed period.

Fixed & Adjustable Loans

One of the most popular types of loans, a fixed-rate mortgage has an interest rate that does not change or adjust. Your interest and principal payment stay the same throughout the entire life of your loan. However, other elements in your house payment such as property taxes and homeowners insurance may change over time.

Adjustable rate mortgages, or ARMs, are loans that allow the interest rate to adjust based on a schedule set by you and the lender. Typically you’ll get a lower fixed rate for a set amount of time, and then the loan adjusts up or down, based on an ongoing index plus an established margin.

We also offer reverse mortgages, interest-only loans, and mortgages up to 100% of the value of the home. See your TriStone mortgage representative for details.