When it comes to buying a home, we have a variety of mortgage options and we’ll work with you to see which one fits you best:
• Fixed-rate mortgage – Get peace of mind knowing your interest rate will never increase for the term of your loans. We have no and low down payment purchase options available, including the 100% Homebuyer’s Edge.
• Adjustable rate mortgage – Enjoy generally lower monthly payments than a fixed-rate loan and increase the amount of home you can afford with our Adjustable Rate Mortgages (ARMs). The lower introductory interest rate will periodically adjust with changing market rates, depending upon the type of ARM you choose.
• High-Balance Loans – Buy or refinance in high-cost areas with High-Balance loans limits between $548,250 - $822,375 (maximum loan amount is determined by the county where the property is located and the number of units being purchased). Limit for contiguous states only.
• Jumbo Loans – In the market for a mortgage on a high-end home, turn to Northwest Federal for adjustable-rate Jumbo Loans up to a maximum loan amount of $2 million.
• Second Home Mortgage Loans – Northwest Federal also offers mortgage loans up to $2 million for the purchase or refinance of a second home.
• VA Loans – An affordable way for active duty service members, veterans, and eligible surviving spouses to purchase, refinance, or improve their existing home. Money-saving benefits include: no down payment, fixed-rate terms and no Private Mortgage Insurance. A Certificate of Eligibility (COE) for the program is required.
• HomeReady™ Affordable Mortgage – This fixed-rate mortgage option features expanded eligibility for the diverse needs of today’s buyers and has several borrower benefits when compared to a FHA Loan, including: 3% down payment (gift funds allowed), reduced mortgage insurance coverage requirements, and flexible sources of income to meet eligibility requirements. Income restrictions apply and not all borrowers will qualify. To see if you qualify, apply online today. HomeReady™ Mortgage applicants must take an online home ownership class and present completion certificate to lender upon closing. Register now for the online course provided by Framework.
• Reverse Mortgages - We’ve partnered with Credit Union Mortgage Association to offer reverse mortgages* for home-owning members age 62 and older. If you’re interested in converting your home’s equity into cash or a line of credit with a reverse mortgage, email our lending professionals to learn if this option is available in your area.
*Available in VA, MD, DC, WV, FL, GA, NC, SC, PA, TN, IL and OH
HomeReady™ is a trademark of Fannie Mae.