|Fixed Rate Mortgage
||Your monthly mortgage payment remains the same for the entire term of the loan. If interest rates increase, your mortgage payment won't be affected.
||10, 15, 20, 30 year fixed terms available
Take advantage of near record low fixed mortgage rates
Ask about our no closing cost option
|Adjustable Rate Loan
||Adjustable rate mortgages (ARMs) generally start with a lower interest rate and a lower payment. However, the interest rate may change during the life of the loan.
||10/1, 7/1, 5/1 and 3/1 ARMs available. The first number (10 for example) is the length of the initial period, during which the interest rate is fixed. So, the interest rate on a 10/1 ARM will be fixed for the first 10 years.
||Loan amounts which are greater than conventional limits. Buy more home with a New Penn jumbo loan. Loans up to $3 million.
||Fixed and adjustable rate terms available Our jumbo loan programs do not include mortgage insurance premiums - saving you even more money.
||Only a 3.5% down payment required for purchases. Finance most of the closing costs.
||An FHA loan is insured by the Federal Housing Administration. Ideal loan program if you have a lower credit score or limited cash available for a down payment.
|Real Estate Investor Loan
||Purchase investment properties with flexible income and documentation options. Perfect for the serious real estate investor.
Borrow up to $650,000 per property. Income sources include rental, W2 and self-employment.
||100% financing available on purchases. No monthly insurance premium.
||If you are serving in the military, National Guard or Reserve, a veteran or a surviving spouse of a veteran, you may be eligible for a Veteran Administration (VA) loan.
|203(k) Streamline Loan
||Useful for buying REO properties. One loan to fund the purchase of a new home and the repairs.
||Finance up to an additional $35,000 into your mortgage to improve or to upgrade your home. You can quickly and easily tap into cash to pay for property repairs or improvements.
||Loans offered in rural areas as determined by the USDA.
||Home buyers are eligible for this program when other financial products are not suitable.
||Low down payment with no Mortgage Insurance required. Flexible monthly payments. Combine first mortgage with a Home Equity Line of Credit. Piggybacking these two loans could potentially give you a lower rate and lower monthly payment than other loans for high market value homes.
||First Mortgage can cover up to $500,000 and the second is a fixed or variable rate Home Equity Line of Credit. Works in conjunction with a purchase or refinance loan. Not available in Alaska, Hawaii, Louisiana, Tennessee and Texas.