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Loan Options

The Hensley Mortgage Team offers a wide variety of financing alternatives to suit our clients' individual needs. These span the full spectrum of lending options, from Fixed Rate Mortgages to Adjustable Rate Mortgages to FHA Programs.

Here are the some of the many loan options we can offer our clients:

Fixed Rate Mortgages

Want the security of knowing your payment will not increase over time? With a fixed-rate mortgage, you'll always know what your monthly payment will be.
  • Choose a loan repayment term from 10 to 40 years
  • Stable, fixed payments make budgeting easier
  • Low, competitive fixed rates help keep payments affordable

Adjustable Rate Mortgages

Are you planning to stay in your home for just a few years before moving? If so, an adjustable rate mortgage (ARM) may be worth considering.
  • Initial rates are usually lower than fixed-rate mortgages
  • ARMs have an initial fixed rate for 3, 5, 7, or 10 years, then are paid off at an annually adjusted rate during the remainder of the 30-year term

Jumbo Financing

You can finance 80% up to $ 2 million/ 75 % LTV up to $ 4 million.
  • Conventional jumbo mortgages are available with a fixed or variable interest rate
  • An interest-only option is available
  • Available for purchases and rate/term refinances on primary residences, second/vacation homes, and investment properties, or for cash-out refinances on primary residences
  • Finance an expensive home with lower monthly payments than most conventional jumbo loans offer
  • Residential properties with large acreage

FHA and VA Programs

These government-sponsored programs are designed to help more families become homeowners. An FHA (Federal Housing Administration) mortgage is ideal for many first-time home buyers, while U.S. military veterans/reservist can benefit from the borrower-friendly terms of a VA (Veteran's Affairs) mortgage.

FHA Loans:
  • Up to 96.5% financing on some loans; down payment may be a gift from a family member or employer
  • Allows seller to pay up to 6% of sale price to help cover loan costs, and/or up to 6% of the mortgage payment for a specified number of months as part of purchase agreement
  • Lenient income, debt, and credit qualifications
  • Choose a fixed rate loan or an ARM that adjusts after 5 years and offers protection from large interest-rate increases
  • Mortgage insurance may be financed upfront
VA Loans:
  • 100% financing means no down payment needed
  • Allows seller to pay most loan costs as part of purchase agreement
  • Lenient qualifying terms
  • Choose a fixed or a variable interest rate
  • May be used to buy a primary residence or an investment property in certain cases

Renovation Lending:

Allows for large renovation projects at competitive rates.
  • Up to 80% LTV

Conventional Loans—Conforming or Non-conforming:

- Conforming: have terms and conditions the follow the guidelines of Government Sponsored Entities (GSE) such as Fannie Mae and Freddie Mac. These entities establish loan limits, which is currently $417,000 for a single family residence. Up to 97% LTV.

- Jumbo Conforming: Higher loan limits in certain high cost areas – such as several areas in the Metro DC range –determined by zip code and can go up to $625,500. Up to 90% LTV.

- Non-conforming: Jumbo loans with loan amounts above the GSE guidelines. 80% LTV up to $ 2 million/ 75% LTV up to $ 4 million Interest only options.

Residential properties with large acreage.
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First Savings Mortgage Corporation is licensed by the Virginia State Corporation Commission under license number MC-276