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Loan options

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Mortgage Options

CONVENTIONAL

Traditional loan programs that usually require at least 3-5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

VA

Offers long term home loans to active duty US Military service members, eligible American veterans and reserves or their surviving spouses.

FHA

FHA-insured loans require very little cash investment to close a loan as well as offering more flexibility in calculating household income and payment ratios.

RURAL HOUSING

USDA programs that provide home ownership opportunities to individuals in qualifying rural areas.

Mortgage Options

2-1 BUYDOWN

Lower the interest rate on a mortgage for the first 2 years before it rises to the permanent rate. The rate is 2% lower during the first year and 1% lower in the second year of the mortgage.

CONSTRUCTION LOANS

A short term interim loan for financing the cost of new home construction. The loan is made directly to the borrower and managed by Citywide’s experienced Construction Department.

UHC

Program that can provide borrowers with the option to have a 2nd mortgage covering the down payment.

JUMBO

Loan programs that offer financing for loan amounts greater than the convention or high balance limits

Mortgage Options

80/10/10

Commonly referred to as a piggyback loan, 80/10/10 eliminates the needs for the borrower to pay private mortgage insurance (PMI).

STATE BOND

Programs that offer 100% financing to first time and repeat home buyers. These low cost, low interest mortgage programs enable more people to invest in their own homes.

HOME RENOVATION

Designed to create opportunities to repair or improve existing homes and increase the value of the home in a single mortgage with low, fully amortized, rates.

HELOC

Home Equity Line of Credit. A line of credit against the available equity in your home. The home is used as collateral for the line of credit.

MAKE YOUR DREAMS COME TRUE

This is not a commitment to lend. Program restrictions apply.
Terms of Use

6985 S. Union Park Center, Suite 150, Cottonwood Heights, UT 84047.

For licensing information, go to: www.nmlsconsumeraccess.org. NMLS License #2419164 Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Direct Rate Home Loans for current rates and for more information.