Types of Loans

Term Loans

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.



100% Financing to Achieve the Dream of Home Ownership

The DPA program is designed to give our credit-worthy clients the ability to own their own home. Let the DPA program remove the barrier of down payment and help make your dream of home ownership become a reality.

Straightforward FHA Underwriting

  • Minimum 620 credit score
  • No first time home buyer restrictions
  • No income or geographic restrictions
  • No equity share or recapture provisions
  • 115% or less of area median income = Down payment assistance can be forgiven
  • 115%+ of area median income = Down payment assistance paid back through monthly payment


FHA Loan Program

3.5% Down Gets you a Home

First time home buyer? Looking for a home to renovate? Looking to make a more energy efficient home? Not every lender can offer FHA financing, and even fewer do it as well as us. DMV Loans can provide your clients expert, one-to-one financial guidance and the exclusive products needed to help turn the dream of homeownership into reality.

  • Low down payments
  • Low closing costs
  • Fully delegated FHA Lender
  • Fast turn times
  • In house underwriting
  • Minimum Credit Score Requirements – 620 (some restrictions may apply. Call your Loan Officer for details.)

If you want to buy a home and have steady income and good credit. DMV Loans and the Federal Home Loan Bank of Atlanta can help.

Through the Down Payment Program, up to $5,000 may be available to eligible home buyers in 2020 to use towards down payment and closing costs. Ask about the Down Payment Program to see if you are eligible today. It can be used with FHA, VA, and conventional loans.

Home buyers must meet income eligibility requirements and:
Contribute at least $1,250 towards the purchase of the home
Participate in home buyer and financial literacy counseling
Live in the home as your primary residence
Property may be in any state in which the member does business

DMV Loans is committed to helping our neighbors. We can help you lower your borrowing costs if you qualify for the Downpayment Plus Program. In 2019, you could receive up to $5,000 for the purchase of a home! Higher amounts for Veterans, First Responders, Nurses and Educators $7,500 – $10,000, if available. Please note that these funds are limited.