We offer a variety of specialized mortgage products for customers with low to moderate income or who are qualified to make a smaller down payment.
Common Mortgage Options
Drake Bank provides the perfect balance between superior personal service and strong knowledge of the industry. Many of our customers tell us that we make the homebuying or refinancing experience memorable and rewarding. We provide a variety of mortgage loan options for whatever stage of life you’re in. We’ll work with you to identify the ideal mortgage loan for your situation. Below you’ll find some of the choices that are available.
Conventional Mortgage Loans
Conventional mortgages are loans that are not attained under a government program, and we have several fixed-rate and adjustable rate options available. Conventional mortgage loans that are $510,400 or less for a single-family home are considered to be “conforming” loans. Conventional loans that have higher limits are considered “non-conforming,” or “jumbo loans.”
Conventional loan highlights:
- Up to $510,400 loan amount
- No mortgage insurance with 80% LTV
- Gift funds allowed
- Monthly or single premium mortgage insurance options available
FHA Mortgage Loans
FHA mortgage loans are insured by the Federal Housing Administration (FHA) and provide a variety of benefits for homebuyers, especially first-time buyers, buyers without large down payments, or those using gifts for down payments and closing costs. A variety of fixed-rate and adjustable-rate options are available, so you can select the type of FHA loan that will meet your unique needs.
FHA Loan Highlights:
- Up to 6% seller concessions
- 3.5% down payment (96.5% LTV)
- Gift funds allowed
- Co-applicants may help you qualify even if they will not be living in the home
Jumbo Mortgage Loans
A jumbo, or non-conforming, loan may be called for when you need a loan amount higher than the conventional conforming loan limits set by Fannie Mae and Freddie Mac, typically more than $510,400. With multiple fixed-rate and adjustable-rate loan options available, we will help you choose the ideal jumbo loan for your unique situation.
Jumbo Loan Highlights:
- LTV could go up to 90%
- Multiple loan options available
VA Mortgage Loans
We are 100% dedicated to helping service men and women reach their goals of homeownership. For military members, the VA mortgage loan program makes owning a home possible by allowing eligible veterans and active-duty military personnel to finance 100% of a home’s value with zero money down. VA loans offer flexible home financing options, with a variety of fixed-rate and adjustable-rate loans available.
Drake Bank’s Mortgage loan officers are experienced with the entire VA program. We can assist you with obtaining the required Certificate of Eligibility to help ensure a timely closing and answer any questions you may have about the homebuying process.
VA Loan Highlights
- Provides financing for qualified veterans, active-duty personnel, reservists, and eligible family members
- No down payment required (up to conforming limit)
- Seller concession allowed
Financing for New Construction
Let us help you build the home of your dreams!
Financing the construction of a new home is a bit more complex than your typical mortgage, but we specialize in making the entire process easier and more streamlined for you. Rather than just issuing a loan after construction, we collaborate with you from day one, working as your advocate before, during, and after construction to ensure that you stay financially on track.
We coordinate your financing from beginning to end so you don’t have to worry about:
- Securing the loan for the land (if applicable)
- Securing a loan for the construction of the home
- Scheduling the permanent mortgage loan to pay off the construction loan