CALENDAR OF

EVENTS

Saturday, October 6th

Join us at Mountain Magic in Downtown Buchanan from 10am to 5pm

Monday, October 8th

Colonial Mortgage will be closed for Columbus Day

Saturday, October 20th

Join us at The Bank of Fincastle Fall 5K & 10K Run at Central Academy Middle School

We’re here to help you with a home purchase or refinance for virtually any type of residence, from traditional single-family homes to condos, manufactured homes, modular homes, and more. We’ll work with you to review your options to design the best loan package for you.

If you’re buying a home, we can pre-qualify you for a loan before you even begin your search. That means you’ll be able to focus your search to the homes that fit within your desired budget.

Our products generally fall into two main categories: residential purchase and refinancing (rate or term change, or to cash out existing equity). For brief information about specific loan programs, click the titles below. For more details, get in touch with us and we can answer any questions you might have.

 
Conventional
First-time homebuyer
FHA (Federal Housing Administration)
VA Loan (Veterans)
USDA (Rural Development Loan)
Jumbo
Construction to permanent financing
Reverse Mortgage
HARP (Home Affordable Refinance Program)

Rates last updated on Thursday, September 27, 2018

Conventional
◾Available for primary residence, second home, and investment/rental properties ◾Terms offered: 30 yr., 20 yr., 15 yr., and 10 yr. ◾Fixed and adjustable rate (ARM) options ◾As low as 5 % down payment (gifts are acceptable as down payments) ◾If PMI is needed, rates are based on credit scores, and PMI is automatically removed when the outstanding loan value drops below 78% of the appraised property value.
Maximum Amount: $453,100

First-time homebuyer
◾As low as 3% down payment (gifts acceptable as down payments) ◾First-time homebuyer defined as not owning a property within the past 3 years ◾Available for primary residence only ◾Terms offered: 30 yr. and 15 yr. ◾Fixed and adjustable rate (ARM) options

FHA (Federal Housing Administration)
◾As low as 3.5% down payment (gifts acceptable as down payments) ◾Upfront Mortgage Insurance Premium (UFMIP) or a one-time fee to FHA Financed into loan amount ◾Monthly mortgage insurance premium (MIP) is a set rate based on the program and stays in your payment for the life of the loan ◾No property location limitations ◾Available for primary residence, second home, and investment/rental properties ◾Terms offered: 30 yr. and 15 yr. ◾Fixed and adjustable rate (ARM) options

VA Loan (Veterans)
◾No down payment required (100% financing) ◾No monthly PMI required ◾Funding fee (one-time fee to VA) financed into overall loan amount ◾Available for current service members, veterans, and eligible surviving spouses ◾Available for primary residence ◾Terms offered: 30 yr. and 15 yr. ◾Fixed and adjustable rate (ARM) options

USDA (Rural Development Loan)

◾No down payment required (100% financing) ◾Monthly PMI a set rate based on program and stays in your payment for the life of the loan ◾Property must be located in eligible USDA areas ◾Guarantee Fee (one-time fee to USDA) financed into overall loan amount ◾Income restrictions for residents over the age 18 living in the home (contact us for details) ◾Available for primary residence ◾Terms offered: 30 yr. ◾Fixed and adjustable rate (ARM) options


Jumbo
◾Loan Amounts $453,101 and above ◾Available for primary residence, second home, and investment/rental properties ◾Terms offered: 30 yr and 15 yr. ◾Fixed and adjustable rate (ARM) options

Construction to permanent financing
◾Construction loans available for primary residence ◾Low, fixed interest rate for construction loan ◾Refinance the construction loan to permanent financing with significantly reduced closing cost ◾Fixed loan interest rate based on your credit scores ◾Terms offered: 30 yr., 20 yr., 15 yr. and 10 yr. ◾Fixed and adjustable rate (ARM) options

Reverse Mortgage
◾Allows you to access some of the equity in your home to obtain cash ◾Available to homeowners 62 years and older ◾Government insured by the FHA (Federal Housing Administration)

HARP (Home Affordable Refinance Program)
◾Program to help you refinance if you owe more than 80% appraised value ◾Mortgage must be owned by Fannie Mae or Freddie Mac ◾Must have originated loan before June 1, 2009 ◾Must be current on mortgage payments for past 12 months



Questions?

Call Us Today!

(540) 966-3100

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Current APRs

15 Year

20 Year

30 Year

4.750%

4.990%

5.199%

* Rates are based on fixed terms as well as on credit score of 740, a loan amount of $160,000 and a loan value of 80% or less of appraised value.