All the best loan programs.
Choosing the right mortgage for your needs depends on many factors as well as your goals. We offer all the best available loan options to fit your individual needs and accomplish your goals. More importantly, our experienced loan officers are here to guide you to the perfect loan. Whether it's buying a home with not much cash up front or paying your home off sooner, we've got you covered.
Just like the big banks, we're approved as a direct lender with all the governmental agencies including FHA, VA, USDA-RD, FHLB-MPF, Freddie Mac, etc. as well as many institutional investors. We also access the capital markets to make sure we can deliver the best possible rates to you daily. Unlike the big banks, we believe that our reputation is earned by doing the right thing and providing personal service to each and every customer.
The Elite Rate Mortgage (T.E.R.M.)
T.E.R.M. offers some of our best fixed rates for customers needing an 80% loan or less with average or better credit qualifications.
While conventional loans require expensive price adjustments for credit scores, loan-to-value ratios and other lending factors, our T.E.R.M. program eliminates many of those allowing us to offer our best rates.
This program is ideal for refinancing if you have equity in your home or for buying a home with a 20% or larger downpayment.
Triumph 97 offers 97% financing for buying a home or refinancing your existing mortgage balance. It's for customers with average or better credit qualifications and income below your area's median income OR those buying or refinancing homes in under-served areas. (Please contact one of our loan officers who can quickly determine if your property location and/or income level is suitable for this program.)
This program is excellent for first time homebuyers because it only requires a 3% downpayment (which can even be gifted from outside sources). There are several other features which make qualifying easier than typical conventional loans.
Borrowers income must be at or below 100% of the annual HUD Area Median Income (AMI) for the property location. No income limits apply if the property is located in an underserved area AMI, High Cost and Underserved Areas can be determined with Freddie's Affordable Income and Property Eligibility Tool. First-time homebuyers may be required to complete Homeownership education. Contact us for more details.
Conventional loans of up to 95% are available to $510,400 loan amounts (or more in certain high cost areas).
Most popular are 30 and 15 year fixed rate terms, but other options are available including custom terms of 8 to 30 years, rate buydowns and adjustable rates.
Conventional Loans of more than 80% require private mortgage insurance which can be dropped once your balance reduces enough.
FHA loans are insured by the US Government which allows for higher lending percentages. You can refinance your primary home up to 97.75% of appraised value or purchase a home with as little as 3.5% downpayment.
30, 25, 20 and 15 year fixed rate terms are available as well as a 5 year adjustable rate. Maximum loan limits are at least $331,760 in most locations and can be significantly higher in high cost and urban areas.
FHA loans are also generally easier to qualify for than conventional loans.
We take great pride in offering VA Loans - an exclusive benefit for active duty military personnel, veterans and their families. The loans are guaranteed by the Veteran's Administration for eligible veterans and service members.
With VA loans you can buy a home or refinance with 100% financing. We offer 30 and 15 year fixed rate VA loans. VA Streamline refinance loans are also available to refinance existing VA loans with no appraisal and minimal paperwork.
Loan limits vary for VA loans but are typically at least $510,400in most areas and greater in high cost locations.
Home loans greater than $510,400 are considered "Jumbo" loans. At those amounts, insurance and/or guaranty through government entities is not available and loans are typically made by banks and investment bankers to create securities.
We have excellent jumbo offerings up to $2 million for purchases and refinancing including 30 and 15 year fixed rate loans as well as many adjustable rate options.
Guidelines for jumbo loans can be complex. It's very important to choose a bank with the depth of experience and good access to capital markets that Triumph offers.
Lender-Paid Mortgage Insurance
Lender-paid mortgage insurance can be a money saving option on conventional loans requiring private mortgage insurance.
Rather than paying a PMI premium added to each monthly payment, with LPMI we pay your mortgage insurance upfront at a group rate then adjust your interest rate slightly upward to cover the expense.
Your loan still has private mortgage insurance, but done this way, you pay the cost as interest instead of an insurance premium. For some customers who will be in their homes for a shorter duration, this can result in significant savings. Any of our loan officers will be glad to provide a detailed comparison and guidance on whether LPMI would be a good option for your loan.
Custom Term Mortgages
Custom term mortgages allow us to tailor a loan just for your needs. Terms anywhere from 8 to 30 year terms are allowed at our same low conventional rates. With custom term mortgages you can . . .
Refinance without adding years until your home is paid off.
Customize a term based on the payment you want - potentially reducing the term of your loan and saving years of interest.
Plan ahead to have your home paid off in sync with life events such as retirement or sending kids to college.
USDA Rural Housing Loans
This is a government guaranteed loan program through the USDA which offers 100% financing for eligible rural properties.
Often, properties in suburban areas on the edge of metropolitan areas also qualify. (Please contact one of our loan officers to determine eligible areas.)
Purchases and refinances of existing Rural Housing loans are available at low fixed rates. Also, property restrictions for things such as excess acreage and limited agricultural use are eased with this program.