First-Time Homebuyer Grant and Down Payment Assistance Programs
UMB offers two programs to assist qualifying first-time home buyers achieve their dreams of homeownership. The bank can help you with your down payment and closing costs through grants that do not require repayment. We also offer down payment assistance mortgages that allow you to borrow up to 100% of the purchase price of your home.
There are income, location, and other restrictions for these programs – contact a UMB Mortgage Professional for more information.
Professional mortgage loans allow for financial flexibility and are tailored to licensed doctorate professionals, including attorneys, dentists, pharmacists, doctors and optometrists.
Additional Mortgage Options
Conventional loans are available through two government sponsored enterprises—Fannie Mae and Freddie Mac. Conventional loans are now available with only 3% down payment and private mortgage insurance would apply for down payments less than 20%. Conventional is the most common financing requested.
Federal Housing Administration (FHA) Loans
Federal Housing Administration (FHA) loans are guaranteed by the federal government and offer options for those who do not have the assets to meet the conventional mortgage loan down payment requirements. FHA loans also have more flexible qualification requirements, which make them attractive to those who may not qualify for conventional mortgages.
Veterans Affairs (VA) Loans
VA loans are mortgage loans guaranteed by the Department of Veterans Affairs (VA). VA loans offer long-term financing to eligible American veterans or their surviving spouses who meet certain qualifications.
A jumbo mortgage loan has a loan amount that exceeds conventional loan parameters and is designed to accommodate higher-value homes.
United States Department of Agriculture (USDA) Loans
The Rural Housing Service (RHS) is an administrative division within the U.S. Department of Agriculture (USDA) that manages loan programs focusing on rural housing for lenders to offer to their communities. USDA loans offer assistance to low-income borrowers in rural areas and guarantees loans that meet RHS requirements.
With a fixed-rate mortgage, your loan terms will include an interest rate that remains static, or fixed, for the duration of the loan. The advantage of a fixed interest rate mortgage loan is that you will always know your principal and interest payment will not change (escrowed items such as taxes and insurance may change annually therefore the total payment may change). There are also special purchase programs for low-to-moderate income borrowers that allow for down payments as low as 3 percent.
An adjustable-rate mortgage (ARM) loan is exactly as it sounds: a type of mortgage loan with an interest rate that can fluctuate and change based on the current market and indexed rates. ARM Loans generally offer lower initial rates and monthly payments when compared to fixed rate products. The lower rates on ARM loans appeal to borrowers who anticipate rising personal incomes as they are prepared to handle potential rate increases.
All home loans are subject to credit and property approval. Not all loan types are available in all states or for all amounts. Other restrictions and limitations apply. Please contact a UMB Mortgage Loan Originator or Community Mortgage Banker for more information.
UMB Mortgage Loan Solutions
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