Loan Types Available

Conventional Loan - A conventional, or conforming, mortgage adheres to Federal National Mortgage Association, or Fannie Mae, guidelines. A conventional loan is not insured or guaranteed by the federal government. We offer conventional fixed rate loans.

Portfolio Loan - This is a loan retained by Honor Credit Union that may or may not meet FNMA guidelines. A portfolio loan is beneficial to the borrower because it offers flexible payment terms, such as bi-weekly payments.

Jumbo Loan - A mortgage for an amount that exceeds conventional loan limits set by Fannie Mae guidelines.

FHA Loan - A mortgage insured by the Federal Housing Administration. Borrowers pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. The advantage for borrowers is because lenders are protected they are able to offer FHA loans at attractive rates and the qualification requirements are more flexible.

RD (Rural Development) Loan - A rural development or USDA home loan is designed to give low and moderate income households the opportunity to own a home as a primary residence in eligible rural areas. They are issued through the USDA Rural Development Guaranteed Housing Loan Program.

Vacant Land / Lot Loan - Allows a borrower to purchase a vacant lot or piece of undeveloped land.

Construction Loan - A borrower can finance the building of a home or large real estate improvement project using a construction loan.