First-time home buyers often opt for this mortgage to get the lowest possible mortgage payment. With the added feature of rate caps, the adjustable rate mortgage is preferred by many customers. Government Agency Mortgage Paducah Bank offers mortgage loans sponsored by both state and federal housing agencies. For details on specific programs and qualifications, phone one of our mortgage originators to discuss your needs. The residential construction loan is typically a short-term loan used to finance the building of a home.
Funds are advanced to cover construction costs as work progresses.
Interest is paid monthly on the actual funds that have been advanced, and when the home is completed, the loan is paid off by permanent financing. Home Equity Loan Home equity loans have become the most widely-used method for homeowners to borrow money for a variety of purposes. A tax advisor should be consulted to review your situation. Most lenders allow a maximum mortgage payment of 28 percent of your gross monthly income. Also, your mortgage payment plus the total of all your other debt obligations should not exceed 36 percent of your gross monthly income.