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Types of Loans


Through the FHA 203k program, borrowers can purchase or refinance their home and include rehabilitation and repair costs in the same loan. This program can aid in expanding home ownership as well as can help revitalize the communities they serve.

  • Low Down Payment Options (HUD $100 Down is available) with LTV’s up to max financing (96.5% Purchase or Refinance 97.75%)
  • Can Finance Improvements
  • Borrower can do the work (Streamlined Only and must be qualified)
  • Can be used for minor or major repairs.

This program can be used to rehabilitate or improve existing one-to-four unit dwellings in one of three ways:

  1. To purchase a home and rehabilitate it.
  2. To refinance existing mortgage and rehabilitate
    the property.
  3. To move existing dwelling to another site and
    rehabilitate it.*

*Loan proceeds for moving house will not be available until unit is attached to the new foundation.

Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and it adds value.

*Eligibility may differ between FHA 203k Full and Streamlined loans.

  • Additions to the Structure
  • Kitchen or bath remodels
  • Finished Basements or Attics
  • Patios, decks or terraces
  • Roofing and Landscaping
  • Safety, Energy Efficient Items and Electrical Upgrades
  • Handicap Accessibility Improvements 




  • Requires a HUD Consultant
  • For Structural Repairs
  • Additions
  • Repairs > $35,000
  • Less Common
  • Up to 5 Draws


  • No Consultant Required
  • No structural repairs allowed
  • Maximum $35,000 TOTAL Rehab Account
  • Most Common
  • Limited to 2 Draws



The Federal Housing Administration (FHA) is an Agency within the US Department of Housing and Urban Development (HUD).  Established in 1934 as a Mortgage Insurer, not a lender, to assist homebuyers in acquiring property with small down payments.  It is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing (MI Premiums).  The program offers:

  • Low Down Payment Lending-  standard 3.5% down, flexible sources
  • Pricing- limited adjustments and competitive pricing has made FHA very comparable to the Conventional loan offers
  • More flexible credit requirements- Lack of credit or past payment problems don't prevent borrowers from getting a loan
  • Assumable Loans- Plan for future marketability with today’s low rates
  • Rate & term refinances- Combine first and seasoned second mortgages to max financing
  • Cash Out Refinances- Up to 85%
  • Streamlined Refinances- with or without an appraisal
  • No income restrictions- must have the ability  to repay the loan
  • Non-occupant co-borrowers- are allowed. Must be immediate family.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Rural Development Program

This program assists homeowners by providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides:

  • Purchase – 100% LTV of the appraised value; up to 102% LTV when the guarantee fee is financed.
  • Refinance – 100% LTV of the appraised value; up to 102% LTV when the guarantee fee is financed.
  • No minimum loan amount
  • Maximum financing up to $417,000
  • Interested party contributions maximum 6%
  • No cash reserves required
  • Gifts are allowed
  • Money back for items paid for before closing
  • US Citizen
  • Permanent & Non-Permanent Resident Aliens
  • Non-Occupant Co-borrowers NOT ALLOWED
  • Must have a valid Social Security number
  • Primary residence only! Previous home must be sold.
  • Loans cannot close in trust.
  • Owner occupied only
  • Single family, PUD’s, Condo’s
  • Must be non-farm properties
  • Must be located in rural areas as defined by local RHS office.
  • Site value cannot exceed 30% of total property value.
  • Property must have all weather access to a street, road or driveway.
  • Property must have dependable water and waste disposal

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.


The VA Loan has many advantages that make it one of the most appealing paths to homeownership — and this great benefit is reserved exclusively to those who bravely served our country and select military spouses.

When combined, the benefits of the VA mortgage allow service members and Veterans to take advantage of substantial cost savings under qualification requirements designed specifically for members of the military and their unique needs.

  • 0% Down Payment Purchase
  • Limited adjustments and competitive pricing
  • 100% gifted funds allowed for purchase


  • Honorably discharged veterans and their spouses jointly; or the veteran alone
  • Widow/widowers of veterans provided the veteran was killed in action.
  • Reservists who have served sufficient length of service

Adjustable Rate Mortgages (ARM)

When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.



ArrowPointe Federal Credit Union NMLS #422924
462 S Anderson Rd, Rock Hill, SC  29730
Direct:  (803) 324-4111
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