Types of Home Loans

Types of Home Loans

Find a better home loan for you!

Making the commitment to buy a home is a big deal. You need a bank with experienced lenders to provide the best financing possible with fast, courteous service at competitive rates. State Street Bank has the mortgage team to help make your dream of home ownership a reality.

Our Lenders will be happy to help you select the home loan and terms that best fit your lifestyle and budget.

What types of home loans does State Street Bank offer?

Conventional Loan

One of the most common loan programs that offers competitive interest rates and requires down payments ranging from 3% to 20%.

Down payments less than 20% require mortgage insurance. Standard documentation and fair-to-good credit score are necessary to qualify.

  • Competitive rates
  • Multiple options for mortgage insurance
  • Fast closings
  • Minimum down payments

FHA Loans

Insured by the Federal Housing Administration. Offers down payment as low as 3.5% in addition to a less stringent qualification process which is an attractive option for first time homebuyers.

To protect lenders from a loss if the borrower should default, mortgage insurance is required on all FHA loans.

  • Competitive rates
  • Minimal down payment
  • Down payment assistance programs
  • Closing costs can be put into mortgage

VA Loans

Offering Veterans, US Military service members and eligible surviving spouse’s benefits through a VA loan program.

Loans guaranteed by the Department of Veterans’ Affairs. The VA guaranty gives lenders greater degree of safety and flexibility which will result in more competitive interest rates than non-VA loans.

  • Competitive rates
  • No down payment required
  • 100% financing
  • VA funding Fee can be financed into loan
  • No mortgage insurance

USDA Loans

A USDA home loan is zero down payment mortgage for eligible rural and suburban homebuyers.

Income limits to qualify for a home loan guarantee vary by location and depend on household size. USDA guaranteed home loans can fund only owner-occupied primary residences.

  • 100% financing available
  • No down payment available
  • New and existing homes are eligible, condos may be considered
  • Available for purchases and refinances
  • Closing costs can be financed

Home Equity

This second mortgage product is a great tool for variable spending like paying for your child’s college education, renovating your home, or just about anything else, just by using the equity in your home. Learn more about our Home Equity Loans.

We also have a number of calculators to help you estimate your loan amount, monthly payment or price of a new home.