CenterState Bank, NA

NMLS# 403455

415 Meridian St
Huntsville, Alabama 35801
Phone: 256-564-7628
tjbyrne@centerstatebank.com

Tim Byrne 

NMLS 251519

www.nmlsconsumeraccess.org

  • Zillow

©2019 by The Tim Byrne Team  

Loan Programs

Conventional Loan Fixed Rate
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime. Down payment requirements start at 5%. This loan requires PMI if you do not put down 20%. 

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs. The loan is fixed for the first 3 / 5/ 7 / or 10 year period depending on which term you go with. Once the fixed term ends, then the rate can adjust every year up to a maximum cap. The cap is disclosed with the rate. 

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment of 3.5%

VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership. VA offers 100% financing. 

Construction Loans

These loans are used to build new homes. This loan is like a line of credit that you can draw off of to pay your builder as the home is built. 

Physician Loans

The Physician loan program is only available to Licensed Doctors, MD, DDS, and Veterinarians and doctors in residency. This program offers 100% financing with no PMI. 

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

Contact me to see how I can help with your mortgage needs.