Mortgage Programs

The vast majority of our customers opt for the security of fixed rate financing. With a fixed rate mortgage, you will have a set principal and interest payment throughout the life of your loan. Most products offer fixed rate options including conventional, FHA, VA, USDA, and jumbo mortgages.

Fixed Rate Loan Highlights

• Available in 30, 20, 15, and 10 year terms
• Low and zero down fixed rate options include FHA, VA and USDA Loans.
• Fixed rate options available for non conforming jumbo loans

Looking to take advantage of the short term savings of an adjustable rate mortgage? Schmidt Mortgage Company offers a variety of adjustable rate loan programs with introductory rate periods for 7, 5, and 3 years. These loans are amortized over 30 years and adjust after the introductory rate periods end.

Adjustable Rate Mortgage (ARM) Highlights

• Capitalizing on low introductory rates can equal big short term savings.
• ARMs do carry a higher degree of risk as rates can and do adjust after the introductory rate periods end.
• May be a good option for a consumer who only plans on being in a property for under 7 years.
• May not be a good long term solution especially for borrowers without a higher level of job security. Consumers do not want to be in position where they cannot refinance when their introductory rate period comes to an end.

Considering buying a home but don’t have 5-20% to put down? Or maybe you do have the funds but prefer to keep money in the bank for a rainy day. At Schmidt Mortgage Company, we offer multiple low and zero down mortgage programs that may meet your needs.

Low and Zero Down Programs

• FHA loans – Require as little as 3.5% down. Credit guidelines not as restrictive as most conventional products.
• VA Loans – No money down option with relaxed credit requirements.
• USDA rural housing loans – Zero down financing for middle and lower income borrowers in USDA eligible areas.

Taking out a loan which exceed $417,000? If so, you may need to consider a jumbo loan. We offer fixed and adjustable rate jumbo mortgages for higher loan amounts.

Jumbo Financing Highlights

• Designed for loan amounts exceeding areas’ conforming loan limits. Outside of higher priced areas, $417,000 is typically the limit.
• We provide jumbo financing for most types of 1-4 unit residential properties. Properties may be used as primary residences, second homes, or investment properties.

If you have had past credit issues, you may not be automatically disqualified from obtaining a mortgage. At Schmidt Mortgage company, we offer FHA financing with less restrictive credit guidelines compared to most conventional products.

Options for Lower Credit Applicants

• FHA Loans – Options for individuals with credit scores as low as 580-639 (subject to change – contact us for the most up-to-date guidelines).
• VA Mortgages – Available to eligible US servicemen and women and surviving spouses.
• USDA Mortgages – Zero down program for middle and lower income borrowers in designated rural areas.