HOUR Power® - We can make buying your home fast and easy with our patented HOUR Power® one hour approval system. With HOUR Power® if you bring us:

• One month's pay stubs
• Two year's tax information
• Three month's bank statements
• We can give you a home mortgage loan approval in one hour - ON THE SPOT!

So don't wait weeks or months, visit MORTGAGEBANK America today and get your mortgage approved in one hour with HOUR Power®.

Conventional - Conventional mortgages generally require a 5% down payment. This means, if you qualify, you can finance up to 95% of the purchase price or the appraised value of the home, whichever is less. MORTGAGEBANK America offers a 3% down payment program. Conventional loans are required to be insured by a Private Mortgage Insurer if the down payment is less than 20% of the purchase price or the appraised value, whichever is less. Private Mortgage Insurance insures the Lender against losses that it may incur if you default on your mortgage loan. This is not to be confused with mortgage life insurance which insures you.

Jumbos - A loan above $359,650. These limits are set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

PA Bonds - Below market rate home mortgage loans are available to qualifying homebuyers throughout the Commonwealth under PHFAs Statewide Homeownership Program. Both new and existing homes are eligible for Agency financing.

FHA - FHA mortgages are insured by the Federal Housing Administration and require less of a down payment than conventional mortgage. Generally, the required down payment is 2.25% of the purchase price. FHA also permits the financing of a portion of your closing costs, and in some cases the one-time mortgage insurance premium (MIP).

VA - In 1944, shortly before the end of World War II, Congress passed the Serviceman's Readjustment Act, more commonly known as the GI Bill of Rights. Title Ill of this Act provided for the VA Mortgage Guarantee Program. Under the provisions of this law the United States government would guarantee mortgages made by mortgage lenders.

A veteran is defined as a person who has served in the active military, naval or air service and, except for a current service member on active duty, was discharged or released from active duty under conditions other than dishonorable. Since November 1992, National Guard and Reserve Training are now considered for VA entitlement.

VA Loan Guidelines

• No down payment is required up to a sale price of $359,650.
• Maximum mortgage on a VA loan is $359,650, including the financing of the VA Funding Fee.
• The veteran must occupy and take title to the property.
• Either the buyer or the seller may pay the discount points in a VA transaction.
• The maximum mortgage rate a Veteran can pay is no longer set by the Veterans administration. A veteran may now pick their rate, similarly to an FHA type loan.
• A VA loan can be used to purchase or construct a dwelling to be owned and occupied by a veteran.
• A VA loan can be used to refinance an existing mortgage loan or other indebtedness secured by a lien of record or a dwelling owned and occupied by a veteran. (On cash out refinances, the maximum is limited to 90% of the appraised value.
• A VA loan can be used to purchase a one family, residential unit in a condominium approved by the VA.
• A VA loan can contain a maximum of four living units.
• A VA loan can be used to purchase a manufactured home as long as it is permanently affixed to its lot.