Sterling Bank & Trust Mortgage Options

Conventional Loans

Conventional loans are the most common choice for home loans in the United States. Several features of the loan make them attractive:

  • Available with fixed rates or with adjustable rates
  • Terms from 10 to 30 years
  • Down payments as low as 3%
  • Can be used for your primary residence, second home or investment property
  • No monthly mortgage insurance payment with a down payment of 20% or more
  • Mortgage insurance can be eliminated when your home’s loan-to-value (LTV) reaches 80% and is automatically cancelled at 78% LTV
  • Loan amounts up to $453,100 with higher limits in certain areas, such as California

Sterling Bank offers a variety of Conventional loan options including:

  • 30-Year Fixed
  • 20-Year Fixed
  • 15-Year Fixed
  • 10-Year Fixed
  • 10/1 Adjustable Rate Mortgage (ARM)
  • 7/1 ARM
  • 3/1 ARM

Government Loans

FHA loans are a type of government-insured loan through the Federal Housing Administration (FHA). FHA loans are intended for low to moderate income borrowers without the ability to make a large down payment. Here are a few key features:

  • Available with fixed rates or with adjustable rates
  • Terms from 10 years to 30 years
  • Down payments as low as 3.5% (which can be an eligible gift)
  • Generally available only on primary residences
  • Requires an upfront mortgage insurance payment and monthly mortgage insurance payments which exist throughout the loan term
  • Sometimes available for those with lower credit scores

Sterling Bank offers a variety of FHA loan options including:

  • 30-Year Fixed
  • 15-Year Fixed
  • 5/1 Adjustable Rate Mortgage (ARM)
  • 3/1 ARM

A fundamentally new way to get a mortgage

Buying a home can be stressful, but financing doesn’t have to be. We offer excellent rates, so that you can get the most home for your money, and our Residential Loan Consultants guide you every step of the way.