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Mortgage / Home Loans

There’s no place like your own.

From a traditional home loan (aka mortgage) to a loan for buying land or building a house on land you own, we can fund your adventure — from here to your front doorstep.

30 Year Conventional Fixed Home Loan
as low as
0.00
%
APR*
15 Year Conventional Fixed Home Loan
as low as
0.00
%
APR*
30 Year VA Fixed Home Loan
as low as
0.00
%
APR*
15 Year VA Fixed Loan
as low as
0.00
%
APR*

We make Home Ownership happen.

When it’s time to buy or even build the new home you’ve been dreaming about, Fortera is here to help. We’re experts in making the home loan process easy and affordable. We offer conventional, VA, construction and land loans.

Home Loans. Zero Down.
Fortera can help you get into a new home with zero down payment. With 100% financing and competitive rates — now is the time to buy.1

Low rates and closing costs
With competitive rates and fewer fees, we have the home loan that is perfect for you. We can even roll your closing costs into the loan, so you’ll barely know they’re there.

Solid, friendly guidance
Getting a mortgage is a big step with plenty of moving parts and decisions to make. That is why we've streamlined the application process and stay by your side every step of the way.

Use our Rate Calculator to easily compare different mortgage options, see projected closing costs, and more.

Double Dip Rate Protection

If rates drop, you can relock.

Feeling stressed about locking in a rate too early? Don't worry. With our Double Dip Rate Protection, you get not one, but two opportunities to lower your rate—up until seven days before closing3. No need to play rate roulette—lock in now and adjust if the market moves in your favor.

Rate Match Guarantee

We Rate Match or You Get Cash!

When it comes to securing your mortgage, you deserve confidence. That’s why we offer our Rate Match Guarantee. When you are shopping home loan rates, if you find a lower rate than ours, we’ll match it. If not, we’ll give you $1,000.2

Meet Your Team

Rachel Fiero
Mortgage Loan Officer

Rachael Fierro

Work with Rachael
Teresa Hite
Mortgage Loan Officer

Teresa Hite

Work with Teresa
Yuri Quintero
Mortgage Loan Officer

Yurian Quintero

Work with Yuri

Find the home loan that is right for you.

CONVENTIONAL LOAN

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Description

The standard loan type for purchasing or refinance of a residential property. Conventional loans follow guidelines established by agencies such as Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation)

Details

Available in 15- and 30-year terms and as Fixed Rate or Adjustable Rate. Down payments as low as 3%. No penalties for prepayments.

Is it right for you?

This is the most common type of home loan. Ideal for buyers who have average or above credit score, limited debt and have money available for a down payment. Overall, conventional mortgage loans provide borrowers with flexibility in terms of loan options.

VA LOAN

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Description

A VA (Veterans Affairs) mortgage loan is a type of home loan available to eligible veterans, active duty service members, National Guard members, Reservists, and certain surviving spouses. VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA), making them a unique and valuable option for eligible members.

Details

Eligible borrowers can purchase a home with no down payment, provided they meet certain requirements. No requirement for borrowers to pay private mortgage insurance (PMI).

Is it right for you?

Overall, VA loans are designed to provide eligible veterans, service members, and their families with access to affordable homeownership opportunities by offering favorable terms and benefits. If you are on active duty (having served 90 continuous days) or are a veteran whomeets length-of-service requirements,this may be the option for you.

JUMBO LOAN

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Description

A jumbo loan is a type of mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

Details

As of 2024, the conforming limit for most of the U.S. is $766,550. Visit fhfa.gov to find the most up-to-date information for your local area.

Is it right for you?

Jumbo mortgage loans provide a valuable financing option for borrowers seeking to purchase high-value properties or homes in expensive markets, offering flexibility, competitive rates, and the ability to finance larger loan amounts without compromising on loan terms or quality of service.

CONSTRUCTION LOAN

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Description

Loan used to finance the construction of a new home or building. These loans have unique features and benefits tailored to the construction process, including progressive disbursements, interest-only payments, flexible terms, and customizable loan structures.

Details

Construction loans are usually short-term loans, typically ranging from six to 12 months. You can borrow up to 90% of the cost to build.

Is it right for you?

Construction loans offer a comprehensive financing solution for individuals or families embarking on new construction projects or home renovations. These loans provide flexibility, financial support throughout the construction process, and the ability to achieve customized housing goals.

LAND LOAN

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Description

Also known as a lot loan, is a type of financing specifically designed to help individuals purchase undeveloped land or lots.

Details

Shorter terms than traditional mortgage loans. Certain land documentation is required.

Is it right for you?

Loan designed to help individuals purchase land for various purposes, including building a primary residence, constructing a second home, starting a farm, or investing in raw land for future development.

PORTFOLIO LOAN

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Description

The portfolio loan is a more customizable loan type for those who may not meet the criteria of traditional mortgage programs. Unlike conventional mortgages, a portfolio loan stays with Fortera Credit union, meaning more flexibility in approving borrowers with non-traditional credit profiles or unique financial situations.

Details

Loans are held in-house, which allows for more flexibility in lending criteria. No penalties for prepayments.

Is it right for you?

Portfolio mortgage loans provide an alternative financing option for borrowers who may not qualify for conventional loans or who require customized loan terms and flexibility. If the loan types above don’t seem to fit, a Portfolio Loan may be the solution. These loans areparticularly beneficial to those who have a less-than-ideal credit score or highdebt-to-income ratio.

FAQ's

Should I get pre-qualified for a home loan before I start house shopping?

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Yes, yes, and yes! Getting pre-qualified helps put the purchasing power in your hands. When you get pre-qualified, you learn exactly how much house you can afford and you know that amount before falling in love with a place that is out of your budget. It's our number one recommendation to avoid home heartbreak.

What do I need to bring with me to my first appointment with a Fortera Home Loans Advisor?

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You may bring anything with you that you wish. We will not be able to give you a specific list of required documentation until after you apply for a home loan.

Am I able to open a credit card or purchase a car while I apply for a home loan?

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We recommend waiting to do anything that may impact your credit or would require a hard credit pull. Make sure you do not co-sign a loan or freeze your credit. We also recommend not making any changes to your employment during the application process. All of these actions can impact the outcome of your loan in a negative way. So press pause for now, and know that the wait is worth it.

How much can I afford?

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The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the 'View Report' button to see a complete amortization schedule of your mortgage payments.

What would my mortgage payment be?

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Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the "Report" button for a full yearly or monthly amortization schedule.

What is an adjustable rate mortgage?

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With most ARMs, the interest rate and monthly payment are fixed for an initial period such as three years, five years or seven years. After the initial fixed period, the interest rate can change every year. For example, one of our most popular adjustable mortgages is a five-year ARM. The interest rate will not change for the first five years (the initial adjustment period), but can change every year after the first five years.

An interest-rate cap places a limit on the amount your interest rate can increase or decrease. There are two types of caps:

  1. Periodic or adjustment caps, which limit the interest rate increase or decrease from one adjustment period to the next.
  2. Overall or lifetime caps, which limit the interest rate increase over the life of the loan.

As you can imagine, interest rate caps are very important since no one knows what can happen in the future. All of the ARMs we offer have both adjustment and lifetime caps. Please see each product description for full details.

What is mortgage insurance and when is it required?

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Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower's death. Mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against additional risk associated with low down payment lending. Low down payment mortgages are becoming more and more popular, and by purchasing mortgage insurance, lenders are comfortable with down payments as low as 3-5% of the home's value. It also provides you with the ability to buy a more expensive home than might be possible if a 20% down payment were required.

The mortgage insurance premium is based on loan to value ratio, type of loan, and amount of coverage required by the lender. Usually, the premium is included ink our monthly payment and one to two months of the premium is collected as a required advance at closing.

It will be possible to cancel private mortgage insurance at some point, such as when you loan balance is reduced to a certain amount - below 75% to 80% of the property value. Recent Federal Legislation requires automatic termination of mortgage insurance for many borrowers when their loan balance has been amortized down two 78% of the original property value. If you have any questions about when your mortgage insurance could be cancelled, please contact your Loan Advisor.

Are there any prepayment penalties charged for these loan programs?

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None of the loans programs we offer have penalties for prepayment. You can pay off your mortgage any time with no additional charges.

Can I apply for a loan before I find a property to purchase?

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Applying for a mortgage loan before you find a home may be the best thing you could do! If you apply now, we'll issue a pre-qualification approval subject to you finding the perfect home. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any purchase offer that you make.

What is title insurance and why do I need it?

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If you've ever purchased a home before, you may already be familiar with the benefits and terms of title insurance. But if this is your first hoe loan or you are refinancing, you may be wondering why you need another insurance policy.

The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and especially your mortgage lender, want to make sure the property is indeed yours: That no individual or government entity has any right, lien, claim or encumbrance on your property.

The function of a title insurance company is to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly, and that your interests as a homebuyer are fully protected.

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders, and others who have an interest in real estate transfer. Title companies typically issue two types of title policies:

  1. Owner's Policy: This policy covers you, the homebuyer.
  2. Lender's Policy: This policy covers the lending institution over the life of the loan.

Both types of policies are issued at the time of closing for a one-time premium, if the loan is a purchase. If you are refinancing your home, you probably already have an owner's policy that was issued when you purchased the property, so we'll only require that a lender's policy be issued.

Before issuing a policy, the title company performs an in-depth search of the public records to determine if anyone other than you has an interest in the property. The search may be performed by title company personnel using either public records or, more likely, the information contained in the company's own title plant.

Once a title is issued, if any claim covered under your policy is ever filed against your property, the title company will pay the legal fees involved in the defense our your rights. They are also responsible to cover losses arising from a valid claim. This protection remains in effect as long as you or your heirs own the property.

The fact that title companies try to eliminate risks before they develop makes title insurance significantly different from other types of insurance. Most forms of insurance assume risks by providing financial protection through a pooling of risks for losses arising from an unforeseen future event, say a fire, accident or theft. One the other hand, the purpose of title insurance is to eliminate risks and prevent losses caused by defects in title that may have happened in the past.

This risk elimination has benefits to both the homebuyer and the title company. it minimizes the chances that adverse claims might be raised, thereby reducing the number of claims that have to be defended or satisfied. This keeps costs down for the title company and the premiums low for the homebuyer.

How will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

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Bankruptcy (Chapter 7 or Chapter 11):
A four-year waiting period is required, measured from the discharge or dismissal date of the bankruptcy action.

Bankruptcy (Chapter 13):
A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for Chapter 13 bankruptcy actions is measured as follows: two years from the discharge date, or four years from the dismissal date. The shorter waiting period based on the discharge date recognizes that borrowers have already met a portion of the waiting period within the time needed for the successful completion of a Chapter 13 plan and subsequent discharge. A borrower who was unable to complete the Chapter 13 plan and received a dismissal will be held to a four-year waiting period.

Foreclosure:
A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.

I’ve had a few employers in the last few years. Will that affect my ability to get a new mortgage?

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One year of job history with the current employer is typically required unless the employment change is within the same employment field and if applicable outside any probationary employment period requirements.

Do I have to provide information about my child support, alimony or separate maintenance income?

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Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

If I have income that's not reported on my tax return, can it be considered?

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Generally, only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn't required to be reported.

You may be able to take advantage of our bank statement program. This program may require a larger down payment and have a higher interest rate than our regular mortgage rates.

I’ve co-signed a loan for another person. Should I include that debt here?

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A co-signed debt is considered when determining your qualification for a mortgage. If the co-signed debt doesn’t affect your ability to obtain a new mortgage we’ll leave it at that. However, if it does make a difference, we can omit the monthly payment of the co-signed debt if you can verify that the other person responsible for the debt has made the required payments, by obtaining copies of their canceled checks for the last twelve months.

I am selling my current home to purchase this home. What type of documentation will be required?

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If you're selling your current home to purchase your new home, we'll ask you to provide a copy of settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask you to bring your settlement statement with you to your new mortgage closing.

Can I get advanced copies of the documents I will be signing at closing?

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The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to your after they are prepared, please contact your loan advisor.

I have student loans that aren't in repayment yet. Should I show them as installment debts?

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Any outstanding student loan should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount.

I am relocating because I have accepted a new job that I haven’t started yet. How should I complete the application?

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If you will be working for the same employer, complete the application as such, but enter the income you anticipate you be receiving at your new location. If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you’ll be leaving should be entered as your previous employer.

Who will be at the closing?

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At this time those only required to sign will be at closing.

I've heard that some lenders require flood insurance on properties. Will you?

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If the home is located in a flood area, then yes flood insurance would be required.

Does Fortera provide financing for manufactured homes?

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No, we do not currently offer this service.

How are interest rates determined?

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Interest rates are determined by a combination of your credit scores, loan to value ratio and product type.

When can I lock in my interest rate and points?

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You can lock in as soon as you have an approved and signed contract.

Is there a fee charged or any other obligation if I complete the online application?

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There is no fee required to get pre-qualified, but be aware we will be obtaining a credit report.

I'm purchasing a home, do I need a home inspection and an appraisal?

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A home inspection is not required. You may obtain a home inspection, but it would be at your own discretion and the expense would be out of your own pocket.

Will I get a copy of the appraisal?

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As soon as we receive your appraisal, we'll update your loan with the estimated value of the home. We will promptly provide you a copy of any appraisal, even if your loan does not close.

What is the maximum percentage of my home's value that I can borrow?

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The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete an online application.

I'm self-employed. How will you verify my income?

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Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. We'll need a full two-year history of self-employment to verify that your self-employment income is stable.

Helpful Articles

*Taxes and insurance premiums are not included in the payment, and the actual payment obligation may be greater.

Conventional Mortgage Loan Payment Example: For a $250,000 loan for a term of 30 years with a 6.650% APR, the monthly payment will be $1,996.59.

VA Mortgage Loan Payment Example: For a $250,000 loan for a term of 30 years with a 6.601% APR, the monthly payment will be $1,925.00.

1Certain products may include closing costs and other fees which would not be covered in the Zero Down offer. *Conventional loans: 100% financing available for purchase loans only. Product features subject to approval. Must be primary residency. Not all loans qualify and certain credit restrictions may apply. Fortera reserves the right to terminate this promotion at any time without notice. ** VA loans are subject to funding fee, which may be financed up to the maximum allowed loan amount.

2Home Rate Match Available for purchase and refinance first mortgages. Certain product exclusions may apply. The date of the Loan Estimate with the competing lender must be within 3 calendar days of the rate lock with Fortera. Please note that no other documentation may be used to show competitors' terms. The rate must be from a competing lender that has a physical branch location within 50 miles of a physical Fortera branch location. The terms of the competing loan must be identical to Fortera's loan; for example, a 15-year, fixed-rate product with mortgage insurance is not identical to a Fortera 15-year, fixed-rate product that does not have mortgage insurance. If the loan does not close within the commitment period, the rate match may be voided. NOTE: The initial Loan Estimate from a wholesale lender/broker is not an acceptable document for a rate match submission unless the Lender Information section on the Loan Estimate is completed. To receive $1,000, you must provide a signed, executed copy of the final Closing Disclosure and a copy of the final mortgage note within 30 calendar days of your loan closing with the original competing lender. Not valid if original loan terms or conditions change prior to closing. Once approved, $1,000 will be automatically deposited into your Fortera Share Savings account within 30 calendar days of receiving the necessary documentation. Membership and share savings account is required to receive cash back offer. Recipient is solely responsible for any personal tax liability arising out of this incentive. Not all loans qualify. Fortera reserves the right to terminate this promotion at any time without notice. Can’t be combined with other offers.

3Fortera’s Double Dip Rate Protection is available for new applications on purchase and refinance loans at no additional fee for up to a 60-day lock. You may request a lower rate no more than two (2) times, with a maximum cumulative interest rate reduction of 0.50%. You must monitor rates to decide when to exercise the option to lower the rate. All requests for a lower rate must occur at least seven (7) calendar days before closing. Not all loans may qualify. Fortera reserves the right to terminate this promotion at any time without notice.