Maximum loan to value is 95%. The 5% down payment can come from the borrower but gift funds can be used as part, or all, of the down payment as well. Gift funds must be from a relative or family member in order to be eligible.

Rate/Term Refinance

This one carries a maximum loan to value of 95%. If your current loan is owned by Fannie Mae or Freddie Mac, and if your loan was insured by either of them prior to 6/1/2009, you may be eligible to have the appraisal waived and the loan to value may exceed 95% in some cases. If you are unsure if your home owned by Fannie or Freddie, call us and we can tell you if we have your name and address.

Cash Out Refinance

The maximum loan to value allowed is 85%. PMI is required unless you want the lender to pay it for you, in which case rates are slightly higher. Appraisals are almost always required with this type of refinance.



max LTV 96.5%


The maximum loan to value for an FHA rate/term refinance is 97.75%. Cash out refinances are available with a loan to value up to 85%. For refinances, it is beneficial if the loan was insured by FHA prior to 6/1/2009 for reduced monthly mortgage insurance premiums.



For veterans, a VA loan is almost always the best option for purchasing a house. VA loans not only allow for 100% financing, they also have zero monthly mortgage insurance. Funding fees are determined by VA based on type of service and whether or not the veteran has used this benefit before. In some cases, the veteran is exempt from the VA funding fee.

Interest Rate Reduction Loans

This is the most streamlined, limited documentation loan available. If properly packaged up front, and if you are qualified for appraisal waiver, you basically sign preliminary disclosures and then wait for a closing date. In today’s very low interest rate environment these loans have become extremely popular.

Cash Out Loans

The biggest advantages are a higher loan to value and no monthly mortgage insurance premiums. The maximum loan to value in most cases is 90%. When borrowing for the purpose of paying off a 1st and 2nd mortgage, and receiving no cash proceeds at closing, the loan amount can be up to 100% of the appraised value.



The combination of 100% financing and very low monthly mortgage insurance certainly makes Rural Development one of the most, if not the most popular loan program in our area for purchasing a home. Rural development is for eligible areas as determined by USDA. Certain income limits apply.


Your current loan must be Rural Development in order to refinance with another Rural Development loan.

Courtesy First Home Lenders

NMLS# 196573


Courtesy First Home Lenders was incorporated on January 29th, 2004 for the purpose of providing our community with quality mortgage products and exemplary service. After spending 23 years in all areas of the financial services industry and additional 4 years specializing in mortgage originations I felt the time was right to open a local mortgage origination office of my own to more efficiently deal with the needs of the customer base I had developed. Almost 10 years later I am convinced we made the correct decision as we have been truly blessed through all of the changes that have taken place to still be offering a wide variety of mortgage types to serve the people of this area. We are developing new products as I type this to expand our capacity to meet the needs of our community. We are truly thankful for the support we have received over all this time and look forward to the future with great anticipation. Please call or email us if we can be of help or answer any questions at all concerning buying or refinancing you home.

Greg Balch, President

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