Hyde Park Bank

Products

Hyde Park Bank understands that every borrower is different, which is why we offer a variety of loan programs. All of our loan products are available with a free pre-approval—a firm loan commitment that gives you peace of mind and strengthens your negotiating power with the seller.

Conforming Fixed Rate Mortgage

Conforming fixed rate mortgages maintain the same rate of interest as well as the same monthly payment amount throughout the entire term of the loan. Maximum loan amount is $417,000, with higher loan amount limits for 2–4 unit properties.

Conforming Adjustable Rate Mortgage

Adjustable rate mortgages typically have a lower initial interest rate for a selected term; the rate then adjusts annually based on an index rate. Maximum loan amount is $417,000, with higher loan amount limits for 2–4 unit properties.

Jumbo Loan

Jumbo loans are mortgage loans between $417,000 and $2,000,000, and are available with fixed or adjustable rates.

Fannie Mae’s MyCommunityMortgage®

Fannie Mae’s MyCommunityMortgage (MCM) has more lenient underwriting standards than conventional loans. The program offers several low down payment options, including up to 100% financing for qualified buyers. MCM is ideal for borrowers with limited funds for down payment and closing costs, and those who need extra flexibility on credit, income sources, or access to special options.

FHA Loan

FHA loans are insured by the Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans can help you qualify for credit and lower your down payment and closing costs.

VA Loan

VA loans are backed by the U.S. Department of Veterans Affairs. Veterans, active duty personnel, Reservists/National Guard members, and some surviving spouses are eligible. VA loans do not require private mortgage insurance.

Second Mortgage and Home Equity Line of Credit

Second mortgages and home equity lines of credit (HELOC) are loans in addition to a primary mortgage on the subject property. They can be established with a fixed or adjustable rate for a pre-determined term. Funds can be accessed via check, and payments are calculated based on the amount of funds drawn.