Traditional Mortgages

Let’s Get You into Your Dream Home.

When you’re ready to buy but aren’t sure which mortgage is right for you, Commerce Home Mortgage is here to help. We can explore several options with you so you make the right choice for your circumstances.

Conventional Loans

Commerce Home Mortgage offers qualified borrowers excellent conventional mortgage loans for most property types with low interest rates and a variety of down payment options. As a direct seller to Fannie Mae and Freddie Mac, Commerce Home Mortgage provides in-house lending services for the entire loan process, with fewer underwriting restrictions, a simplified process, and faster closing.

Lower Down Payment Options

Fannie Mae HomeReady and Freddie Mac Home Possible are ideal for low-to moderate-income, qualified homebuyers in high-cost or underserved communities. HomeReady and Home Possible offer conventional alternatives to FHA loans with competitive pricing on fixed-and adjustable-rate loans with down payments as low as 3%.

For the DIY Buyer: Fannie Mae Homestyle Renovation

Making renovations or building from the ground up? Homestyle Renovation may be your best bet. You’ll be able to purchase or refinance a loan, make repairs to your current home, or even build your dream home.

FHA, VA, and USDA Loans

Veterans, farmers, and other qualified buyers can take advantage of affordable financing options.

Federal Housing Administration (FHA) Loans

FHA(b) Loans. These government-insured loans enable borrowers to buy a home with a low down payment, as low as 3.5%. Often, fees can be included in the loan. Sellers, builders, and lenders can pay some closing costs, including appraisal, credit reports and title expenses.

FHA 203(k) Loans. This option is also known as a rehab loan or an FHA construction loan and is ideal for someone buying a fixer home, as it allows homebuyers to finance the house and associated repairs in one transaction.

VA Loans

Active-duty service members, veterans and some surviving spouses are eligible for significant benefits from Veterans Affairs. Benefits of VA loans include 100% financing, mortgage insurance is usually not required, qualifying terms are less restrictive, and there are refinance or finance-to-buy options available.

USDA Loans

The U.S. Department of Agriculture provides these loans to buyers in rural areas or small towns. They feature low-interest rates or no down payments, and are tailored to farmers and other qualified borrowers with low- to moderate incomes.

Jumbo Loans

When your mortgage costs more than the conforming loan limit, a Jumbo loan may be your best option. This might be the case if you are buying in a high-cost location, purchasing an expensive or luxury home. If the purchase cost exceeds Fannie Mae and Freddie Mac conforming limits, the mortgage is considered “Jumbo.” Jumbo loans can have the same or lower interest rates as conventional loans, but with stricter approval requirements.

Reverse Mortgages

A Loan with No Monthly Payment, Designed for Seniors

Insured by the FHA, Home Equity Conversion Mortgages (HECMs) allow seniors to convert their homes into income. A reverse mortgage eliminates monthly payments, the loan never has to be repaid as long as you live in your home, and there are no income or credit requirements.

The cash received in a reverse mortgage is tax-free and can be paid as a lump sum, line of credit, through monthly installments, or even to build a dream home. It can fulfill goals like paying off medical debt, making home repairs, or contributing to a grandchild’s education.

Requirements for a reverse mortgage are:
  • Home must be the primary residence
  • Borrower must be least 62 years old
  • Need sufficient equity in your home

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