skip to main content

Web Accessibility Statement

Good faith efforts have been made to ensure that our site complies with Federal and New York state standards on website accessibility and with Web Content Accessibility Guidelines 2.0, set forth by the World Wide Web Consortium to the best of our technical ability. If you are unable to access any pages on our site, please contact us toll free at 800-447-3386 or compliance@spmc.com with information on the portions of the website that are inaccessible to you. Please provide your name, telephone number, and email address so that we may contact you to provide our information in another format.

A loan officer talking to a homeowner about loan programs.

Loan Programs

We know in today's fast-paced world you want to do business anytime and anywhere. With a few simple clicks you can access you loan information, make a payment, setup automatic draft payments, update your escrow information and much more. Register now for quick, easy access for all your mortgage servicing needs.

Conventional Loan
A young girl kissing her mother on the cheek.

A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.

Conventional loans may be cheaper overall but require good credit. Mortgage insurance may also be required with conventional loans if a down payment is below 20%.

Contact your loan officer for a private consultation and compair loan programs when shopping for the right mortgage solution.

FHA Loans
A veteran sitting with his wife and daughter beside a tree.

Insured by the Federal Housing Administration, FHA home loans are government-assisted alternatives to conventional financing, and were originally offered by FHA lenders to first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience.

Overall, FHA mortgage loans provide more flexibility in credit, income and down payment requirements. They do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, but a fixed rate FHA loan enables many homeowners who wouldn’t qualify for conventional financing to purchase.

VA Guaranty
A beautiful house with a white picket fence.

As a VA mortgage lender approved by the Veterans Administration (VA), Sierra Pacific Mortgage is authorized to offer special home loan programs for active military and veterans. These programs are guaranteed by the VA and offer advantages not available to the general public.

Our loan officers can provide you with current VA mortgage rates today and help you take advantage of these programs. This program is available to retired military or those currently serving in the armed forces. Benefits can also extend to spouses. See a loan officer more details.
 

USDA Loans
A loan officer discussing options with her client.

A USDA loan (Section 502) is a home loan that is guaranteed by the United States Department of Agriculture. It typically offers very low and competitive interest rates on home loans to borrowers with no down payment requirements. The USDA Home Loan Program was made available to borrowers with excellent financing terms and flexible credit guidelines to give people an incentive to populate rural areas.

Since the USDA Loan offers 100% financing to buyers and closing costs can be paid by seller or rolled into the loan, homebuyers usually do not have to bring any funds to closing.

There are a few requirements that must be met to be eligible for a USDA Home Loan. Talk to one of our Loan Officers today to learn more.