Mortgage Loan Programs

Family standing in front of their new home. Sandy Spring Bank Mortgage.

The same lending solution does not apply to every client and the different options can seem overwhelming at times. That’s why it’s essential to have an experienced mortgage banker who can explain the differences between types of mortgages and guide you through the entire process.  

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  • Question

    Conventional Fixed-Rate Mortgage
    Answer

    A fixed-rate mortgage features an interest rate that remains the same throughout the life of the loan. Benefits of a fixed-rate mortgage include:

    • Greater consistency, simplifying your household budgeting process.
    • Beneficial if you plan to own your home for more than a few years.
    • Protects against future interest rate increases.   
  • Question

    Conventional Adjustable-Rate Mortgage
    Answer

    This loan features an interest rate that is periodically adjusted, meaning that your payments will change along with the rate. Benefits of an adjustable-rate mortgage include:

    • May feature lower rates than other loans, especially beneficial if you don’t intend to own the home beyond its initial period or you intend to refinance. 
    • You want lower mortgage payments for the start of your loan.
    • You believe interest rates will decrease.
  • Question

    FHA Loans
    Answer

    This type of mortgage loan is insured by the Federal Housing Administration (FHA) and offered through FHA-approved lenders, including Sandy Spring Bank. The FHA program offers a number of benefits, making it an attractive loan option for many borrowers, including:

    • Low down payments.
    • Lower credit score thresholds.
    • Streamlined refinancing options. 
  • Question

    VA Loans
    Answer

    A Veteran's Administration (VA) mortgage loan is guaranteed by the Department of Veterans Affairs. The VA loan program is designed to provide veterans or the current or surviving spouse of one, with attractive and affordable home financing options. Some benefits of VA loans are:

    • No down payment required.
    • Competitively lower interest rates.
    • Limited closing costs and no need for private mortgage insurance.
  • Question

    Sandy Spring Bank Welcome Home Loan Program
    Answer

    This special program is a great fit for individuals who are first-time homebuyers.

    Some benefits include:

    • Fixed and adjustable rate options available.
    • Up to 97% loan-to-value.
    • No private mortgage insurance.
  • Question

    Portfolio Loans
    Answer

    Sandy Spring Bank also offers a wide array of portfolio programs designed to meet the needs of and support the local housing market. We offer a number of unique financing options including:

    • Medical Professional Mortgage Program. 
    • Fixed and Adjustable rate options.
    • Jumbo Programs.
    • 2nd Trust Program.
  • Question

    Affordable Housing Products
    Answer

    Sandy Spring Bank is committed to promoting affordable housing in the communities we serve. Through our in-house portfolio products and partnerships with local community development agencies, we have developed a suite of programs aimed at assisting those in need achieve their dream of homeownership.

    Some of our programs include:

    • Welcome Home Program.
    • Closing the Gap Down Payment Assistance Program.
    • First-Time Homebuyer Program.
    • Virginia Housing loans.
    • USDA (U.S. Department of Agriculture) loans.
    • FHLB (Federal Home Loan Bank) Grants.
    • Maryland Mortgage Program Loans.
    • DC Open Doors loans.
  • Question

    Construction Lending
    Answer

    Sandy Spring Bank has a long history of construction lending.  Whether you are building a new home or renovating your existing property we have the solution for you. We offer a One-Time Close solution which allows you to lock in the terms of your permanent financing upfront, so you don’t have to worry about rising interest rates while your project is under construction.  

    Our programs support:

    • New construction lending.
    • Home renovation loans.
    • FHA 203k home rehab loans.

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  • Disclosure

    Loan programs subject to change without notice and cancellation at any time. Please consult a Sandy Spring Bank Mortgage Banker for specific details. This is not an offer of credit or commitment to lend. Actual loan qualification is subject to verification and approval of income, credit, property appraisal, and other factors. Additional fees, terms, and conditions may apply. Adequate property insurance required. Sandy Spring Bank is a Maryland corporation headquartered at 17801 Georgia Avenue in Olney, Maryland 20832. As a residential lender we provide mortgage financing in the metropolitan Washington D.C. and greater mid-Atlantic markets. Other rates and terms are available. 

    Sandy Spring Bank and homegenius Real Estate Inc. are not affiliates. They are not related through complete or partial common ownership, joint venture partnership and/or strategic business partnership. No party will have any right, power or authority to assume or incur any obligations or liabilities, express or implied, on behalf of or in the name of the other.

    This material is provided solely for educational purposes and is not intended to constitute tax, legal or accounting advice.  You should consult your own legal, accounting, or tax advisers regarding your specific situation and needs.  

    View our Fair Lending Policy statement online.