Fifth District can help you buy or build the home of your dreams or remodel your existing home. Our loan officers are local so they know you and your neighborhood and we hold and service all our loans in-house--you'll never have the hassle of dealing with an impersonal, out-of-state mega-institution.
* All mortgages held & serviced in-house
* Interest rate lock-in at application
* Low closing costs, no junk fees
* No prepayment penalty
* Re-amortization of balance anytime with principal reduction
* 95% financing available (PMI required)*
* Single closing construction/ permanent loans available
* Rates available without origination fees and discount points
* Pre-application counseling available
* Monthly payments made by automatic payment service
* Maximum loan amount $500,000
*Loans in excess of 80% require Private Mortgage Insurance (PMI) which is paid at the borrowers expense.
Are you planning to build a new home? If so, Fifth District can provide financing through a one-closing construction / permanent loan which will save you time and money. This type of loan features low closing costs which are paid only once and an interest rate which is locked-in at application for both the construction and permanent portion of the loan. Follow these easy steps to build the home of your dreams.
Arrange a pre-qualification meeting with a Fifth District construction loan specialist. Call 1-888-362-7544 or email firstname.lastname@example.org
Finalize home site selection, house plan design, and contract negotiations with your builder. We will need a copy of your building contract signed by a licensed Louisiana contractor and 2 sets of plans (including foundation plan) and specifications at the time of loan application.
Loan application, processing, and closing - Fifth District will receive and process your loan application. During this process the number of months that your loan will be a construction loan and on what date the loan will convert to a permanent loan (conversion date) will be determined. The typical construction period is from 6 to 12 months. Upon loan approval, we will set the loan for closing.
Once the loan is closed, construction can begin. Fifth District uses a 5 draw payment system which allows for periodic payments at various stages of completed construction. During the construction period, interest-only payments will be required. On the pre-determined conversion date, the loan will convert to a permanent loan and full principal and interest payments will be required based on the loan term you selected.
As always, Fifth District allows you the freedom to apply additional funds to the principal of your loan. By applying additional funds during the construction period, your loan will convert at a lower principal balance and payments can be re-amortized at conversion, thereby lowering your monthly payment. Additional principal payments made after conversion will also lower your balance which can be re-amortized for your convenience.
First-Time Home Buyer: Advantage Plus
Fifth District focuses its service efforts towards helping residents of the New Orleans Metropolitan Area acquire the home of their dreams. To encourage home ownership, Fifth District created the Advantage Plus mortgage loan program available exclusively to individuals with low/moderate income who desire to become first-time home-owners. Additionally, Fifth District financially supports local non-profit agencies and organizations whose purpose is to foster home ownership.
Vacant Lot Loans
- Established subdivisions
- Maximum loan to value: 70%
- No origination
No discount points
Fifth District Equity Line
Equity-Line is Fifth District's innovative Home Equity Line of Credit, which combines the convenience of a checking account with the low interest rates and tax advantages of a Home Equity Loan.
How can I use my Equity-Line?
The Equity-Line provides you with pre-approved purchasing power anytime you need it, anywhere you can write a check. Consider utilizing the Equity-Line to pay for home improvements, tuition expenses, a new car or boat, a vacation or for any other purpose.
How much can I borrow?
Subject to credit approval, the amount of Equity-Line you qualify for is determined by multiplying the current market value of your home by 80% and subtracting the current balances of all other mortgages. The minimum Equity-Line is $10,000.
What are the terms?
The interest rate on the Equity-Line has a Variable Rate feature that may adjust monthly. This interest rate is lower than the rate charged on most other types of loans and almost all credit cards.
Once approved, you can use your Equity-Line for 10 years (Draw Period). To access your Equity-Line just write a special purpose check for $500 or more. Your Equity-Line is available 24 hours a day, 7 days a week, wherever or whenever you need it.
During the Draw Period, only minimal monthly payments are due. There is no pre-payment penalty so the more you repay, the more you rebuild your borrowing power. Once the Draw Period ends, you will have 15 years to repay the Equity-Line.
What costs will I be expected to pay?
For the typical Equity-Line, there are no closing costs, no annual fees, and no pre-payment penalties. You pay only a one-time charge of $200* to get your Equity-Line started.
*Residents of Orleans Parish are also required to pay $325 Documentary Tax.
What tax advantages are associated with the Equity-Line?
Interest paid on home mortgage loans is one of the last remaining tax deductions for the home-owner. All or some of the interest you pay on your Equity-Line may be tax deductible. It is best to consult with your tax advisor to determine your particular benefits.