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Our Loan Products

Lighting Your Way To The Right Mortgage!

The professionals at Old Point Mortgage are here to guide you towards the perfect loan product to match your mortgage loan needs.  Whether you are looking for a new home loan or if you are considering a refinanced loan, we’ll point you in the right direction!

The right type of loan for you depends upon several factors:

  • Your current financial situation
  • How you expect your finances to change
  • How long you intend to keep your home
  • How comfortable you are with the possibility that your mortgage payment may rise in the future

Please note that although most types of loans are available in most areas, some may not be offered in the area where you are buying a home. Be sure to browse over our selection of loan products, and once you’re ready, contact one of our loan professionals so they can pilot you towards a mortgage that’s just right for your situation!


Fixed Rate Mortgage

A mortgage in which an interest rate is set before the loan is taken out, and stays constant.


  • Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan
  • Protection from rising interest rates
  • Stability makes budgeting easier
  • Easier to understand for new buyers


  • who prefer regular payments with no surprises
  • with limited or fixed incomes
  • who plan to stay in their home for a long time
  • who are refinancing at a time when interest rates are comparatively low

Adjustable-Rate Mortgage

An Adjustable-Rate Mortgage (ARM) typically starts with a low interest rate and could increase throughout the loan’s lifetime. This rate may stay the same for months before it changes, but in an ARM the interest rate fluctuates.

  • Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions
  • Lower initial rate than with a fixed-rate mortgage
  • A variety of fixed-period options
  • Low interest rates initially can allow you to save money
  • looking for lower monthly payments in the short term
  • who plan to move or refinance again within a few years

FHA Loan

The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building.

  • Minimal payment requirements
  • Flexible income, credit and debt guidelines
  • Expanded closing cost assistance allowances from lenders, sellers, and builders
  • Streamline refinance options available
  • with limited funds for downpayment and closing costs
  • who have less than perfect credit

VA Loan

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The VA loan was designed to offer financing to eligible American veterans or their surviving spouses.

  • No down payment required
  • Flexible income, debt, and credit requirements
  • Closing costs may be funded by a gift or grant
  • No mortgage insurance requirements
  • Streamline refinance options available
  • who are eligible military service members (may include veterans, reservists, active-duty members and surviving spouse)
  • who are eligible homebuyers with limited funds for down payment
  • who are eligible homebuyers with less-than-perfect credit
  • who need debts paid off to qualify

USDA Loan/Rural Housing

A mortgage loan offered to rural property owners by the United States Department of Agriculture

  • Require no down payment
  • You may finance up to 100% of the property value.
  • County household income limits apply
  • The property must be in a rural area as defined by the USDA.
  • Reduced monthly guarantee payments, expanded closing cost assistance & streamline refinances available
  • who are purchasing homes in rural areas
  • with limited assets

Jumbo Loans

A jumbo mortgage is a loan in an amount above conventional conforming loan limits.

  • Mortgage amounts in excess of the conforming loan limit set by Fannie Mae and Freddie Mac
  • Also known as nonconforming loans
  • who are seeking financing for higher priced homes

State Specific Bond Programs

Also known as First Time Homebuyer Programs

  • Minimal or no down payment requirements
  • Flexible income, credit and debt guidelines
  • Down payment and closing costs may be funded by a gift or grant
  • Income restrictions may apply
  • Potential for forgivable grants
  • who are homebuyers seeking little or no down payment
  • who are looking to take advantage of community home buying assistance programs

Renovation Loans

FHA 203K

  • Allows borrowers to finance repairs and or improvements
  • Streamline options available for 203K
  • Can be used for cosmetic or luxury items
  • that would like to purchase or refinance a home while doing improvements to the property
  • who are buying distressed properties
  • who are buying older homes that need updating