Mortgage Loan Programs

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.

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.

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. 

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.

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.

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.
• Equity2Work Program.

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 Loan Program.
• Closing the Gap Down Payment Assistance Program.
• Virginia Housing loan opportunities.
• USDA (U.S. Department of Agriculture) loans.
• FHLB (Federal Home Loan Bank) Grants.
• Maryland Mortgage Program loans.
• DC Open Doors loans.

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.