Our Home Loans

Home Mortgage Loans

Purchase or refinance your home with customized terms and a local decision.

Since our founding, we’ve worked to make home ownership affordable for the communities we serve. That mission continues to this day with our competitive-rate home mortgage loans.

Because we’re here in Covington, our lenders are familiar with the local real estate market. We’ll work closely with you, and establish terms tailored to your situation. Choose from a variety of options, and finance your dream home today.

If a traditional home mortgage is out of your reach — don’t despair. You may be eligible for a government-backed loan with unique benefits. We offer an array of options for veterans, first-time buyers, and more.

  • For homebuyers looking for their main home or alternative financing
  • May qualify for the lowest mortgage rates
  • Competitive rates for home purchase and refinance
  • Flexible terms tailored to your situation
  • Pre-qualification available
  • All primary home mortgage decisions made locally
  • Experienced lenders with knowledge of the local real estate market

Visit our Mortgage Center to learn more about the home financing options we offer.

We offer a variety of financing options to meet your home mortgage loan needs. Speak to one of our friendly mortgage professionals to determine which loan option may be right for you — contact us today.

  • Fixed rate mortgages
  • Second mortgages
  • Renewable mortgages
  • Fixed-rate jumbo loans
  • Conventional loans
    • These loans usually require a low down payment of your own funds to purchase a home. However, for any conventional loan with less than 20% down, you will be subject to mortgage insurance on the loan. There are a couple of ways that the mortgage insurance can be paid. It can be a monthly charge on the loan or you can pay it in a lump sum upfront. The upfront lump sum can be a great option if you are purchasing a home and the seller is covering your closing costs.
  • FHA loans 
    • FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) — which is part of HUD — insures the loan, so your lender can offer you a better deal. With low down payments, low closing costs, and easy credit qualifying, an FHA loan may be right for you. Ideal for first-time homebuyers, or buyers with limited fund.
  • VA loans
    • With no down payment required, eligible veterans, active-duty personnel, national guard and surviving spouses can purchase or refinance a home. In addition, private mortgage insurance is not required. With a Certificate of Eligibility from the Department of Veterans Affairs, you can purchase or refinance a home with limited closing costs and flexible credit criteria. Up to 100% financing for veterans of the U.S. Military.
  • USDA loans
    • Are you ready to own a home but concerned you won’t qualify because of the down payment? Rural Development may be able to help you. USDA (Rural Development) has partnered with local lenders to help them extend 100% financing opportunities to individuals and families.

  • Loan programs that avoid PMI, with no rate increase for those who qualify

Home Equity Loans

Put your home to work. Turn hard-earned equity into funds for just about anything.

Relax, and put your home to work. Convert the hard-earned equity in your home into funds you can use for almost anything.

Finance home improvements, consolidate debt, and more — you’ll enjoy a competitive rate, as well as affordable repayment terms. The interest you pay may even be tax-deductible.*

  • Put the equity in your home to work to finance home improvements, consolidate debt and fund major life events and more
  • Interest paid may be tax-deductible*
  • Competitive, fixed-rate options available
  • Variety of repayment terms
  • Friendly service throughout the process
  • Prompt decisions made locally

Visit our Mortgage Center to learn more about the home financing options we offer.

Home Equity Line of Credit (HELOC)

Convert your home equity into revolving credit that you can draw from as needed.

Turn your home into your own, personal money tree. Okay, so you’ll have to pay back what you borrow, but at least you’ll have a competitive rate.

Borrow funds at any time, for any purpose, with our home equity line of credit. There’s no need to reapply once you’re approved, and you’ll only pay interest on the amount you use.

  • Turn the equity in your home into funds available at any time, for any purpose
  • Competitive rates on revolving credit only pay interest on the amount you use and more funds become available as principal is repaid
  • Once approved, there’s no need to reapply
  • Interest paid may be tax-deductible*
  • Funds are conveniently disbursed via check and automatic transfer
  • Flexible repayment terms
  • Friendly service throughout the process
  • Prompt decisions made locally

Visit our Mortgage Center to learn more about the home financing options we offer.

Construction Loans

Build your dream house from the ground up with the help of your local lenders.

If house hunting is leaving you feeling less than inspired, it might be time to inspire yourself with a construction loan from Newton Federal. Why search for the perfect home when you can build it from scratch to ensure it’s exactly what you want.

We offer affordable rates, and payments are interest-only during the construction phase of your new home. So you can focus on your project while we take care of the rest.

  • Competitively low rates for your home construction project
  • Available for primary residence or second home construction
  • Provides more convenience, especially toward the end of the construction phase and the beginning of permanent mortgage
  • Pay off interest quicker; payments are interest-only during construction phase
  • Payments are made on the amount drawn on your loan sufficient to pay your builder
  • Construction draws applied in stages based on work completed

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Newton Federal Bank is a division of Affinity Bank. Newton Federal Bank and Affinity Bank are the same entity for the purpose of calculating FDIC insurance limits and deposits. Effective September 15, 2023, the Bank converted from a federal savings association to a national bank, and as a result, the Company became a bank holding company instead of a savings and loan holding company. Newton Federal is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. Please contact us with any concerns or comments. © 2023-2024 All Rights Reserved.