|
You've found your dream home. You're ready to upgrade to a larger home. You want to refinance your present home loan. Or maybe you want to do some improvements to your present home. Now it's time to find the right mortgage lender. Houghton State Bank can help put you at ease during this important process. We have experienced staff that can help you choose the program that fits your needs and financial budget best.
Pre-approvals can be done on some loans. It is recommended that, even if you do not receive pre-approval for your loan, you at least stop in or contact us before you make an offer on a home. At that time we can explain the process of the loan and answer any questions you may have. Then you can look for that new home with confidence, understanding, and perhaps a bit of bargaining power.
If you would like to find out more about these loans phone (712) 623-4823 and ask for our Real Estate Loan department. Here are some of the programs available to you:
Fixed rate terms available
This loan is offered to the homebuyer who has been able to save a minimum down payment of 5% of the purchase price or appraisal value, whichever is lower. A borrower looking to refinance may be eligible for a loan up to 90% of the appraised value of the home, or if the purpose of the refinance is to obtain additional money above the original mortgage loan, the maximum loan available is 75% of the value of the home. The conventional mortgage loan assures the borrower that he or she will not face a payment change during the term of the loan.
 Return to top
Fixed rate terms available
The "Jumbo" loan is the product that is offered to a borrower who requests a loan amount that exceeds Fannie Mae loan limits for a single-family dwelling. If a customer thinks he or she will need this type of loan they can check prior to application.
Return to top
Fixed rate terms available
Both the FHA and VA loans are government programs. Some of the advantages of the FHA loan are a minimal down payment and the seller can pay closing costs up to a certain percentage of the property's sales price. FHA loans are assumable to a qualified buyer. The goal of the VA loan is to assist each qualified veteran in the financing of a home. The veteran may borrow up to 100% of the lesser of the sales price or appraised value, plus finance the VA funding fee. A VA loan is also assumable to a qualified buyer.
Return to top
Fixed rate terms available
Rural Development programs offer borrowers that are not eligible for conventional financing, a way to purchase a new or existing single-family dwelling. This program has applicant and property eligibility requirements.
Return to top
Fixed rate terms available
Iowa FirstHome is designed to help low and moderate income families purchase eligible properties. Although there are exceptions to the rule, generally, the borrower must not have had ownership in a property in the last 3 years. This program has income limitations on the applicants and purchase price limitations on the property.
Return to top
A Bridge loan is a form of interim financing used to ease the transition of selling one home while purchasing another. Generally the currently owned property is used to help finance a new residential property until the sale closes on the current property.
Return to top
This type of loan is used for the funding of construction only. When construction is completed the balance of the loan is financed into a final amortized loan.
Return to top
A Home Equity loan can be a 1st or a 2nd mortgage on a property. This loan has a fixed rate of interest, a fixed monthly payment and can be tax deductible. The purposes of a Home Equity loan are endless- home improvement, purchase an auto, college expense or even debt consolidation.
Return to top
A Home Equity line can also be used for any purpose and is secured by a property. The convenience of a line allows you to obtain the funds when you need them, thus only paying interest on what is outstanding. A maximum line of credit is established, can be paid, then used again without initiating new paperwork. The Equity line has a variable rate of interest. Payments on this type of line are very affordable.
Return to top
Return to top
 |
|
