Real Estate Loans

THREE IN-HOUSE CONVENTIONAL REAL ESTATE PROGRAMS

• 30 Year Amortization, 3 Year Fixed Rate
  Renewed at end of three years at current market rates

• 20 Year Amortization, 7 Year Fixed Rate
  Renewed at end of seven years at current market rates

• 15 Year Adjustable Rate Mortgage

15 year amortization; Interest rate is set at the Six Month T-Bill discount rate plus 3%; There is a 4% cap on these loans…..interest rate can never exceed 4 percentage points over the day the loan is closed; Rate changes every six months from note date….if there is a change in Six Month T-Bill; Payments are not adjusted.

- Purchase home 20% down payment
- Refinance up to 80% Loan to Value
- Debt Service to Income 36%
- No income or purchase price limits
- Generally we do not require escrow accounts
- Automatic payments deducted from deposit accounts
- Local decision making, i.e, underwriting
- Can rewrite loan for lower rate for $100.00

Requires: Completed Residential Loan Application
Require two years of signed income tax papers
Recent Paycheck Stub
Verification of Employment and Assets
Credit Report with Credit Scoring
Appraisal, Title Insurance, Flood Determination
No Income or Purchase Price Limits
Local underwriting and decision making
Loan is serviced by Citizens State Bank of Loyal