MORTGAGE LOAN PROGRAMS
At FBT Mortgage (FBTM), we offer loans based on your needs. Our loan programs include traditional mortgage loans that include conventional financing, FHA, VA, and USDA loans, as well as construction to permanent financing if you are building a home. We also offer loans to refinance your home. We work with our First Bank and Trust (FBT) bank partners to assist you with home improvement loans, home equity lines of credit, and lot loans. From single-family dwellings to multi-unit financing, we can find the right loan for you.
Our Loan Programs: Did you know there are dozens of loan options available to homebuyers? FBTM can help you to make the best decisions and simplify the overall process. FBTM lenders are knowledgeable, experienced, and resourceful. With our credit and loan processing expertise, we give customers faster approvals and on-time closings. Review the most popular types of home mortgages to understand the kind of loan that might suit your needs best and then speak with a lender about making your home dreams a reality. Any home loan from FBTM has no prepayment penalties for partial or full payment before the maturity date.
Exceptional Service: Our goal is to provide you the most positive and professional service throughout your home buying process. We understand this is a very important purchase for you and we want to make it as easy and smooth as possible. Our loan officers are experienced and have the knowledge you can depend on along the way. We work to make the process of buying a home simple and uncomplicated with quick approvals. At FBTM, we pledge to offer competitive rates, exceptional service, and financial options focused on customer needs.
Online Access: It is our pleasure to offer all of our exceptional mortgage services online. Through our safe and secure
web portal, you can handle your mortgage loan completely online. Review loan alternatives, apply for your loan, and upload documents - all online at your convenience - 24 hours a day. Your loan officer
is available at any time to assist you, answer your questions, provide their expert advice, and to keep you informed every step of the way.
Your Dream Home is Waiting For You!!
Conventional financing is not guaranteed or insured by the federal government. Private lenders or two government-sponsored mortgage companies - Fannie Mae (FNMA) and Freddie Mac (FHLMC) - offer conventional financing. Features include:
Allows for higher loan amounts
Up to 97% loan-to-value with private mortgage insurance (PMI)
No monthly insurance (PMI) requirement with a 20% downpayment
Lower credit scores are allowed
FEDERAL HOUSING ADMINISTRATION (FHA) LOANS
Federal Housing Administration (FHA) loans are backed by the federal government. FHA loans require a low down payment. Features include:
As little as 3.5% down payment
Downpayment can be entirely from gift funds
Seller contributions are allowed up to 6% of the sales price
Down Payment Assistance may be available
Provides loans for those with lower credit scores
DEPARTMENT OF VETERANS ADMINISTRATION (VA) LOANS
A Veterans Administration (VA) loan is a mortgage loan issued through private lenders and is partially guaranteed by the VA. Eligibility is based upon military service requirements set by the Department of Veterans Affairs. Eligible borrowers may qualify for:
Zero down payment
No Mortgage Insurance
RURAL DEVELOPMENT (USDA) LOANS
A US Department of Agriculture Rural Development Loan (USDA) is designed for borrowers purchasing property in suburban, rural, and semi-rural locations that fall within an eligible area. Income limits apply and can vary depending upon location.
Zero down payment for qualified borrowers
Provides loans for those with lower credit scores
Down payment assistance may be available
Jumbo Loans are loans that exceed maximum loan limits set by the Federal Housing Administration (FHA). Like Conventional Loans, they are not guaranteed by government organizations like Fannie Mae or Freddie Mac.
For loan amounts greater than FannieMae conforming loan limit
Available for primary residences, second or vacation homes
ONE TIME CLOSE (OTC) CONSTRUCTION LOANS
OTC Loans are often referred to as "Construction to Permanent" financing. These loans begin with a mortgage application and approval. Interest-only payments are made directly by the borrower during the construction phase. Mortgage payments begin after the construction phase. FBTM works with a qualified in-house construction lender who works with the borrower and builder throughout the construction of the dwelling. OTC loans feature:
One qualifying and approval process
One closing and one-time closing costs (offering you significant savings)
The potential to lock in a competitive rate right from the start
The permanent interest rate is locked in right from the start, so the risk of rates going up later is eliminated
Interest-only payments during the construction period (customer is responsible for insurance and taxes during this phase)
A permanent mortgage loan that starts after construction and final inspection is complete
If you've decided to stay in your home, we are available to help. If it's time to make improvements like a new kitchen, bathrooms, or putting in a swimming pool, we have loans to improve your home.
A Home Equity Line of Credit offers easy and convenient access to funds to use for a multitude of purposes beyond home improvements. Lines of Credit can be converted to fixed payment options. You can pay off as you needed.
Knowing what to expect as you begin to consider your home purchase can help you speed the process and make your application quick and easy. Here are a few tips to consider.
If you are not quite ready to build that perfect dream home but have found the location on which to build, we offer loans for lot purchases.
Your professional loan officer can help you determine the best loan for your specific needs.
Disclaimers: All lines of credit and loans are subject to credit approval. All products and services are subject to approval.