Bankers Mortgage Loan Referral Program
Bankers Mortgage offers a wide range of long term, fixed and adjustable rate home loan products including conventional, FHA, VA, and USDA loan programs. These programs offer the most competitive interest rates and terms currently available on the market. Once you submit your application Fannin Bank will work with Bankers Mortgage to qualify you for a loan with the most favorable terms based upon your needs and qualification. For additional information on these programs details below.
A minimum loan amount of $100,000.00 is required for a Texas Home Equity (Cash-out refinance) loan through Bankers Mortgage. Minimum loan amount for all other Bankers Mortgage programs is $50,000.00. Construction, home improvement, and land/lot purchase loans are not available through Bankers Mortgage Corporation.
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Loan Options
- Purchase Home Loans up to 100% (depending on product type)
- Refinance Home Loans to lower your current interest rate or pay off interim financing.
- Refinance Cash Out Loans to consolidate debt or take advantage of the equity in your home.
- Fixed vs. Adjustable Programs allows the home buyer the ability to determine whether you want a fixed rate loan, and adjustable rate loan, or a hybrid of the two.
Conventional Loans
Conventional loans are mortgage loans offered by non-government sponsored lenders. A conventional, or conforming, mortgage adheres to the guidelines set by Fannin Mae and Freddie Mac. It may have either a fixed or adjustable rate. While many think that 20% down payment is required for all conventional loans, many lenders now offer low down payment options.
FHA Loans
FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3% down vs. 20% that is required on other loan programs.
VA Loans
A VA Loan is designed to offer long-term financing to veterans. VA Mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
RHS Loan Program
The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence. RHS loans are an attractive option because:
- Minimal closing costs
- Low or no down payment
RHS loans can be used toward the purchase and renovation of a previously owned home or a new construction. Families must be able to pay their monthly mortgage, homeowner’s insurance and property taxes.
Jumbo Loans
Jumbo loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on Jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end customer construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.