Mortgage Loan Products
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2014-05-28T16:08:50+00:00
More Mortgage Options Means Better Choices for You
At First State Mortgage, our goal is to help you achieve your goal of homeownership. It’s why we offer a variety of mortgage loan options with highly competitive rates. It’s why our mortgage process is simple and straightforward. And it’s why we make sure our mortgage professionals have the knowledge and experience necessary to match you with exactly the loan that fits your needs.
Loan payment and interest rate remain stable for 30 years. This is a good loan if you are planning to keep the home for a long time and want stable payments. Because a longer loan term lowers the monthly payment, a 30-year fixed mortgage may be easier to qualify for.
Loan payment and interest rate remain stable for 15 years. This is a good loan if you want stable payments, but can afford to make a higher monthly payment. A 15-year fixed rate loan will build equity faster than a 30-year fixed rate loan.
Loan payment and interest rate remain stable for 10 years, then adjust upward or downward once each year for the life of the loan, based on current market rates. ARMs typically offer a lower interest rate and payment than fixed rate mortgages.
Loan payment and interest rate remain stable for 7 years, then adjust upward or downward once each year for the life of the loan, based on current market rates. ARMs typically offer a lower interest rate and payment than fixed rate mortgages.
Loan payment and interest rate remain stable for 5 years, then adjust upward or downward once each year for the life of the loan, based on current market rates. ARMs typically offer a lower interest rate and payment than fixed rate mortgages.
VA loans take into account the unique circumstances of veterans and military families. If you have served in the military you may be eligible. VA loans provide a 30-year fixed rate loan, a competitive interest rate with little-or-no money down, and no monthly mortgage insurance.
Insured by the Federal Housing Administration, FHA loans are designed for people with little money down and offer competitive rates.
These fixed rate mortgages offer 100% financing, require no down payment, and are designed for people in rural areas who have low-to-moderate incomes.
Larger loans used for purchasing high-priced or luxury homes. Jumbo mortgages typically have higher credit and down payment requirements.
Designed for homebuyers who have limited funds for down payment and closing costs, but can afford to make monthly mortgage payments.
1stHomeIllinois
Provides qualified first-time homebuyers with a competitive 30-year fixed rate and up to $7,500 in cash assistance for down payment and closing costs. Only available in the following counties: Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will, or Winnebago
IHDAccess – Forgivable, Deferred, or Repayable
Whether you are a first-time or repeat homebuyer, these three programs offer a fixed interest rate and up to $10,000 to assist with down payment and closing costs for the purchase of a new or existing home.
Eligible borrowers benefit from a fixed-rate mortgage and a cash grant to be used for down payment or closing costs. The amount of assistance can range between 2-7% of the amount borrowed.
Offers up to $6,000 for eligible borrowers for down payment and closing cost assistance. Funds are limited.
Eligible first-time homebuyers (Veterans do not need to be first-time buyer) may receive an annual Federal income tax credit of 35% (maximum of $2,000) on the interest paid on the mortgage loan for the primary residence.
* Other conditions may apply for each of these loan programs. Please contact us for more information and to verify your eligibility. We look forward to helping you make your homeownership dreams come true.
