Mortgage Options

 

 

At 1st State Bank, we offer a wide range of innovative mortgage options, so whether you are a first time home buyer or an experienced homeowner, we have options that will work for you. Our programs offer affordable interest rates, reduced closing costs, local decision making, and quick turnaround times.

 

First Time Home Buyer Programs

 

HomeReady

The Fannie Mae HomeReady Mortgage is designed for home buyers who don’t fall into typical lending approval guidelines.

  • Down payments as low as 3%
  • Co-borrowers are not required to live in the home
  • Convenient online homeowner education
  • Purchase and refinance products available

 

Home Possible

The Freddie Mac Home Possible Mortgage is designed for first time’ homebuyers, move-up borrowers and retirees.

  • Down payments as low as 3%
  • Flexible term options
  • Purchase and refinance products available

 

Homeownership Opportunity Program (HOP)

The Homeownership Opportunity Program (HOP) grant helps first-time homebuyers with down payment and closing cost assistance. Up to $5,000 per household may be requested.

  • For first time homebuyers at or below 80% area median income
  • Borrowers must contribute a minimum of $1,000 towards the purchase of the home

 

MSHDA MI Home Loan and MI Flex Loan

The Michigan State Housing Development Authority provides programs for first time home buyers and repeat homebuyers in Michigan .

  • Down payment assistance up to $7,500
  • Convenient homeowner education
  • Household income limits do apply

 

General Mortgage Options

 

Fixed Rate Mortgages

Our fixed rate mortgages provide a fixed rate and payment for the term of the loan.

  • Loan amounts up to $548,250
  • Terms: 30 year, 20 year, 15 year, and 10 year

 

Adjustable Rate Mortgage

Our Adjustable Rate Mortgages have a set rate for a fixed time period, and then periodically adjust during the remaining term of the loan.

  • 1/1 ARM
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM

 

USDA Rural Development Loans

A USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program, which is backed by the United States Department of Agriculture (USDA).

  • Fixed rate terms
  • No down payment required
  • Flexible qualification standards
  • Partial closing costs may be financed
  • Eligible repairs and improvements may be financed

 

Construction Loans

  • Loans available both during construction & after completion
  • 12 months interest only
  • Combine land & construction together up to 95% LTV

 

Purchase/Rehab Loans

  • Down payments as low as 5%
  • Add in rehab costs to the purchase price
  • All repairs completed after closing

 

Home Equity Lines and Loans

Home Equity Loans and Lines of Credit let homebuyers borrow money against the value of their home.

 

Home Equity Loans

  • Use for major expenses
  • Fixed interest rate
  • Maximum of 180 month amortization with 63 month balloon

 

Home Equity Line of Credit

  • Choose when and how the money is used
  • Revolving credit
  • Variable interest rate
  • Interest only payments
  • Maximum of 60 months