Mortgage Loan 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. 1st State Bank is located in Saginaw, Bay and Midland Counties. To fill out an online application, you must either be a current customer of 1st State Bank or must live, work or own a business in either Saginaw, Bay or Midland County. If you do not fulfill this requirement, please call one of our Mortgage Loan Officers at 989-799-0525. Explore our mortgage center without any obligation or disclosure of personal information.

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Mortgage Loan Options
Fixed Rate Mortgages

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

  • Loan amounts up to $726,200
  • Terms: 30 year, 20 year, 15 year, and 10 year
Adjustable Rate Mortgages

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
Construction Loans

Loans available both during construction & after completion

  • 12 months interest only
  • Combine land & construction together up to 95% LTV
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
Purchase/Rehab Loans
  • Down payments as low as 5%
  • Add in rehab costs to the purchase price
  • All repairs completed after closing
Neighborhood Improvement Loans (NIP)

Neighborhood Improvement Loans (NIP) grant help current homeowners with needed repairs to their home.

  • For homebuyers at or below 80% area median income
  • Grants available up to $7,500
First Time Home Buyer Programs

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
  • Convenient online homeowner education
  • 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 $10,000
  • Convenient homeowner education
  • Household income limits do apply
Home Equity Line of Credit

The most convenient, cost effective way to tap into your home’s equity. It’s your money. Shouldn’t you have access to it when you need it … no questions asked? Revolving line of credit secured by your equity.

  • Easy access
  • Low interest rates
  • Unlike credit cards, interest may be tax deductible
  • Choose when and how the money is used
  • Revolving credit

*Consult your tax advisor regarding deductibility of interest.

Mortgage Lenders

Portrait of Dean Anderson

Dean Anderson

NMLS #502441

(989) 596-0851

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Portrait of Amy Courtney

Amy Courtney

NMLS #2443738

(989) 272-7548

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Portrait of Dennis Dinauer

Dennis Dinauer

NMLS #529641

(989) 596-0857

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Portrait of Ali Ellis

Ali Ellis

NMLS #883429

(989) 596-0855

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