The most important part of house hunting is finding the perfect home. The second most important thing is getting a good home loan. Once you've done the first, let us help you with the second.
BankFirst offers Conventional, FHA, VA and Rural Development home financing with several rate options through our mortgage department (See Types of Loans below).
We understand the mortgage process can be overwhelming to the first time home buyer. The Helpful Info section below contains a wealth of information to get you started. Let one of our experts guide you through this complicated process—we can make it easy!
- Low interest rates
- Various terms
- Affordable down payment
- Local decisions
- Personal service
- Easy application process
- Quick approvals
- Pre-approval available
- Types of Loans
At BankFirst, we offer a wide variety of loans to ensure that each and every homebuyer gets the loan that's just right for them. Take a look at some of the options below:
Conventional Loan: This loan is used primarily for customers applying for loans with at least 20% down payment and high credit scores. The maximum loan amount is $417,000. In some cases, mortgage insurance can be provided that reduces the amount of down payment Mortgage insurance has more restrictive underwriting guidelines so your mortgage lender should discuss this with you.
FHA (Federal Housing Administration) Loan: This loan is used primarily for the customer that has limited down payment and/or their credit scores are not adequate for conventional financing. The borrower must be able to provide at least 3.5% down payment on the loan. The maximum loan amount is presently $271,050.
VA Loan: This loan is used primarily for the customer that has enough eligibility for a loan from the U.S. Department of Veterans Affairs. There is no down payment requirement, has more understanding underwriting guidelines, and has no mortgage insurance included in the payment. The maximum loan amount is $417,000.
Rural Development Loan: This loan is used primarily for the customer that is purchasing a home in an area designated by USDA (United States Department of Agriculture). There is no down payment requirement and part of the closing costs may be financed. There is a cap on the combined family income to qualify. This is an excellent loan for the customer that has these needs and the property is in the appropriate area. Our Mortgage Lender can quickly determine if the property meets location guidelines.
- Helpful Info
The mortgage process can be overwhelming to the first time homebuyer. We have compiled the following information to better inform you of this process.
We know that this does not cover everything. We appreciate the opportunity to serve you and invite you to ask all the questions you have. It is our objective to make this process as easy as possible for you so that you can refer others to us after closing your loan.