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MORTGAGES

RURAL DEVELOPMENT - top

The United States Department of Agriculture will insure a percentage of the loan for the lender against any loss in case the buyer cannot meet payments. It requires them to meet their lending guidelines. The loan is done for the full purchase price and in some cases the closing costs may be financed in with the loan.

No down payment required.
Must be borrower's primary residence
No maximum purchase price
Borrower must be employed in the same line of work for at least 2 years
Loan is subject to income limitations
Borrower may be required to pay closing costs
Borrower will be required to escrow taxes and insurance
Loan must be for a 30 year term
Borrower will be subject to qualifying ratios and acceptable credit

Example: For a 30 year loan, $80,000 sale price, $80,000 loan amount, the monthly principal and interest payment is $492.95 based on a 6.25% annual percentage rate. Terms subject to change.

FEDERAL HOUSING ADMINISTRATION (FHA) - top

FHA will insure a percentage of the loan for the lender against loss in case the buyer cannot meet payments. It requires the buyer to carry mortgage insurance. FHA loans are available with as little as 3 percent down.

Required down payment:
- No more than 3 percent
Must be borrower's primary residence
Maximum purchase amount: Refer to First Missouri State Bank for details.
Borrower must be employed in the same line of work for at least 2 years
No income limits
Borrower will be required to pay closing costs in addition to the down payment.
Borrower will be required to escrow taxes and insurance
Borrower will be subject to qualifying ratios and acceptable credit
If acreage applies, house must be worth at least 75 percent of total appraised value
Gifted funds can be used for down payment and/or closing costs.

Example: For a 20 year loan, $80,000 loan amount, the monthly principal and interest payment is $573.40 based on 6% annual percentage rate. Terms subject to change.

VA LOAN (VETERAN'S ADMINISTRATION) - top

This federal agency will guarantee the mortgages offered to qualified armed forces, active military personnel, veterans or their widows by private lenders. In most cases one can buy a home on a VA loan with no down payment.

Required down payment or equity:
1. Purchase - No down payment required
2. Cash-Out refinance -10%
3. No equity required for interest rate reduction refinances.
Must be borrower's primary residence
Private mortgage insurance not required
Borrower must be a veteran
Borrower must be employed in the same line of work for at least 2 years
Borrower will be subject to qualifying ratios and acceptable credit
Borrower will be required to pay closing costs in addition to down payment
Borrower will be required to escrow taxes and insurance
If acreage applies, house must be worth at least 75% of total appraised value

Example: For a 20 year loan. $80,000 sale price, $80,000 loan amount, the monthly principal and interest payment is $573.40 based on 6% annual percentage rate. Terms subject to change.

CONVENTIONAL LOAN - top

This loan is for financing the purchase of new and existing homes for owner and non-owner occupancy, which includes single family units, condominiums, and one to four family dwellings.

Minimum down payment or equity:

1.Borrower's primary residence and second home
5% if purchase or a refinance only
10% if refinancing loan and paying off additional debts
2. Investment property - 10% Private Mortgage Insurance may be obtained if desiring to put less than 20% down on loan for purchase or < 20% equity on refinances.
If acreage applies, house must be at least 75% of total appraised value.
No income limits.
Borrower may be required to pay closing costs in addition to down payment on a purchase.
Borrower will be subject to qualifying ratios, acceptable credit, and 2 years of employment in the same line of work.
Closing costs can be financed on refinances.

Example: For a 20 year loan, $100,000 sale price, $80,000 loan amount and a 1% origination fee, the monthly principal and interest payment is $590.86 based on 6.381% annual percentage rate. Terms subject to change.

ARM (ADJUSTABLE RATE MORTGAGE) - top

This is a type of conventional loan. The interest rate may change from time to time based upon the movements of an interest rate index.

COMMERCIAL REAL ESTATE DEVELOPMENT LOAN - top

This loan is interim financing for the construction or apartment buildings for residential use as well as office buildings, or warehouse buildings.

CONSTRUCTION/REHABILITATION RESIDENTIAL LOAN - top

This loan is for financing the renovation or substantial modification of existing homes throughout the community served by First Missouri State Bank.

FARM LOANS SECURED BY REAL ESTATE - top

This loan is to purchase farm land and loans on existing farms.

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