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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 per RD guidelines
  • Borrower may be required to pay closing costs (If appraised value is more than the purchase price, then up to 2 percent can be used for closing.)
  • Land should not be more than 30 percent of total value
  • 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 3.5 percent down.

  • Required down payment:
    1. No more than 3.5 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 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 on 1 unit
      • 2 unit 10%
      • 3-4 unit 20%
    2. Cash-Out refinance -10% on 1-2 unit
      • 20% on 3-4 unit
    3. No equity required for interest rate reduction refinances. May include up to 2 percent closing costs
  • 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 (1 Unit)
      • 5% if purchase or a refinance only
      • 20% if refinancing loan and paying off additional debts (cash out)
    2. Borrower's primary residence (2-4 Unit) or 2nd Home
      • 20% if purchase or a refinance only
      • 25% if refinancing loan and paying off additional debts (cash out)
    3. Investment property (1 Unit)
      • 20% if purchase
      • 25% if rate term refinance or cash out
    4. Investment property (2-4 Unit)
      • 25% if purchase or a refinance only
      • 30% if refinancing loan and paying off additional debts (cash out)
  • 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.
  • Private Mortgage Insurance must be obtained if desiring to put less than 20% down on loan for purchase or <20% equity on refinances.
  • Maximum loan amounts apply subject to property type/units

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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