Conventional loans can be obtained directly through the State Bank of Alcester, and State Bank of Alcester will service these loans.
- Fixed-Rate, Long-Term Loans
Community Home Improvement Program (CHIP)
This program offers low-interest loans for low-to-moderate income homeowners for the improvement, repair or addition to the borrower’s present single family home. Interest rates are very attractive and dependent on the applicant’s income. CHIP loans have level monthly payments.
United States Department of Agriculture (USDA) Rural Development (RD) Loan Guarantee Program
Under the terms of the USDA Rural Development Loan Guarantee program, an individual or family may borrow up to 100 percent of the appraised value of the home, which may eliminate the need for cash for a down payment or closing costs. A common barrier to owning a home for many people is the lack of funds to make a down payment. The availability of the loan guarantees makes the reality of owning a home available to a much larger percentage of Americans.
Veterans Affairs (VA) Loan Guarantee Program
VA’s guaranty allows the bank to offer veterans loans with more favorable loan terms. The amount of guaranty depends on the loan amount and whether the veteran used some entitlement previously. The amount of the guaranty also depends on the appraised value of the property. The local VA office can provide more details on guaranty and entitlement amounts.
HELOC (Home Equity Line of Credit)
Take advantage of the cash value of your home and decide what you want to do with the money. By using the equity of your home, you can qualify for a line of credit at an interest rate that may be lower than a personal loan. Borrow what you need when you need it and pay it down with the minimum monthly payments and larger payment when you can. Plus, you may be allowed to deduct the interest on your taxes because the debt is secured by your home. You should consult a tax adviser regarding the deductibility of your interest.
|State Bank of Alcester||NMLS ID: 442790|
|Christi Wegh||Mortgage Loan Underwriter||NMLS ID: 1121902|
|Nicole Hurlbert||Mortgage Loan Processor||NMLS ID: 1121905|
|Mary Davis||Mortgage Loan Processor||NMLS ID: 1422592|
Subject to credit approval. Variable rate of interest. Maximum APR (Annual Percentage Rate) is 4% above the base interest rate. Base rate is based on the value of the New York Prime Rate as published in the Wall Street Journal. Interest rate is adjusted annually. Other conditions may apply. Closing fee up to $350 for title work. Five-year credit advance (draw) period followed by a 10-year repayment period. The minimum payment may not fully repay the principal balance outstanding on the loan account. At maturity, the entire outstanding loan balance may need to be repaid in a single payment. Example: Credit advance of $10,000. Payments would vary between $75.99 and $185.95 if only minimum monthly payments are made and no other credit advances.
Loans subject to credit approval. Product descriptions contained herein do not take the place of required disclosures under federal and state regulations. Please contact us for disclosures appropriate to these accounts.