Home Loans

Conventional Loans

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

For more information, contact Amanda or apply today.


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.

If you do not qualify for a CHIP loan, other home improvement loans are available. For more information, contact Amanda, visit the SDHDA website or apply today.


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.

For more information, contact Amanda, visit the USDA Rural Development website or apply today.


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.

For more information, contact Amanda, visit the VA Home Loans website or apply today.


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.

For more information, contact Amanda or apply today.

State Bank of Alcester NMLS ID: 442790
Amanda Beeler Residential Real Estate Loan Officer NMLS ID: 879503
Christi Wegh Mortgage Loan Underwriter NMLS ID: 1121902

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.

Mortgage Calculators

Maximum Mortgage: Determine your maximum mortgage and how different interest rates affect how much you can borrow.

Mortgage comparison: 15 years vs. 30 years: Compare these two mortgage terms.

Mortgage Loan Calculator: Determine your monthly payment and amortization schedule.

Refinance Breakeven: Determine when you will breakeven on a refinance!

Will You Be Approved?

Do you have the required cash for down payment and closing costs?
Be sure to save for closing costs on a first-home mortgage.

Do you have enough income to support your monthly payments, including the new house payment?
You should be using less than 41 percent of your income for all your monthly payments.

Does your past credit history show any delinquencies or late payments?
You can get your credit report from any of the credit reporting agencies.

TransUnion Credit Services
1 (800) 888-4213

Equifax Credit Services
1 (800) 685-1111

Experian Credit Services
1 (800) 397-3742

Home Buying Terms

Purchase Agreement: agreement between buyer and seller as to the purchase price of the home

Down Payment: cash difference between purchase price and loan

Credit Report: summary of all credit you have had for the past 10 years

Appraisal: report on the value of your house

Survey: shows boundaries of legal description and where buildings are situated

Homeowner's Insurance: insurance against theft, wind, fire and other damage to your house

Title Insurance: assures that the house is in your name and that there are no other debts or liens against it