Items needed for a mortgage loan application:
- W-2 forms for the past two years
- Pay stubs for the last full month
- Bank statements for the last two months
- Fees for credit report and appraisal
- Tax returns if self-employed or commissioned
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The Farmers Bank Mortgage Loan Office is known for offering quick
turnaround, competitive rates and personal quality service. We
are committed to assisting you with your real estate purchase,
whether it is your first home or your third piece of investment
property. Working with you to make it happen, removing the hassles,
and insuring your new purchase is a pleasurable experience is
our primary goal.
The mortgage team at The Farmers Bank Mortgage Loan Office prides
itself on tailoring financing to fit your needs.
Construction Loans
The Farmers Bank Mortgage Loan Office offers construction loans.
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Conventional Fixed Rate Mortgage
Fixed rate mortgages fully amortize over a predetermined
period of time (usually between 15 and 30 years). Fixed rate
mortgages are available for the purchase or refinancing of a
home. In some cases, up to 95% of the purchase price of a home
may be financed.
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Federal Housing Administration (FHA) Insured Loans
The Department of Housing and Urban Development makes loans
available for the purchase and refinancing of homes through
lenders like The Farmers Bank Mortgage Loan Office. FHA fixed
rate loans are available with terms up to 30 years. An FHA 1-year
adjustable rate mortgage maybe available.
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Tennessee Housing Development Authority (THDA)
THDA offers below market interest rates
to 1st time home buyers who qualify. Maximum household income
and maximum sales price limitations vary from county to county.
THDA loans are made in conjunction with FHA, USDA, or VA.
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USDA / Rural Development Loans
The Rural Housing Development Authority makes 100% loans
available to low to moderate-income borrowers.
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Veterans Administration Guaranteed Loans (VA)
Eligible veterans can obtain financing to purchase and/or refinance a home. Up to 100% of the purchase price of a home may be financed in most cases. The interest rate and payment amount is fixed for the full term of the loan (usually 15-30 years).
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Adjustable Rate Mortgages (ARM)
The Farmers Bank Mortgage Loan Office offers several adjustable
rate mortgage programs. On an adjustable rate mortgage, the interest
rate will change periodically based upon a predetermined schedule.
Adjustable rate mortgages may carry a lower initial rate than
a 30 year fixed rate mortgage.
For more information email info@thefarmersbank.net
All loans subject to normal credit approval.
Mortgage Insurance may be required.
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