Items needed for an 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. Please call us for a free pre-qualification.
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 most 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 is also available.
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Tennessee Housing Development Authority (THDA)
THDA offers below market interest rates to qualified applicant. Maximum household income and maximum sales price limitations vary from county to county. THDA loans are made in conjunction with FHA, FMHA, VA or conventional financing.
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Farmers Home Administration (Rural Housing Development Authority)
The Rural Housing Development Authority makes loans available to low to moderate-income borrowers. 100% of the purchase price of the home may be financed.
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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. Normally there are caps to protect the borrower. 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.
Insurance may be required.
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