Home Loans
Home Loans
To find the right home loan and options best for your situation and financial
goals, you will need to consider; what you can afford now and in the future;
how long will you live in the house; your future expenses and many other variables.
Our home loan team is here to help you every step of the way. Contact
Us today for a pre-approval appointment.
The following are details of some of the most well-known loan options.
Fixed-Rate Home Loans
With a fixed-rate home loan, your interest rate (and your payments) will stay
the same over the life of your loan. This could be important if you plan to
stay in your home for several years. When you choose the number of years to
repay the loan, keep in mind that while shorter
term loans may have higher monthly payments, they also let you pay less interest
in the long run and build equity (the portion of the home you own) in your
home
faster.
New Construction Loans
Interim construction loans help you spread out the necessary loan amount
in increments over a period of time. When the construction is complete, we can
roll your financing over to one of our competitive long-term real estate loans.
Balloon Home Loans
These short-term loans
often offer lower interest rates than fixed-rate mortgages in which principal
(the remainder of the loan, excluding interest) and interest is repaid over
a longer period. With a balloon home loan, however, only a portion of what
you
borrow is paid off during the repayment period. At the end of the repayment
period, you are obligated to pay off the remaining loan balance in a lump sum,
called a "balloon."
Adjustable Rate Home Loans
With an adjustable rate mortgage (ARM), the interest rate you pay may adjust
at certain times to keep it in line with the financial index the ARM is tied
to. If your ARM's financial index
goes up or down, your monthly payments may go up or down as well.
Government Loans
The Federal Housing Administration (FHA) and the U.S. Department of Veterans
Affairs (VA) are two federal agencies that offer government-insured loans.
- FHA Loans
With FHA insurance, you can purchase a home with a low down payment. FHA loans
have a maximum loan limit that will vary depending on the average cost of
housing in a given region.
- VA Loans
The VA's guarantee allows a qualified veteran to buy a house by borrowing
funds up to a certain maximum limit (that changes from time to time) with
no down payment. If you are a qualified veteran, this home loan program may
best fit your needs. To determine whether you are eligible, check with your'
nearest VA regional office.
RD Loans (Rural Development)
Rural Development loans have been established for the development of rural communities,
by both private individuals and community based government organizations to
create and sustain businesses in and around rural communities.
NIFA Loans (Nebraska Investment Finance Authority)
The Nebraska Investment Finance Authority was established by the Nebraska
Legislature in 1983 to provide decent, safe and sanitary housing for low and
moderate income persons of the State. A NIFA home loan is a fixed-rate mortgage
available to first-time homebuyers. To qualify there are income limits, and
purchase price limits. You must plan on living in the residence you purchase
for the life of the NIFA mortgage loan, you must have good credit, and you must
have enough for the required down payment and closing costs.
NIFA funds are available on a first-come, first-serve basis to eligible borrowers
throughout the state of Nebraska. Applications will be taken until funds are
all used. For further information contact Residential Lending at (308) 234-2424
or 1-800-967-2464.
Grant Funds
FirstDown Nebraska is a grant program sponsored by the Federal Home Loan
Bank of Topeka. Grants are available for first time homebuyers to help with
down payment and closing costs.
FirstDown Nebraska is available to eligible borrowers who complete home buyers
training and contribute some of their own money. Eligible borrowers must also
meet income criteria set by the Federal Home Loan Bank of Topeka.
FirstDown Nebraska may be used with other programs such as:
- NIFA
- NIFA HBA
- VA
- FHA
- Conventional Loans
- Rural Development Loans
|
Deposit Accounts
