Home Mortgage Loans

• Competitively low rates for home purchase, refinance, or construction
• A wide range of terms customized to your unique situation
• Several financing programs available:
  • Fixed rate mortgages
  • Adjustable-rate mortgages (ARMs)
  • USDA Rural Housing Loans
  • First Time Homebuyer specials
  • Construction Loans
• Helpful loan advisors with working knowledge of the local real estate market
• Free pre-approval for extra confidence when it comes to securing financing
• Refinance your current home to potentially lower your rate
• Local decision-making and processing — your mortgage stays at First Robinson Savings Bank
• Attentive, friendly service from start to finish

CONSTRUCTION LOAN 

• Convenient financing for building from the ground up or for remodeling an existing home 
• 20% minimum down payment 
• Interest-only payments while in the construction phase 
• Use 80% of appraised value on completed improvements and lot 
• Low closing costs and competitive rates 
• You pick your builder 

LOT LOAN

• 20% minimum down payment
• Finance purchases of residential lots
• Low closing costs and competitive rate

GRANT PROGRAM (Downpayment Plus® Program)

• Up to $10,000 available for down payment and closing costs for the purchase of your home
• Meet income eligibility requirements
• Minimum borrower contribution of $1,000
• Complete pre-purchase homebuyer education & counseling
• Live in home as primary residence

FIXED RATE LOAN

• Little as 3% Down with Private Mortgage Insurance
• Owner Occupied, 1-4 units
• Purchase & Refinance Options available

ADJUSTABLE-RATE LOAN

• Several options available including 3/1, 62 mo/5y, and 7/1 ARMs
• Fixed interest rate for an initial period, then can adjust annually or every 5 years
• Options to consider: Planning on moving, relocating, or paying off loan early during the initial rate lock period or a first-time homebuyer not yet in forever home
• Down payments as low as 5% for qualified applicants
• If applicable, PMI required on LTV over 80%
• After the ARM Period, it is possible the borrower’s payment may increase substantially over the remaining term of the loan

FIRST TIME HOMEBUYER LOAN

• 3% down payment of purchase price and closing costs can be a gift from a family member
• Reserves may be required
• Private Mortgage Insurance (PMI) is required
• At least one borrower must be a first-time homebuyer
• Owner occupied, 1-unit primary residence only
• No Manufactured Homes permitted

MANUFACTURED HOME LOAN

• Minimum 5% down payment
• Purchase, rate/term refinance, and cash out options available
• Existing, permanently attached doublewide homes
• New manufactured home loans see construction loans
• Must be manufactured after 1976 and have HUD tags/labels

PROFESSIONAL LOAN

• No Private Mortgage Insurance (PMI)
• 100% financing up to $750,000 loan amount
• 90% financing over $750,001 loan amount
• 62 mo/5y ARM
• Owner occupied, 1-unit primary residence only
• Purchase and rate/term refinances are eligible
• Eligible borrowers: Medical Resident, Medical Doctor (MD), Doctor of Ophthalmology (MD), Doctor of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), Doctor of Optometry (OD), Doctor of Dental Medicine (DMD) & (DDS), and Veterinarian
• Student loan may be excluded if meet requirements
• After the ARM Period, it is possible the borrower’s payment may increase substantially over the remaining term of the loan

USDA RURAL HOUSING LOAN

• 100% financing available
• Owner Occupied, 1-unit primary residence only
• Purchase & Streamline Refinance available if have a current USDA loan
• Income limits apply by county for low to moderate income households
• Property must be located within a rural area or designated area
• Seller may pay up to 6% of the buyer’s closing costs, including Prepaids such as property taxes, insurance, and homeowner’s association dues
• Subject to program guidelines

VA LOAN

• Up to 100% financing on Purchases and 90% LTV on Rate Term Refi and cash out refinance
• Owner Occupied, 1-4 units
• Seller may pay up to 4% of the buyer’s closing costs, including Prepaids such as property taxes, insurance, and homeowner’s association dues
• Eligible veterans and active-duty military personnel
• Subject to program guidelines

ESCROW

• Calculated to be a monthly payment for property taxes, homeowners insurance and flood insurance so you don’t have to come up with a lump sum all at once
• Part of your monthly house payment
• Available on real estate fixed and adjustable mortgage loans

REFINANCING

• Potentially Reduce monthly payments
• Shorten the term of your loan
• Convert equity into cash
• Convert an adjustable rate mortgage to a fixed rate
• Use equity to finance in closing costs