Fixed Rate Mortgage
If you’re planning to stay in your home for a long time and you’re looking for a predictable loan, choose a traditional fixed
rate mortgage. Your monthly principal and interest payment will never go higher.
Farmers offers a variety of competitive fixed rate mortgages. Our mortgage professionals are ready to help you arrange a loan program to suit your personal financial needs.
If you think you may move in a few years, a variable-rate mortgage may be best for you. A variable-rate mortgage starts out with a lower interest rate and lower payment. At Farmers, you can choose a variable-rate mortgage that begins with a fixed rate for three or five years. The rate may increase or decrease annually after the initial loan term and has a maximum increase over the life of the loan. Your personal lender will provide you with complete details.
Affordable Housing Loans
Farmers offers great loan options for first-time homebuyers, low down payment borrowers and those with specific, individual
circumstances. Your Farmers National Bank personal loan specialist will assist you with selecting the loan program that
is best for you and help you through the process of purchasing your home.
Certain income restrictions apply.
You have enough tough decisions to make when building your new home. Let Farmers make your loan a simple decision. One loan – one closing, featuring a locked in rate at a time of application. It’s simple, your loan automatically converts to a fully amortizing, permanent loan at the completion of the construction.
These loans are insured by government-backed companies and make it more affordable for veterans, first-time homebuyers and lower income families to get into the housing market. These loans offer lower down payments and less stringent qualifications. FHA loans are easier to get and have some advantages over conventional mortgages. The FHA is more lenient on credit issues, is understanding of personal situations, allows a high debt-to-income ratio, have very competitive rates and allow for seller concessions. The best advantage of an FHA loan over conventional loans is the low cash needed at closing. The FHA requires only 3.5 percent of the loan value to be paid at closing.
Neighborhood Loan Program
The Neighborhood Loan Program is a first mortgage loan to assist in the purchase of a home for low-to-moderate income families
and in low-to-moderate neighborhoods. With this loan program, Farmers not only has the flexibility to meet a potential
home owners specific and individual financial circumstances, but may provide grant money to assist with down payment
and/or closing costs. Term of loan can be up to 30 years and is made at a fixed rate of interest with very low down
payment requirements. No Private Mortgage Insurance (PMI) is required.
Income and sales price restrictions apply.
Home Improvement Loan
A home improvement loan may help you pay for simple or complex home improvements.
Tap into the equity in your current home to purchase your new dream home with a Home Equity Line of Credit Bridge Loan.