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Types of Loans

First State Mortgage provides a full portfolio of fixed and adjustable-rate mortgage products - whether you’re a first-time homebuyer or are looking to refinance a current loan. Jumbo loan products are also available for qualified applicants.

Conventional Loan Program – Traditional Mortgage
Flexible Terms & Competitive Rates

Conventional loans offer competitively-priced rates and up to 95% financing of your home’s value  – whether you’re looking to purchase a new home or refinance your current loan.

Benefits of a Conventional Loan

  • Flexible Terms from 10-30 years available
  • Fixed and adjustable-rate mortgages available
  • Down payments as low as 5% of sales price
  • Multiple options for Mortgage Insurance, if applicable
  • Competitive rates on new home purchases and refinances
  • In-house processing and underwriting

FHA Loan Program
Flexible Terms & Competitive Rates

FHA loans offer competitively-priced rates and a low down payment option – whether you’re looking to purchase a new home or refinance your current loan.

Benefits of an FHA Loan

  • Flexible credit and underwriting standards Low closing costs
  • Fixed and adjustable-rate mortgages available
  • Down payments as low as 3.5% of sales price
  • Competitive rates on new home purchases and refinances
  • In-house processing and underwriting

USDA Rural Housing Loans
Affordable Fixed-Rate Financing

Rural Housing loans, sponsored by the U.S. Department of Agriculture, are designed to make homeownership more affordable for borrowers in rural communities. For qualified borrowers, a Rural Housing loan can provide up to 100% financing with competitive rates and terms.

Benefits of a USDA Home Loan

  • Up to 100% financing
  • NO monthly mortgage insurance premiums due
  • Low closing costs
  • Affordable fixed rates
  • Flexible credit and qualifying guidelines
  • Available on new or existing homes
VA Home Loans
Special Financing for Qualified Veterans

With favorable terms, competitive interest rates, and no monthly mortgage insurance premium, VA Loans are designed to make homeownership more affordable for qualified U.S. veterans.

Benefits of a VA Loan

If you’re eligible for a VA-guaranteed loan, you’ve earned several major benefits, including:

  • Up to 100% financing
  • NO monthly mortgage insurance premiums due
  • NO pre-payment penalties
  • Low closing costs
  • In-house processing and underwriting
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