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Loan Program Definitions First National Community Bank offers a variety of loan programs with very competitive rates. Fixed Rate Mortgages: As the name suggests, fixed rate mortgages are loans on which the interest rate remains the same for the life of the loan. The terms range from 10-30 years. Balloons With Reset: Payments are based on a 30 year loan due in 5 or 7 years. Adjustable Rate Mortgage: 1/1, 3/1, 5/1, 7/1, 10/1. The interest rate is fixed for an initial period and is subject to change every year thereafter. Interest First Mortgage: Fixed and Adjustable. Interest only for the first 10 years. Payments are then amortized over the remaining term of the loan. Jumbo: Fixed or Adjustable rate loans from $417,000.00 to $2,000,000.00. Guaranteed Rural Housing: No down payment or Mortgage Insurance required. Income limits apply. Wisconsin Veterans: 5% minimum down payment required. No Mortgage Insurance is required. Below markets rates apply. Federal VA: No down payment or Mortgage Insurance required. WHEDA: Minimum of 3% down, Reduced Mortgage Insurance premiums, 30 year fixed-below market rate. Initial interest option is available-income limits apply. Lot Loans: 1 year or 3 year ARM. Minimum of 10% down payment required. Payments are based on a 30 year loan. Loan balloons in 5 years.Construction Financing: 9 month term. Interest only. Self contractors welcome. |
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