Mortgage

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Competitive Rates and an Easy, Hassle-Free Loan Application and Approval Process. 

Residential Mortgage Loans

First Central offers a selection of various fixed rate mortgage loan programs to finance or refinance your dream home. We offer pre-approvals as well as a variety of loan programs. See one of our mortgage lenders to find out more about all we offer and what will work best for you.

Conventional Loans

  • Refinancing
  • Purchases

Conventional Loans are a more main stream loan, but are not backed or guaranteed by the government as FHA, VA and RD loans are. Conventional loan amounts can range from $30,000 to $417,000 for conforming conventional loan, with down payments for these loans of 5% and up. Smaller mortgage loan amounts are available on in-house loans. Loans above $417,000 are available; they are considered Non-Confirming Conventional loans or Jumbo Loans. Terms for conventional loans can be varied and flexible for borrowers with good credit, down payments and reserves.

Construction Loans

Building a new home? First Central State Bank offers Construction loans. Construction loans are short term loans done in house with flexible term lengths. Typically interest only payments are required during the construction period.

USDA Loans

USDA (US Department of Agriculture) loans are often referred to as RD (Rural Development) loans. This comes from their name which is Rural Development 502 Guaranteed Home Loan Program. RD Loans allow borrowers to borrow up to 100% of the purchase price of their loans, and are guaranteed by the USDA. This 100% financing opportunity is for home loans in rural and suburban areas around the country. As an added value the USDA will allow you to roll in closing costs up to the appraised value of the property.

Eligibility Requirements

To be eligible for the RD loan the new home

  • Must be located in an area deemed eligible by the USDA
  • Meet USDA program income requirements which may vary by state and county. All income producing individuals over age 18 that will occupy the home will be included in the total household income.

Iowa Finance Authority's
First Home & First Home Plus Programs

Iowa Finance Authority's First Home and First Home Plus programs provide an affordable home purchase option for moderate income households. In some instances, borrowers can qualify for up to $2500 in grants for down payment and closing cost assistance. The website for Iowa Finance Authority is www.iowafinanceauthority.gov

VA Loans

Veterans Administration, VA home Loans are setup for current service members, past Armed Forces personnel, veterans and eligible surviving spouses. The VA Program is a very good loan program allowing the borrower to borrow up to 100% of the purchase price of the new home with flexible income and credit requirements. The loan has an upfront VA Funding Fee with no monthly mortgage insurance fee, making this an excellent loan for an eligible veteran putting down 15% or less on the purchase of their new home.

Existing VA loan participants may refinance using the VA Interest Rate Reduction Loan feature commonly referred to as IRRL Loan; which allows VA borrowers to refinance easily to a lower rate and or term without much hassle. Certificate of Eligibility is not required as you are using the same eligibility as used to originally obtain your loan; the IRRL program requires the loan to be a VA or VA refinance. The IRRL program does not allow cash back to the borrower.

Cash Out refinances are also allowed on the VA Home Loans. This program is set up for Veteran home owners who want to take cash out of their home to pay for education, home repairs and improvements, or pay off debt.

Generally all Veterans using the VA program must pay a VA Funding Fee. The fee varies based on type of loan, your military category, if you are a first time or subsequent user and if you make a down payment. The VA Funding Fee can be financed into your loan or paid in cash at closing; if you receive VA Compensation, are a Veteran with a service connected disability, or a Surviving Spouse of a Veteran you may not have to pay the VA Funding Fee.

VA Loans

  • Eligible participants do not have to be first time buyers
  • No down-payment
  • Benefits can be reused
  • Closing costs may be paid by the seller
  • No Private Mortgage Insurance requirement
  • Flexible income and credit requirements

For eligibility, buying process, loan limits and how to get a Certificate of Eligibility, call a First Central State Bank Mortgage Representative today!

FHA Loans

The FHA 203b loan is a very good loan for borrowers with low down payments, first time buyers, or borrowers who may need more flexible credit and income requirements. Current FHA borrowers may purchase or refinance with the FHA 203b loan program. Loan amounts for the FHA vary by state and county. FHA Streamline Refinances allow borrowers with current FHA loans to refinance to lower rates with a few less steps than normal.

FHA 203k and FHA 203ks loans allow for FHA purchase borrowers to get money to remodel or rehab the home they are purchasing. Modifications, remodeling etc. must be minor and completed by a registered or licensed contractor. No modifications are allowed that are considered structural to the home.

Types of modifications allowed:

  • Roofing
  • Siding
  • Carpeting
  • Flooring
  • Etc.

Please contact a First Central State Bank representative for further details and information.

Calculators

Expert mortgage lenders......offering new home construction, refinancing, home mortgage loans, or first time home buyer programs.

Debbie Mulvania
LeClaire, IA
dmulvania@firstcentralsb.com

NMLS# 499876

Norma Bickel
Eldridge, IA
nbickel@firstcentralsb.com

NMLS# 498609

Rich Matzen
DeWitt, IA
rmatzen@firstcentralsb.com

NMLS# 500137

 

 

 

The following information is usually required during the loan process:

  • Your Social Security number
  • Previous two years W-2 forms
  • Current pay stubs and your tax returns for the past two years
  • Bank statements for the past two months
  • Investment account statements for the past two months
  • Retirement account statements for the past two months
  • Credit card account information
  • Auto loan account information
  • Personal loan account information

If you currently own Real Estate:

  • Mortgage account information
  • Home insurance policy information
  • Home equity account information (if applicable)

Contact Us for more information.