Mortgage Programs

A Fixed Rate Mortgage offers the security of a fixed interest rate as well as constant monthly principal and interest payments for the life of the loan.

10, 15, 20 & 30 Year Amortizations
Conforming and Jumbo loan sizes
Bi-weekly programs
Purchases and Refinances

An Adjustable Rate Mortgage (ARM) typically offers a discounted initial rate fixed for a specific period of time. After the initial period expires, your interest rate would be subject to adjusting annually thereafter.

30 Year Amortization
Conforming and Jumbo loan sizes
Purchases and Refinances

Are you looking to build your dream home? BSNB offers a variety of options in New Construction lending. Talk to one of our Mortgage Loan Originators to discuss all the different options that we have to help you achieve your dream.

End Loans

When you are buying in a subdivision and the builder finances the construction project, you can obtain mortgage financing with a long-term rate lock of up to 270 days.

Draw Loans

Used to finance the building of a new single-family one unit primary or secondary home.

During the draw period, the lender makes payments to the builder as stages of the home are completed.

Borrower makes interest-only payments on funds disbursed to builder.

After a six or nine-month draw period, the borrower will make interest & principal payments.

BSNB's Home Equity programs are a great way to finance home projects, vacations, and more. Our Home Equities are offered with a variety of terms allowing you to borrow up to 85% of the equity in your home. (The amount you can borrow would be determined by using 85% of the appraised value of your home, less your current first mortgage balance).

Home Equity Loans (Please contact one of our Mortgage Loan Originators for pricing and other details on our Home Equity Loans.)

Amortizations of 5, 10 and 15 Years
No closing costs up to $100,000 *
Ability to make payments easier with auto-deduction from a BSNB account

Home Equity Lines of Credit (Please contact one of our Mortgage Loan Originators for pricing and other details on our Home Equity Lines of Credit.)

Offering Variable and Fixed Rates
Terms up to 20 Years
No closing costs up to $100,000 *
Ability to make payments easier with auto-deduction from a BSNB account

*If the home equity loan or home equity line of credit is closed for any reason within the first three years, your repayment amount will include reimbursement to BSNB for all of the third party fees and charges paid on your behalf at closing. Third party fees generally total between $200 and $1500 but may vary.

FHA Mortgages are specialized loans with government backing.

An FHA loan has features that make homeownership affordable. With its low down payment options, you'll need less cash to get started, so qualifying is easier than you might think. (To see if you may qualify, please contact a Mortgage Loan Originator.)

Overview

Loan to Value (LTV) 96.5% for purchases, 97.75% for refinances, 80% for cash-out refinances

Interest Rate Fixed or variable

Down Payment As low as 3.5%

Features and Benefits

Up to 6% seller contribution allowed (based on LTV), and can be used for closing costs or prepaid items

Allows for down payment assistance from third-party organizations and agencies

No reserve requirement for a 1-2 unit property

Available for 1-to-4 unit properties, including single family homes, condos or planned unit developements

Insured by the Federal Housing Administration, so the qualification criteria are more flexible than for conventional loans

VA Mortgages are available to veterans, service members and eligible surviving spouses. (To see if you may qualify, please contact a Mortgage Loan Originator.)

Overview

Purchaser Qualification VA Certificate of Eligibilty

Loan to Value (LTV) 100% for purchases

Interest Rate Fixed or variable

Down Payment Little or none; may use gift funds

Private Mortgage Insurance (PMI) Not Required

Features and Benefits

Flexible qualification standards and competitive interest rates

Ability to finance the VA funding fee

Seller contributions are permitted for 100% of closing costs and 4% of the purchase price toward pre-paid costs

Available for one to four unit owner-occupied properties including single-family, attached or detached, condos or planned unit developments

A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. Rural Housing loans allow homeowners to finance closing costs and pre-paid items. In some cases, they may also be allowed to finance repairs or make updates to the property. There is no minimum cash requirement for the borrower at closing and the interest rates are competitive.

USDA Loans apply to more "rural" areas than you may think! They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments. (To see if you may qualify, please contact a Mortgage Loan Originator.)

Features and Benefits

Zero Down - No down payment is required for USDA loans. Thirty-year, fixed-rate loans with no pre-payment penalty are the norm. Rates are very competitive with conventional loans.

Eligible Property - These loans are limited to "rural" areas, though you might be surprised by some of the suburbs of major metropolitan areas that qualify as rural. Homes should be modest in size and cost and constructed per local codes and regulations.

Eligible Borrowers - Funds are available for qualified borrowers who earn up to 115% of the area median income. Even candidates who have had past credit issues with late pays, bankruptcies or foreclosures may be eligible. Borrower's income must support the proposed payments and meet the program requirements for approval. Primary occupancy is required. This program is not for investment properties.

Benefits - Minimum cash is needed to close. The USDA Guarantee Fee and eligible closing costs may be financed. Gift money, grant money and seller contributions are allowed.

Loan Programs