New Home Purchase
With a mortgage loan from North American State Bank, you're free to pursue your dreams for homeownership - whether large, small, newly built, or aged to perfection. We can help you determine how much you can afford and customize a financial solution for you.
Conventional Fixed-Rate Loan
Through this traditional method of financing a home, your interest rate remains the same for the term of the mortgage, which keeps your monthly principal and interest payment steady.
Adjustable Rate Mortgage (ARM)
An adjustable rate mortgage generally features an initial interest rate lower than that of a fixed-rate mortgage, which can result in lower initial payments to help offset the costs of a down payment, closing costs and other expenses. The trade off is that the interest rate can change periodically, usually in relations to an index, and the monthly payment will also adjust up or down accordingly.
Building a new home? Renovating the one you have? We will work with you from start to finish on your building project. During the construction phase, you pay interest on only the money you have borrowed to date. Once the construction phase is complete, we will help you transition into the permanent financing option best suited for your needs.
A balloon mortgage from North American State Bank features a long term amortization and requires full payment of the principal at the end of the balloon term. Principal and interest payments are fixed during the term of the loan.
Rural Development Loans
Rural Development is an agency of the United States Department of Agriculture (USDA) and offers loan programs designed for low to moderate income individuals and families to purchase safe, well built, and affordable homes. These programs offer financing up to 102% of the value of the property.
Federal Housing Authority (FHA) Loans
If you don't have extensive job or credit history, or need a loan that offers favorable conditions for a lower down payment, you may qualify for an FHA loan. It generally comes with lower interest rates than conventional mortgages and in some cases can offer flexibility in obtaining the money you need for closing costs too.
Veterans Administration (VA) Loans
U.S. Military personnel may qualify for a Veteran Affairs loan, which is a federally insured option that makes home buying more affordable with little to no down payment, no mortgage insurance to pay, as well as potentially lower interest rates and flexibility in obtaining money for closing costs.
To learn more about each of our mortgage loans or find other helpful resources, speak with one of our mortgage bankers.
For your convenience, we have included resources and applications on the Forms Page of our website to assist with the mortgage application process.