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Mortgage Options

At 1st State Bank, we offer a wide range of innovative mortgage options, so whether you are a first time home buyer or an experienced homeowner, we have options that will work for you. Our programs offer affordable interest rates, reduced closing costs, local decision making, and quick turnaround times.

 
Fixed Rate Mortgages
HomeReady - First Time Homebuyer Program
Home Possible
Homeownership Opportunity Program (HOP) - First Time Homebuyer Program
MSHDA MI Home Loan and MI Flex Loan
Adjustable Rate Mortgage
USDA Rural Development Loans
Construction Loans
Purchase/Rehab Loans
Home Equity Lines and Loans

Fixed Rate Mortgages

Our fixed rate mortgages provide a fixed rate and payment for the term of the loan.

  • Loan amounts up to $453,100
  • Terms: 30 year, 20 year, 15 year, and 10 year


  • HomeReady - First Time Homebuyer Program
    The Fannie Mae HomeReady Mortgage is designed for home buyers who don’t fall into typical lending approval guidelines.

  • Down payments as low as 3%
  • Co-borrowers are not required to live in the home
  • Convenient online homeowner education


  • Home Possible
    The Freddie Mac Home Possible Mortgage is designed for first time’ homebuyers, move-up borrowers and retirees.

  • Down payments as low as 3%
  • Flexible term options
  • Purchase and refinance products available

  • Homeownership Opportunity Program (HOP) - First Time Homebuyer Program
    The Homeownership Opportunity Program (HOP) grant helps first-time homebuyers with down payment and closing cost assistance.

  • For first time homebuyers at or below 80% area median income
  • Borrowers must contribute a minimum of $1,000 towards the purchase of the home

  • MSHDA MI Home Loan and MI Flex Loan
    The Michigan State Housing Development Authority provides programs for first time home buyers and repeat homebuyers in Michigan .

  • Down payment assistance up to $7,500
  • Convenient homeowner education
  • Household income limits do apply

  • Adjustable Rate Mortgage
    Our Adjustable Rate Mortgages have a set rate for a fixed time period, and then periodically adjust during the remaining term of the loan.

  • 1/1 ARM
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM


  • USDA Rural Development Loans

    A USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program, which is backed by the United States Department of Agriculture (USDA).

  • Fixed rate terms
  • No down payment required
  • Flexible qualification standards
  • Partial closing costs may be financed
  • Eligible repairs and improvements may be financed

  • Construction Loans

  • Loans available both during construction & after completion
  • 12 months interest only
  • Combine land & construction together up to 95% LTV


  • Purchase/Rehab Loans

  • Down payments as low as 5%
  • Add in rehab costs to the purchase price
  • All repairs completed after closing


  • Home Equity Lines and Loans

    Home Equity Loans and Lines of Credit let homebuyers borrow money against the value of their home.

    Home Equity Loans

  • Use for major expenses
  • Fixed interest rate
  • Maximum of 180 months with 63 month balloon


  • Home Equity Line of Credit

  • Choose when and how the money is used
  • Revolving credit
  • Variable interest rate
  • Maximum of 60 months



  • Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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