Peoples Bank and Trust offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
VA Loans
Conventional Loans
VA Jumbos
VA IRRL
FHA Loans

VA Loans

The VA home loan program is designed to help veterans finance home purchases and refinance their existing homes with competitive interest rates.  The term "Veteran" includes certain members of the Selected Reserves, active duty service personnel, retired and certain categories of spouses.

One of the biggest advantages of the VA loan is that the borrower can finance the property with no money down and refinance their existing home up to 100% of the appraised value, even if your current loan is not a VA loan.


Conventional Loans

Most simply stated, a conventional loan means a homebuyer’s mortgage is not backed or insured by a government agency such as the Federal Housing Administration (FHA) or Veterans Administration (VA). Buyers can use a conventional mortgage to purchase a one- to four-unit home, a condominium, modular or manufactured home as a primary, secondary or investment property. Conventional mortgages include an additional private mortgage insurance charge of approximately one half of one percent of the loan amount when a borrower has a loan-to-value ratio greater than 80 percent. The bank determines the loan-to-value ratio by comparing the amount the buyer borrows against the home’s appraised value. Per the terms of the Homeowners Protection Act of 1998, a lender must disclose the length of time in years and months a mortgagor will take to reach the 78 percent loan-to-value threshold to eliminate the fee while making regular monthly payments. Making a 20 percent down payment will eliminate the PMI charge, and some lenders offer an interest rate increase in lieu of the monthly PMI charge.

 

 Conventional Jumbo loans are also available. 


VA Jumbos

  VA Jumbo Home Loan, the term "jumbo" refers to any VA home loan greater than $424,10000.  The VA will guarantee a maximum of 25 percent of your home loan amount - up to $106,025 - for a maximum new home loan amount of $424,100. What if the house you want costs more than $424,100? A VA Jumbo Loan is designed to be big enough to cover the size and cost of the home of your dreams.

With so many options to choose from, there is a VA Home Loan that will allow you to purchase the home that suits your military lifestyle. And when you want more home for the money, there's a lot more support available with a VA Jumbo Home Loan.


VA IRRL

 A VA IRRRL stands for Interest Rate Reduction Refinancing Loan. You may also see it referred to as a “VA Streamline”. It is used to refinance an existing VA guaranteed loan to reduce the interest rate or to refinance an adjustable rate mortgage (ARM) to a fixed rate. 

An IRRRL may be done with “no money out of pocket” by including all costs into the new loan. Some lenders may say that VA requires certain closing costs to be charged and included in the loan. The only cost required by VA is a funding fee* of .5%  of the new loan amount. 

 

 VA IRRL loan can be completed within as little as 7 business days.  The documentation you will need to present to your loan officer is very simple.

 

  1. Drivers license and Social Security Card.
  2. A copy of your recent mortgage statement.
  3. A copy of your existing HUD settlement statement and NOTE.
  4. The name and number of your homeowners insurance agent.

It is that simple.


FHA Loans

FHA or better known as the "Federal Housing Administration",  provides mortgage insurance on loans made by FHA-approved lenders.  FHA's minimum down payment requirement is 3.5% of the sale price. The FHA requires applicants to pay in cash or finance a "funding fee" with the FHA loan. The amount of the "funding fee" has changed several time over the past few years. The applicant is also required to pay a monthly mortgage insurance premium (mip).