Home Mortgage Loans

At Belay Bank, we take the time to explain all the options and make your decision easier.

Houses come in dozens of sizes and styles. Likewise, there are many mortgage types. Some are traditional. Others depend on home location or price. And others still provide affordable financing for military veterans, people building their own places, or borrowers with imperfect credit. At Belay Bank, we're committed to providing personalized service and all the information you need to make the best choice.

Nebraska Investment Finance Authority (NIFA)

Sometimes, state and local housing agencies sell revenue bonds to raise money for subsidized mortgage programs. These loans come with below-market interest rates, and can help make home ownership a reality for families with modest incomes.

• Open to first-time homeowners.
• Save thousands with lower interest rates than conventional or FHA loans.
• Get the stability of a fixed-rate loan with locked in monthly payments.
• Take advantage of potential down payment and/or closing cost assistance.
• Consult with a Belay Bank mortgage specialist to see if you qualify.

Fixed-Rate Loans

For decades, the fixed-rate loan has been a favorite of borrowers - and with good reason. Whether you have your loan for 3 years or 30, your monthly mortgage payment will never change. That makes short-term budgeting and long-range financial planning much easier.

• Choose from a wide variety of terms.
• Build equity more quickly with shorter terms.
• Limit monthly payments with longer terms.
• May qualify for a temporary buy down.
• Enjoy predictable monthly principal and interest payments.
• Be protected from rising interest rates for the life of the loan.

Adjustable-Rate Loans

Buying a home is an expensive undertaking. An ARM can provide borrowers with some relief. The loans come with lower interest rates for a set period of years, which hold down monthly payments. After the introductory period ends, the loan rate is adjusted on an annual basis.

• Choose from several adjustable-rate-loan options.
• Consider an ARM if you expect your household income to rise in the future, or if you think you will move again before the introductory period ends.
• Enjoy protection of interest rate caps that limit how high your interest rate can go.
• Refinancing to an ARM may help reduce monthly mortgage payments.

Jumbo Loans

Perhaps you have a growing family in need of more elbow room. Or it's possible you're moving to a nicer neighborhood. With a Jumbo Loan, you can qualify for the higher financing you need while enjoying a wide range of loan options. 

• Financing for homes where you need to borrow at least $806,500.
• Choose from fixed-rate and adjustable-rate options.
• Available for primary residences, second home, or vacation home.
• Take advantage of extra mortgage features, such as temporary buy downs, that may be available.
• Consult your tax advisor to see if mortgage interest payments are tax deductible.

FHA Loans

It can be challenging to save enough money to qualify for a traditional mortgage, or to raise your credit score as high as many lenders require. The Federal Housing Administration offers a good alternative, offering loans that come with lower down payment requirements and flexible credit guidelines.

• Make a down payment of just 3.5%, if you're a qualified borrower.
• Choose from a variety of fixed-rate loan options.
• Well-suited for first-time home buyers or borrowers with less than perfect credit.
• Allows "gift funds" from a family member or employer - or a grant from a state or local government - to contribute to a down payment.
• Take advantage of streamlined refinancing process if interest rates drop.

VA Loans

One way America shows its appreciation for men and women in uniform is with special government-backed home loans. Active duty military, reservists and veterans qualify for mortgages with attractive rates and, often, no down payments.

• Finance up to 100% of purchase price.
• Take advantage of no-private-mortgage-insurance provision.
• Allows seller to pay closing and VA funding fees, if costs don’t exceed 4% of the loan.
• Avoid prepayment penalties.
• Permits another qualified veteran to assume loan, if desired.

Rural Housing

Some people prefer to live away from the hustle and bustle of cities and larger towns. The U.S. Department of Agriculture offers 100% financing for borrowers who want to purchase, build, repair, or renovate homes in rural areas or certain suburban neighborhoods.

• Take advantage of a fixed-rate loan to keep monthly payments stable.
• Save on interest payments with some of the lowest rates of any government loan program.
• Finance up to 100% of home cost, eliminating the need for a down payment.
• Roll closing costs into loan total, further reducing upfront costs.
• Use funds to prepare a residential site, including providing water and sewage facilities
• Ask Belay Bank mortgage specialists about income guidelines and areas eligible for Rural Housing Loans.

Belay Bank Mortgage is a Nebraska-based division of First Bank, a full-service bank with branches in Missouri, Illinois, and California as well as mortgage operations in Kansas.