Bloomfield State Bank's Residential Mortgage Lending Services

If you are located in a county near a Bloomfield State Bank office and are tired of sending your mortgage payments out of town, we can help. Bloomfield State Bank believes in continuing to do business with you locally throughout the loan. We offer real people to email or talk to, and a wide variety of programs to choose from!

If you prefer to send your payments to another lender in exchange for a slightly lower rate, we offer that option as well on many programs. Just let your loan officer know which option you prefer.

Please note that rates may vary according to credit score and other loan characteristics.

Click a product below to view details, or click here to view all.

• Servicing retained
fixed rate loans
• Competitive rates
• Minimum 5% downpayment (less than 20% downpayment requires mortgage insurance coverage)
• 25/36% income ratios normally required
• Must comply with secondary market standards

• Servicing Released fixed rate loans
  • Slightly lower rates than servicing retained program
  • Loan is sold to another lender after closing, payments are not made to Bloomfield State Bank
  • Minimum 5% downpayment required (less than 20% down requires mortgage insurance coverage)
  • Must comply with secondary market standards

• Fixed Rate 97% Loans (Fannie Mae My Community/Flex Mtg)
  • Closing costs and downpayment may come from borrower funds or from approved sources, such as relatives, non profits, or employers
  • Mortgage insurance covered required for LTV's over 80%

• Rural Development Guaranteed Loans
 
• 100% of appraised value
• No mortgage insurance required - 2.0% guarantee fee.
• Income Limits
• Rural areas only-Greene & most surrounding counties OK
• 29/41% debt/income ratio
• Rates not driven by credit scores

• FHA loans-servicing released
  • 3% minimum cash investment required-may be borrower funds, gifts or loans from relatives, secondary financing.
  • 1.5% Upfront MIP plus 0.5% annually
  • 31/43% debt/income ratio
  • No income limits
  • Maximum loan amount - $271,050
  • Approval not necessarily based on credit scores
  • Manufactured homes eligible with retired title
  • FHA Secure loans also available

• Manufactured Home loans
  • Fixed interest rate available at slightly higher rates than standard fixed rates
  • 3/3 or 5/5 ARM rates also available
  • Loan term up to 30 years
  • LTV up to 95%

• 5-or-7-year Balloon/Reset Loans
 
• Initial rate may be lower than standard 30 year fixed rate for the first 5 or 7 years and rate may be reset after initial period
• Good if you plan to be in the home for less than 7 years

• Adjustable rate loans
 
• Competitive low rates
• 1/1, 3/1 or 5/1 options available for loans meeting secondary market requirements
• 3/3 and 5/5 options available at slightly higher rates for loans not sold on secondary market

• Construction Loans
 
• Line of credit with no particular limit on number of draws
• Interest paid only on money used, billed monthly
• Interest rate is NY prime +1% with floor rate at 6.5%
• One-close option with fixed rate lock at start of construction is also available as a servicing released loan

• Mobile Home and Land Loans
 
• 80% LTV
• 15 year term
• Interest rate fixed for 10 years, then adjusts for the remaining 5 years.
• Income to debt ratio: 28% / 36%
• Credit scores: 640 and above

• Investment Property Fixed Rate
 
• 1-2 unit properties to 90% LTV
• 3-4 unit properties maximum 75% LTV
• Borrower can have up to 10 financed properties
• Competitive Fixed rate 15, 20 or 30 year amortization
• Excellent credit score and 6 month PITI reserves required

• Jumbo loans 
  • Available as servicing released product-details vary with loan amount and Loan to Value ratio

• Reverse Mortgages-servicing released
  • Maximum loan amount based on appraised value of home
  • Available as lump sum, monthly payments, or line of credit
  • No payments required from borrower till all borrowers have been out of the property for 12 months
  • You cannot owe more than the house is worth at the time repayment is required