Personal Government Loans

This Veterans Administration loan program enables veterans, their spouses, and active-duty personnel to purchase or refinance a home with favorable loan terms as recognition for their service. The VA offers mortgages that can accommodate no down payment on many purchase transactions with a range of fixed-rate terms.

This Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms as recognition for their service. VA mortgages require no down payment on many purchase transactions. VA offers an adjustable rate option with an initial fixed-rate period. Interest rates are set at the time of closing and remain constant over the initial fixed-rate period. Once that expires, the rate can increase or decrease on an annual basis based on market conditions.

A VA IRRRL allows those with existing VA-guaranteed loans to refinance with ease. Often no appraisal and minimal paperwork are required in this streamlined refinance. Those who’ve served may also be eligible to lower their principal and interest payments as well. First Commercial Bank offers both fixed- and adjustable-rate terms for this government loan.

Backed by the Federal Housing Administration, FHA mortgages are the perfect fit for those with less-than-perfect credit, no formal credit history, or limited cash for down payments. First Commercial Bank can tailor FHA fixed-rate terms up to 30 years. New purchase mortgages allow for a low down payment of 3.5% of the purchase price.

Backed by the Federal Housing Administration, FHA mortgages are the perfect fit for those with less-than-perfect credit, no formal credit history, or limited cash for down payments. FHA offers an adjustable rate option with an initial fixed-rate period. The interest rate is set at the time of closing and remains constant over the initial fixed-rate period. Once that expires, the interest rate can increase or decrease on an annual basis.

This government-backed loan offers long-term fixed or adjustable rates and low down payments to finance both the acquisition and rehabilitation (minimum $5,000 of renovation work) of a property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. All rehabilitation work must be completed within 6 months of closing.

This is a special mortgage insurance program that provides assistance to disaster victims whose previous residence has been destroyed or damaged to such an extent that it needs to be replaced. This program offers fixed- and adjustable-rate mortgage terms. The borrower’s application for the mortgage must be submitted within one year of the president’s declaration of the disaster.

First Commercial Bank participates in Housing Finance Agency (HFA) loan programs, also known as state bond programs, in some states. These government loan products are a collection of single-family, fully amortizing, fixed-rate mortgage loans offered in conjunction with conventional (Fannie Mae), FHA, VA, rural housing, and HFA guidelines. First Commercial Bank currently offers HFA programs in Arizona, California, Connecticut, Idaho, Michigan, Nevada, Ohio, New Mexico, Virginia, Washington, and Wisconsin.

The USDA mortgage program is for homes located in eligible rural areas determined by the U.S. Department of Agriculture. This program offers fully amortizing, fixed-rate mortgage financing and is guaranteed by the U.S. government. No down payment is required.