Home Loan Financing*
F&M Bank offers several government-sponsored home ownership incentive programs. These financing options are designed to lower your interest rate, down payment amount and/or closing costs. Here are a few examples:
- Federal Housing Association (FHA) Loans – FHA financing is available with low down payment options and sometimes, closing costs can be included into the loan amount to further reduce up-front costs.
- Veterans Affairs (VA) Loans – VA financing available to qualified military veterans with at least six months of active duty. This loan is also available to the unmarried spouses of a deceased veteran whose death was service related, or spouse of an MIA or POW.
- Tennessee Housing Development Association (THDA) Loans – First-time buyers, or those who have not owned a home within at least three years, may qualify for these lower-down-payment loans (financing is subject to the availability of state funding).
- USDA-Rural Development Loans - With this program, financing is available for rural properties provided program guidelines are met. The rates are very competitive and you do not have to be a first time homebuyer.
*For all of the products listed (i.e., FHA, VA, THDA, and USDA Program) the interest rate and terms are subject to credit review and approval.
THDA.ORG -- TAKE CREDIT is a Mortgage Credit Certificate (MCC) program administered by Tennessee Housing Development Agency. The MCC Program was authorized by Congress in the 1984 Tax Reform Act. An MCC is not a loan. A MCC permits eligible homebuyers to take a federal tax credit up to $2,000 maximum per year based on the mortgage interest paid by the homebuyer. The tax credit may be used to lower a homebuyer’s income tax liability each year the home remains owner occupied by the certificate holder (the homebuyer).
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