• Conventional: A Conventional Mortgage is any mortgage that is not insured or guaranteed by the federal government or state government. Conventional mortgages typically require a higher down payment, usually 5%-20%. They also have higher income and credit score requirements than government loans.
  KEY BENEFIT: Repayment terms are generally more favorable

• FHA: The Federal Housing Administration (FHA) insures these mortgages so Adams Bank & Trust can offer you very attractive loan terms. With flexible qualification guidelines, these loans are designed specifically to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.
  KEY BENEFIT: Low down payment (as low as 3.5% of the purchase price)

• VA: VA Home Loans help veterans finance the purchase of a home with very favorable loan terms at an interest rate typically lower than rates charged on other types of mortgages.
  KEY BENEFIT: No down payment required

• USDA: USDA Home Loans are for low to moderate-income homebuyers wanting to buy a home in a rural development area. USDA Home Loans are affordable and backed by the federal government.
  KEY BENEFIT: 100% financing on a fixed 30-year loan on the appraised value of the home

• CHAFA: CHAFA mortgage loans offer a variety of programs to increase the availability of affordable, decent, and accessible housing for lower and moderate income applicants in Colorado.
  KEY BENEFIT: 3% down payment, low credit scores are not automatically excluded

• NIFA: NIFA provides affordable loan programs for first-time home buyers in Nebraska
  KEY BENEFIT: Below market interest rates and down payments

• Jumbo: A jumbo mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $417,000.
  KEY BENEFIT: Allow purchase of a more expensive home

The Mortgage Process

1. LOAN APPLICATION
   After reviewing the options we have available to help you finance your home, you can submit a loan application online or in person with our mortgage lending staff so that we can determine initial credit approval.
2. INITIAL CREDIT APPROVAL
   Once your loan application has been submitted, we’re able to pull a credit report. At that point, we are able to determine a ‘credit only’ approval based upon the credit report and information contained in the application.
3. DISCLOSURES SENT
   Within three days of your completed application, disclosures will be sent to you.
4. REQUEST FOR DOCUMENTATION
   Once you’ve received the disclosures, you will be provided with a list of documentation needed to process your loan.
5. APPRAISAL & TITLE INSURANCE
   An appraisal & title insurance will then be ordered for the property you’re looking to purchase. Fees for these items will be collected. This step can begin during the time your financial information is being gathered.
6. LOAN APPROVAL
   Once the appraisal/title insurance, along with requested financial information, is received, the loan is ready to be submitted to underwriting for official loan approval. Additional conditions may be added at this time.
7. LOAN DOCUMENTS
   When all loan conditions are cleared by underwriting, loan documents are prepared and forwarded to the title company.
8. SIGNING
   Once the title company has received the documents, final closing documents are prepared by the title company prior to scheduling the appointment for document signing.
9. FUNDING
   Signed documents are returned to the lender. The proceeds of the loan are disbursed after any applicable rescission period expires.
10. ENJOY!
    Kick back, relax and enjoy your new home!

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