Conventional loans are mortgage that are not covered by any government program of insurance or guarantee.  These loans typically have a standarized set of underwriting guidelines for loan amounts up to $359,650.  These loans can carry either fixed or adjustable rates.  Down payment requirements may be as little as 5%, with mortgage insurance generally required for loans with less than 20% down. 

Flexible mortgages are Conventional mortgages with flexible down payments.  The down payment required may be 0% to 3%.  The borrower must contribute at least $500 towards closing, but other funds may come from flexible sources. 

FHA loans are ideal for first-time home buyers and those low-to-moderate income borrowers.  Loans are insured by the Federal Housing Administrations.  Down payments may be as little as 3%.  The maximum loan amount in the Texas Panhandle is $172,632.00.

If the amount of your mortgage loan will exceed $359,650, the maximum amount permitted by other programs, First United Bank offers a variety of mortgage loan options to meet your needs.  Underwriting guidelines vary depending on the loan program selected.  Please call our Mortgage office at (806)647-4151 for a detailed explanation of this program. 

The InterestFirst Mortgage allows borrowers to make lower payments during the first years of a fixed or adjustable rate mortgage by offering an interest-only period  Through this program, borrowers may qualify for a larger mortgage or direct more of their cash flow toward other investments or expenses, in the first years of their mortgage. 

With a Bi-Weekly Mortgage, you make a mortgage payment every 14 days, instead of once a month.  This allows you to pay off your mortgage sooner, saving thousands of dollars in interest over the life of the mortgage.

With the cost of home ownership increasing, the 40 year mortgage has become a viable option for buyes who wish to purchase as much house as possible, while still maintaining reasonable payments.