First Bank and Trust Home Mortgage Review

First Bank and Trust Home Mortgage is offered by First Bank and Trust (NMLS #409296), a bank founded in 1925 and based in Brookings, SD. First Bank and Trust Home Mortgage is available in 2 states across the USA.

• 4 different mortgage programs offered. First Bank and Trust Home Mortgage offers FHA, USDA, VA, conforming, and conventional mortgages.
• Financing for single-family and multi-family properties. However, First Bank and Trust does not offer financing for manufactured homes.
• Standard interest rates types. First Bank and Trust Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for First Bank and Trust Home Mortgage.
• Fair credit accepted. Borrowers with a credit score as low as 650 may qualify for First Bank and Trust Home Mortgage.

What is the maximum loan term you can get with First Bank and Trust Home Mortgage?

First Bank and Trust Home Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does First Bank and Trust offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does First Bank and Trust Home Mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, First Bank and Trust Home Mortgage may charge a loan origination fee.

What mortgage programs are available?

First Bank and Trust Home Mortgage offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does First Bank and Trust Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Bank and Trust Home Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects