First Mid Bank & Trust Home Purchase Mortgage Review

First Mid Bank & Trust Home Purchase Mortgage is offered by First Mid Bank & Trust (NMLS #411170), a bank founded in 1934 and based in Mattoon, IL. First Mid Bank & Trust Home Purchase Mortgage is available in 2 states across the USA.

• 5 different mortgage programs offered. First Mid Bank & Trust Home Purchase Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for single-family and multi-family properties. However, First Mid Bank & Trust does not offer financing for manufactured homes.
• Standard interest rates types. First Mid Bank & Trust Home Purchase 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.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Cosigner applications accepted. Applying for First Mid Bank & Trust Home Purchase Mortgage with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
• Fair credit accepted. Borrowers with a credit score as low as 580 may qualify for First Mid Bank & Trust Home Purchase Mortgage.

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

First Mid Bank & Trust Home Purchase 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 Mid Bank & 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 Mid Bank & Trust Home Purchase Mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, First Mid Bank & Trust Home Purchase Mortgage may charge a loan origination fee.

What mortgage programs are available?

First Mid Bank & Trust Home Purchase 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%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
• 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 Mid Bank & Trust Home Purchase Mortgage allow?

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

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