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ADDITIONAL INFORMATION

Description Details
Conventional Fixed-Rate Loan Designed for borrowers looking for predictable monthly payments, who have good credit and can make at least a 5% down payment
  • Low down payment required
  • 40, 30, 20, 15 and 10 year terms available
  • The longer the term, the lower your interest rate
  • At the end of the term, your loan is paid in full
Need flexibility with down payment and closing costs?
Flexible 100™ Loan Similar to a Conventional Fixed-Rate Loan, but requires no down payment
  • Can pay as little as $500 toward closing costs
  • A gift may be accepted for closing costs
Flexible 97® Loan Similar to a Conventional Fixed-Rate Loan, but requires only a 3% down payment 
  • Can pay as little as $500 toward closing costs
  • A gift may be accepted for closing costs
VA (Veterans Affairs) Loans

Loans guaranteed and administered by the Department of Veterans Affairs

Available for qualified individuals who have served in the armed forces
  • No down payment required
  • Choice of financing terms
  • Note: If you are a veteran and have funds available to use as a down payment, it may be wise to consider Conventional Mortgage Loans as well
Need help qualifying due to credit challenges, debt or other issues?
FHA (Federal Housing Administration) Loans These loans generally require less of a down payment and have less stringent qualification requirements than conventional loans
  • Any borrower of legal age is eligible to apply for an FHA mortgage loan regardless of income level, including non-U.S. citizens
  • Flexible requirements to help more buyers qualify
  • Various repayment terms available
  • Seller can contribute up to 6% of sales price toward closing costs
  • FHA limits the maximum amount an individual can borrow under this program based on the location of the property
Stated Income Loan Like a conventional loan, but designed for qualified borrowers who have difficulties proving or documenting their income
  • Interest rate and principal are fixed for the life of the loan
  • Low down payment required
  • Several financing terms available (40, 30, 20, 15 and 10 years)
  • The longer the term, the lower your interest rate
  • At the end of the term, your loan is paid in full
Expanded Approval Similar to a conventional Fixed-Rate Loan, but designed for borrowers who may not fit into conventional guidelines and have less-than-perfect credit
  • A big down payment is not needed and, in some cases, not even required

Flexible 100 and Flexible 97 are registered trademarks of Fannie Mae.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT Amarillo National Bank complies with section 326 of the USA PATRIOT Act. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account such as name, address, date of birth and taxpayer identification. We may ask to see your driver's license or other identifying documents.

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