First Bank Buying a home can be stressful. At First Bank, we try to make the financing process as smooth as possible. First Bank is a wholly-owned subsidiary of First National Corporation and one of the Shenandoah Valley's premier hometown, community banks.
Any mortgage made without the guarantee of a government agency is classified as a conventional loan.
Conventional loans with small down payments are available, though a larger down payment will eliminate your having to pay for Private Mortgage Insurance to guarantee the loan. With a monthly payment based on a 25-year amortization and a loan term of just a few years, a balloon mortgage is perfect for the homeowner who does not plan to own the property for an extended period. These loans also offer the benefit of normally fewer closing costs, and have less stringent requirements than conventional fixed-rate mortgages. They offer an opportunity to customers who may not qualify for a fixed rate mortgage. Construction Loans Construction loans are offered for those who would rather build than purchase their new home.