Are you dreaming about owning your own home, but think you don’t earn enough, or you’re hesitating because you haven’t been able to save for a down payment? Monroe Bank’s loan officers can find the right loan program for your needs, with an affordable monthly payment, and often little money down. Many of Monroe Bank’s Affordable Mortgage Programs are great for the first-time homebuyer and offer many benefits, including:
• Lower rates to reduce your monthly payment.
• Flexible underwriting guidelines that make it easier to qualify.
• Lower down payment requirements.

Monroe Bank can provide loans through the Federal Housing Administration (FHA) and Guaranteed Rural Housing that offer no down payment or lower down payments. Often requirements for these loans are more lenient than conventional loan programs – contact us to see if you qualify. These loans can be used for home purchases, refinances and home improvements. A variety of terms, and Fixed or Adjustable Rates are available.
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If you plan on staying in your home for several years and like the stability of an interest rate that won't rise, a Monroe Bank Fixed Rate Mortgage is ideal. Whether the interest rate environment is going up or coming down, your mortgage rate is locked throughout the life of your home loan.
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Adjustable Rate Mortgages (ARMs) might be your choice if you plan to stay in your home over a shorter period of time, or expect your income to rise in a few years. Monroe Bank’s ARMs provide you a lower starting rate than a Fixed Rate mortgage, which may mean lower monthly payments for you. After an initial payment period (adjustment periods vary depending on which program you choose) the interest rate may go up or down based on market conditions.
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