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Monroe Bank makes it easy for you to achieve
your homeownership goals. From affordable mortgage programs
to painless refinancing options or financing your investment
property, we make applying for a home loan simple. Just contact
a Mortgage Loan Officer
to get started or apply
online today! |
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• Affordable Mortgage Programs
• No Down Payment
Options
• Fixed Rate Mortgages
• Adjustable Rate Mortgages
• Balloon Loans
• Less-Than-Perfect Credit Options
• No-Doc/Stated Income
• Jumbo Mortgages
• Government Loans
• Interest-Only Programs
• Non-Conforming Loans
• Non-Owner Occupied Loans
• Manufactured Homes
• Reconstruction Loan
• Reverse Mortgages
• Refinancing
• Home Equity Line of Credit
• FHA Secure Initiative NEW! |
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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. |
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Monroe Bank offers several loan
programs that will allow you to purchase your home or investment
property with no money down. (Normal closing costs are required.)
• 100% Financing – We have a
variety of 100% financing programs, including the popular
two-part 80/20 program. With the 80/20 loan, 80% of your home
purchase is funded by a first mortgage, and 20% is funded
by a second mortgage.
• VA Loans – 100% financing is
also available with Veterans Administration loans for home
purchases.
• FHA Loans – When coupled with
available grant money, you can achieve 100% financing with
a Federal Housing Administration sponsored loan.
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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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These loans allow you the stability
of a Fixed Rate mortgage for a period of time which varies
depending on the type of loan you choose. After the period
ends, the entire balance of the mortgage is due. This is a
great program if you know you’ll only be in your home
a short period of time.
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Your credit history may not be spotless,
but that should not be an obstacle to your homeownership dreams,
Monroe Bank has many home loan programs, including Affordable
Mortgage Programs or Government Loans, which can get you the
house you deserve, or serve your refinancing needs.
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If you have excellent credit history,
you may qualify for this loan program, which does not require
income or asset verification. You pay a slightly higher interest
rate, and must have excellent credit history.
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When you’re ready to upgrade to
a luxury home or build your own custom dream house, Monroe Bank’s
Jumbo Mortgages (mortgage amounts above $333,701) offer a variety
of options.
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Monroe Bank can provide loans through
the Federal Housing Administration (FHA) or the Veterans Administration
(VA) 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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Monroe Bank offers programs that allow
you the flexibility of interest-only payments to keep your monthly
housing payment affordable. With our interest-only products,
you can likely afford more house!
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Specialized needs require special financing.
Monroe Bank has numerous programs available for long-term needs,
with fixed or adjustable rates. We can help you finance construction
loans, bridge loans or rehab loans.
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For your investment properties, we offer
financing for non-owner occupied 1-4 family dwellings with both
fixed and adjustable rates.
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Monroe Bank provides options for financing
your manufactured home purchase. Contact us for
the option that best fits your needs.
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Are you thinking about buying or refinancing a home that is a fixer upper or needs a little TLC? If so, Monroe Bank has the perfect loan program for you. Our reconstruction loan offers up to a 95% loan to value, 12 months to improve your property and a one time only closing process. This is a great way to make your home or potential home the house of your dreams.
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A reverse mortgage may be an option for senior homeowners looking for a new source of cash to pay off existing mortgage or credit card debt, or to finance home repairs and medical expenses. Reverse mortgages allow homeowners who are at least 62 years of age to capitalize on the value of their homes and these special loans do not have to be repaid until the borrower(s) no longer maintain the home as their primary residence.
For more information, please call Mary Jo Huffman
at 888-9MONROE (888-966-6763).
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If you're looking to refinance to lower your monthly payment or to obtain cash from your equity, we have a variety of attractive refinancing options.
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Monroe Bank is now offering the FHA Secure Initiative, also called the "President's Initiative" to enable homeowners to refinance various types of non-FHA adjustable rate mortgages that have recently reset. The true intent of this initiative is to assist non-FHA borrowers who have been harmed by recent rate adjustments and increased liquidity in the market. It is designed to permit homeowners, who prior to the reset or adjustment of their ARM loan, demonstrated an ability to meet their mortgage obligations, an opportunity to refinance into an FHA-insured mortgage. In some cases, homeowners may be permitted to include past due mortgage payments into the new FHA loan amount.
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