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Big Enough to be One of Dane County's Leading Home Lenders, but Small Enough to Care
You can increase your chance of getting the home you choose by seeing us to get pre-qualified for a loan before you start looking at properties . We'll help you figure out how much home you can afford. In addition to pre-qualification, we can accept a loan application and issue a pre-approval certificate indicating your purchasing status to you or your realtor - AT NO COST TO YOU.
The State Bank of Cross Plains offers a full array of mortgage options. Our prices are competitive with those of any lender, and we make decisions locally and quickly. These are some of the many options we have available to you.
- Term 5/1 ARM
- Amortization: 30 years
- Minimum down payment: 3% (Borrowers own funds, down payment assistance, gifts)
- Owner occupied (1-2 units)
- Geographic area includes all of Dane County and part of Iowa County
- Maximum Income limit: $72,400 for Dane County and $62,200 for Iowa County (2008)
- No Private Mortgage insurance
- Rate: 6.85%, APR: 5.434%* with monthly payment of $953.40 as of 05/08/08
* APR based on a loan amount of $145,500. Rate may increase after consummation. Subject to credit approval and standard underwriting guidelines.
- Variety of extended repayment plans
- Rates lower than conventional rates
- Fixed rate and payment for the life of the loan
- Minimal down payment requirements
- WHEDA Rate: 6%. APR: 6.007%* with monthly payment of $899.33 as of 05/08/08.
*APR based on a loan amount of $150,000 for a 30 year amortization with 3% down payment, 1-4 unit owner occupied.
The Rural Development Agency allows generous debt-to-income ratios of up to 40% for buyers in towns and villages outside the greater Madison area. Minimal down payments are required. Requirements are based on specific county income and purchase price limitations. To find out the income & home price requirements, contact a loan representative.
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