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|The Five Star Home Mortgage Experience|
Meet with your Loan Originator to determine the appropriate product, lock your rate, request an Itemized Fee Worksheet and provide any required documents.
DAY OF APPLICATION
Registration Team will send your Loan Estimate and Application packages for eSignature. You will then indicate your intent to proceed and pay any required fees.
APPROX. 1 WEEK
Your assigned Processor will call you after receiving your loan package. Your Processor will be your main point-of-contact until closing.
APPROX. 2 WEEKS
After all remaining required documents are obtained, your Processor submits the file to an Underwriter for final decision.
2 BUSINESS DAYS
After Commitment Letter is issued by the Underwriter, your Processor will work with you to the the file cleared for closing.
APPROX. 2 WEEKS
6. Loan Closing-
Your Closer and/or Bank Attorney will contact you to schedule the closing, provide a copy of the Closing Disclosure and obtain any required docs.
APPROX. 2 WEEKS
7. Loan Servicing-
After your loan closes and funds, your account will be forwarded to our Servicing Team. You will receive your first monthly statement approximately 15 days prior to your first payment due date.
BEGIN MONTHLY PAYMENTS
*Please note that these timeframes reflect a typical mortgage transaction. If there is an unforeseen delay, we will reach out to you.*
traditional mortgage options to help you start your journey. because the point is convenience.
FIXED RATE MORTGAGES
- Interest rate remains the same
- Various repayment terms available
- Wide range of products qualify, including low down payment, flexible credit and no closing cost options
ADJUSTABLE RATE MORTGAGES
- Initial low interest rates
- Various terms to choose from
programs that are as unique as you. because the point is meeting your needs.
HOME FOR YOU1 MORTGAGE
- Down payment and/or closing cost assistances for qualified applicants
- A 30 year fixed rate mortgage with a down payment requirement of 3.00%
- Private mortgage insurance will not be required
- Eligible property types include 1-4 unit, owner occupied residences, warrantable condos and planned unit developments
NEIGHBORHOOD MORTGAGE LOAN
- Total down payment requirement is 10.00%
- $1,000 borrower contribution required when combined with city, county or other agency-approved grant programs to meet the down payment requirement
- No private mortgage insurance is required
- May be combined with city, county or other agency-approved grant programs
Extended Rate Lock Program
Five Star Bank’s Extended Rate Lock Program provides qualified applicants peace of mind when building a new home. To combat current interest rate volatility, pay a 1.00% lock-in fee and be guaranteed today’s rate several months down the road (standard 360 day lock, but 180 and 270 locks also available). As long as your loan closes by the rate lock expiration date, the lock-in fee will be returned at closing. Eligible programs include:
- Conforming Fixed
- Conforming ARMs
- Jumbo Fixed
- Jumbo ARMs
Jumbo Mortgage Program
If you’re moving into your dream home, a jumbo mortgage may be just what you need. Five Star Bank offers a full menu of jumbo mortgages designed with features to meet your borrowing needs.
- Loan amounts up to $1,000,000
- Fixed and Adjustable Rate options available
- Purchase, Cash Out, and Rate/Term Refinance Programs available
- Low down payment options
- Owner-Occupied and Second Home Properties are eligible
- Seller Concessions are allowed
Construction to permanent mortgage program
The Five Star Bank Construction to Permanent Mortgage Program offers short-term construction financing to build a new home or complete a major home renovation. Make interest-only payments on funds advanced during the construction period. And when the project is completed on time2, your construction loan automatically converts to a traditional mortgage for the convenience of recurring payment.
- 1-Close program: one closing event and one set of closing costs
- Rate protection
- Convenient access to funds to keep projects on schedule
- Flexible draw schedules
- Auto-conversion from construction to permanent loan (if completed in a timely manner)
- Fixed and Adjustable rates available
VACANT LAND MORTGAGE
government sponsored programs
affordable housing programs to make homeownership more attainable. because the point is reaching your goals.
Homebuyer Dream ProgramTM
Invest in the American Dream. We'll help yours come true. Five Star Bank participates in the Federal Home Loan Bank of New York's (FHLBNY) Grant programs.3 Receive up to $7,000 to fund your down payment and/or closing costs and get up to $500 towards a homeownership counseling program. To qualify:
- Individual must be a first-time homebuyer as defined by the U.S. Dept. of Housing and Urban Development
- Household must have a total household income of 80% or below of the Area Median Income for the county in which the household is purchasing
- Have an executed purchase and sales contract prior to the funding reservation request
- Have a minimum of $1,000 equity contribution toward the purchase of the home
- Homebuyer must complete a homeownership counseling program prior to the funding reservation request
- Homebuyer must commit to 5-year retention period
3FHLBNY determines the qualifications for this program. Mortgage loan is subject to additional underwriting guidelines and credit approval.
USDA Rural Development Mortgage
- No down payment required
- Modest upfront (1.00%) and monthly (0.35%) premiums required for mortgage guaranty
- 15, 20, and 30 year fixed rate options available
- Credit scores as low as 640 are acceptable
- All loans are assumable
Veterans Administration (VA) MortgageA loan product specifically for Veterans that provides qualified Veteran applicants easy access to financing options when purchasing or refinancing a home. VA mortgages offer up to 100% financing for loans as high as $500,000 and no monthly payment required for mortgage insurance. Fixed rate options for 15, 20, and 30 year terms. Eligibility requirements:
- Active Duty
- Honorably Discharged
- National Guardsmen
- Non re-married surviving spouses
Non-Resident Canadian Mortgage Program4
Five Star Bank's Non-Resident Canadian Mortgage Program is designed specifically for Canadians looking to buy property in Western New York, including Ellicottville, the Finger Lakes region, or your favorite destination. Canadians who do not reside-in, work-in or are citizens of the United States are eligible.
- Loan amounts as high as $700,000
- Down payments as low as 20.00%
- Fixed and Adjustable- Rate Programs
- Second Homes and Investment Properties
- Construction financing and long-term rate also available for Second Home
4Five Star Bank’s Non-Resident Canadian Mortgage Program subject to change without notice.FHA Mortgages
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