Mechanics Bank Mortgage Office

Mechanics Bank Mortgage offers a variety of loan programs to meet your needs. We know that purchasing or refinancing your home is very important and personal to you. We strive to work with each of our customers individually to make sure you are getting the best we have to offer in both service and product. Below you will find a list of most of the products we offer.

Conventional Fixed Rates
FHA Loans
VA – Veterans Administration
USDA Rural Development Loan
Non-Conforming Jumbo Loans

Conventional Fixed Rates Current Loan Limits 1 Unit $ 417,000 2 Unit $ 533,850 3 Unit $ 645,300 4 Unit $ 801,950 Standard fixed rate for 30, 25, 20,15 and 10 years fully amortized. Minimum down payment of 5% on Primary or Second Home Purchase. 95% Loan to Value on Rate/Term Refinance Primary Residence. 85% Loan to Value for Cash-out Refinances for Primary Residence. Term: 30 years

FHA Loans FHA loans have been helping people become homeowners for years. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. Borrower down payment is low 3.5%. All required funds may come from a gift from a qualified source. On new construction or properties less than 1 year old the builder must provide a 2-10 warranty or provide inspections meeting all FHA requirements. Program available for 15, 20, or 30 years. Maximum loan amount in Lafayette and Yalobusha Counties: $271,050.00

VA – Veterans Administration The VA insures loans to all eligible veterans. With no down payment requirement, no monthly mortgage insurance, competitive rates and the seller able to pay almost all closing cost this is a great loan for those eligible.

USDA Rural Development Loan Through their Guaranteed Loan Program, qualified borrowers have no downpayment Loan amount may include closing cost and pre-paids depending on appraisal. Seller may pay all closing cost and pre-paids. Ask if you can qualify to purchase a home through this program - income limits apply.

Non-Conforming Jumbo Loans For Loan Amounts over 417,000 Slight increase in rate over standard conforming rates. Call or e-mail for individual quote and program guidelines.

All programs are subject to change. All programs have minimum credit and appraisal guidelines. Please call for specific information on rates and terms.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.