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Buying a House

Trustco Bank can kickstart your home buying journey with a prequalification to give you an idea of what you can borrow. At this stage, you can explore different mortgage options and find the right fit for your goals. Once we further evaluate your credit, assets, and income, a mortgage preapproval will show sellers you’re a serious buyer and give you a better sense of your loan amount, monthly payment, and interest rate.

Conventional Fixed

When you are shopping for a home, and need a standard mortgage loan to complete the purchase.

  • 60-day rate lock- rate locked upon request, extensions available at additional cost
  • Financing up to 95% LTV for 1-unit occupied purchase
  • Low Closing Costs
  • Lowest Closing Costs for income-qualified First Time Homebuyers - Loan Level Price Adjustments waived
  • Tax and Insurance Escrow required over 80% LTV
  • Mortgage Insurance required over 80% LTV

Please contact us for a pre-qualification or pre-approval today!

Home Possible / Home Ready

When you have moderate to low income, the agency Home Possible / Home Ready mortgage offers more options and additional flexibility to help attain the dream of owning a home.

  • Financing up to 97% LlV and 105% CLlV with Affordable/Community 2nd lien for 1-unit occupied purchase
  • Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and municipal housing grants
  • Competitive Rates and Low Closing Costs - Loan Level Price Adjustments do not apply
  • Reduced Mortgage Insurance coverage requirements
  • 60-day rate lock- rate locked upon request, extensions available at additional cost Tax and Insurance Escrow required over 80% LlV

Please contact us for a pre-qualification or pre-approval today!

Super Conforming / High Balance Conventional

When you are looking to purchase a home in a high-cost area and need a slightly bigger mortgage loan than the agency limits allow, these special programs offer higher loan limits in such areas without the strict guidelines and additional down payment normally required by a Jumbo program.

  • Financing up to 95% LlV for 1-unit occupied purchase
  • Low Closing Costs
  • Tax and Insurance Escrow required over 80% LlV Mortgage
  • Insurance required over 80% L1V
  • High-cost areas are defined by Fannie Mae and Freddie Mac based on a formula laid out by Congress.

Please contact us for a pre-qualification or pre-approval today!

VA Loan

A VA loan allows active-duty service members, veterans, and eligible surviving spouses to finance a home with no down payment, no mortgage insurance, and lenient underwriting requirements.

  • 60-day rate lock- rate locked upon request, extensions available at additional cost Financing up to 100% LTV for any occupied purchase
  • Low Closing Costs- Fee to the VA can be included in your loan No
  • Mortgage Insurance
  • Tax and Insurance Escrow required over 80% LTV

Please contact us for a pre-qualification or pre-approval today!

FHA Loan

FHA offers a low down-payment option with lenient underwriting standards for when you are shopping for a home you will occupy.

  • 60-day rate lock - rate locked upon request, extensions available at additional cost
  • Financing up to 96.5% LTV with maximum 6% seller concession and no income limit
  • Multi-family homes allowed
  • Low Closing Costs
  • Tax and Insurance Escrow required
  • FHA Mortgage Insurance required for life of loan in most cases

Please contact us for a pre-qualification or pre-approval today!

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