Mortgage loans photo

Are you dreaming of a new home? Why not wake up, and live in it?

With a loan from Dieterich Bank, you can!  

 
What type of loan are you interested in? 



Fixed Rate Loans

Keep your payments the same,for the entire life of your loan.

Conventional  USDA FHA VA
This traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change, so you will always know what to expect.*
 If you need 100% financing, and your credit score is less than ideal, this Guaranteed Rural Housing Loan may be a great option.  Limited income or less than perfect credit? This loan has less stringent credit and income requirements than those of conventional loans.  VA loans are
designed to help qualified veterans, reservists and active duty members
finance their homes. 
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 If you do not want to see adjustments in your mortgage payments, this is the loan for you. Conventional loans are a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then balloon loans are usually cheaper.  *Your escrow payment may go up or down depending on the change of your tax and insurance assessment.
The USDA mortgage program requires no down payment, and offers a fixed rate mortgage that is USDA-guaranteed for those who qualify. This is designed for borrowers in rural areas who do not have the solid credit needed to qualify for a standard home loan. Also, your closing costs may be included in the loan. Backed by the Federal Housing Administration (FHA), this loan allows your down payment to be as low as 3.5% of the purchase price. Closing costs can also be bundled with the loan amount. These loans require specific criteria to qualify. If you are interested in finding out if you meet the criteria, contact our loan officers today! The Department of Veterans Affairs backs VA loans, and does not limit them to first time home buyers. VA loans offer 100% financing with no monthly mortgage premiums. Your funding fee may be financed, and closing costs can be gifted. These are limited to primary residences.


 Lot & Construction Loans

Are you ready to buy land or start building your future home?

Lot Construction    
You found the perfect location for your future home, so let us help you purchase the land. Our competitive construction rates will make financing your building process the easiest choice you have to make.          
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With land-only financing, you can secure your perfect location while taking your time to customize your future house plans. In the meantime, create as many Pinterest boards as you would like.   During the construction period, interest is charged only on the funds that have been disbursed. When the project is completed, we will look at the best long term loan option for you.                                                                                                                                                                                                                 
                                                                                   


Balloon Loans

This is a good option if you only plan to live in your home for a short period of time.


This loan does not fully amortize, or pay itself off, over its term. Since it is not fully amortized, a balloon payment is required at the end of the term to repay the remaining principal balance of the loan. Balloon loans have a minimum term of 5 years. Your payments are lower in the years before the balloon payment comes due but you will owe a big amount at the end of the loan. 

 

 

First Time Home Buyer Loans

These loan programs are subject to availability and qualifications.
 
@HomeIllinois DPP Program    
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@HomeIllinois is a downpayment assistance second mortgage that will be available to eligible first time homebuyers, or anyone who has not owned a home in the last three years may qualify.  Those who qualify will receive $5,000 towards their downpayment or closing costs. The fixed rate mortgage options under this program give you competitive interest rates and significant tax savings. The repayment terms are $5,000 over a ten (10) year term, at 0% interest rate for a monthly payment of $41.67. You will have to contribute the greater of 1% of the purchase price or $1,000. DPP Program (DownPayment Plus Program) is a down payment second mortgage program that will be available for first time homebuyers, or anyone who has not owned a home in the last three years may qualify.  The amount offered is up to $6,000. You must be below the 80% Area Median Income (AMI) limits to qualify. This grant is forgiven on a pro rata bases over five years. You must contribute $1,000.