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, 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. 
 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.

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. 


Homebuyer Assistance Programs

These loan programs are subject to availability and qualifications.

Programs available for non-first time homebuyers and first time homebuyers:

IHDAccess Forgivable IHDAccess Deferred IHDAccess Repayable 

IHDAccess Forgivable allows those that qualify to receive 4% of the home's purchase price to use towards a down payment or closing cost. (Up to $6,000.) The fixed rate mortgage options under this program give you competitive interest rates and significant tax savings. The grant is forgiven monthly over 10 years. The borrower must pay 1% of the purchase price or $1,000, whichever is greater. IHDAccess Deferred is a program which allows the borrower to receive 5% of the home's purchase price to use towards down payment or closing cost. (Up to $7,500. )The fixed rate mortgage options under this program give you competitive interest rates. The grant repayment with 0% interest, due at maturity, or when loan is paid in full, refinances, or property is sold, whichever comes first. You will have to contribute the greater of 1% of the purchase price or $1,000. The borrower can receive 10% up to $10,000 towards down payment or closing cost. The fixed rate mortgage options under this program give you competitive interest rates. The grant repayment is repaid monthly over 10 years ($83.33 per month). You will have to contribute the greater of 1% of the purchase price or $1,000.                           

 Programs available for first time homebuyers only:

1stHomeIllinois DPP Program

1stHomeIllinois Available for first time homebuyers. Only available in specified counties*. The borrower can receive $7,500 that is forgiven monthly over 5 years. 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

Home Equity Line of Credit (HELOC)

Planning a big project or have unexpected expenses? Your home can help!
A HELOC allows you to use the equity you have built up in your home to help pay for home improvement, debt consolidation, refinance of a home mortgage, or even purchasing a new vehicle. Access available funds as you need them, like a credit card - but typically with lower rates. Check out our Home Equity Line of Credit Calculator.





Potentially lower your interest rate and monthly mortgage payment by refinancing your mortgage with Dieterich Bank!
Refinancing a mortgage means you get a new loan to replace the old loan, which allows you to shift your debt to a better place. Things may have changed since you borrowed money, and there may be several ways to improve the terms of your loan. The possible benefits of refinancing include:
  • Lower interest rates = lower monthly payment
  • Shorter term = pay off your mortgage sooner (EX: Replace your 30-year mortgage with a 15-year loan.)
  • Lower interest rate and lower term
  • Switch from an adjustable-rate mortgage to a fixed-rate loan, or vice versa if it fits your situation better. 
Check out our Refinance Calculator to see if refinancing may be a good idea for you.