Mortgages


Lowry State Bank is a locally-owned and family-owned community bank and we’ve been serving the area since 1899.  Our motto, “Small town bank...BIG on service”, demonstrates how proud we are to provide great service every day to every customer.  Our success comes from taking care of our customers in a way that we ourselves would want to be taken care of.

 

Though we’re a small-town bank, we are able to provide “big bank” products and services to our customers.  And, because we’re locally-owned, we can make all of our decisions in-house and provide you with custom options to suit your needs.  One of the areas where our unique abilities are evident is in real estate lending.

 

Real Estate Lending is an extremely competitive market.  There are many lenders out there with many loan products; however, few are cost-effective and no one will work as hard as we do to deliver the loan product that best meets your needs.  Lowry State Bank has a wide variety of Real Estate Lending products and the flexibility to tailor them to your specific situation. 

 


Conventional Mortgages

  • As low as 3% down payment for First-Time Homebuyers
  • As low as 5% down payment for other options
  • Second homes, vacation homes, and investment property options
  • Fixed rate products, ARMs, and cash-out refinances

 


Rural Development (USDA)

  • 30-year fixed
  • No money down
  • Primary residence only
  • 6% maximum seller contributions
  • Gift funds are OK
  • $81,200 maximum annual income
  • $35,000 loan minimum
  • Guarantee/Funding fee of 2.75%
  • Annual servicing fee on loans

 


Veteran’s Administration (VA)

  • 100% financing
  • Loan amount dependent on Certificate of Eligibility, Entitlement status, and Previous VA loans
  • Must be a veteran (active duty, active reserve or national guard, unremarried surviving spouse, or POW/MIA spouse)
  • Higher debt-to-income ratios allowed (dependent on credit score)

 


Federal Housing Administration (FHA)

  • As low as 3.5% down payment ($271,050 loan maximum)
  • Up Front Mortgage Insurance Premium of 1.75% (added to loan)
  • Monthly mortgage insurance premiums required (depends on term)

 


Jumbo Loans

  • 10, 15, or 30-year fixed; ARM options available
  • 20-25% down payment required
  • $417,001 loan minimum
  • $1,500,000 loan maximum (depending on credit)
  • 6% maximum seller contributions
  • Primary and secondary residences eligible

 


Home Ready

  • 30-year fixed
  • 680+ credit score
  • 3% down payment (gifts are allowed)
  • 3% seller contributions
  • $54,160 maximum annual income
  • Low mortgage insurance premiums
  • Primary residence only

 


Additional In-House Real Estate Loan Products

  • Residential real estate
  • Home equity loans
  • Home Equity Lines of Credit (HELOC); variable rate
  • New construction
  • Manufactured and Modular homes
  • Land loans
  • Commercial real estate
  • Agricultural real estate loans

 


Apply for a Lowry State Bank Mortgage!

First, determine how much you can borrow; use our Mortgage Qualifier Calculator to determine your budget.

 

Then, complete an application.  Make the process as simple as possible; before starting the application, please use our Checklist for a Home Loan Application to gather the documents you'll need.

 

After you've determined your budget, and gathered the necessary documents, click the button below to begin your application!

Once the application has been completed to the fullest extent possible, bring it to your lender for review.

 


*Programs listed subject to change and availability