| Conventional |
| Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. Such loans may be eligible for purchase by the major secondary market agencies Fannie Mae and Freddie Mac which offer standardized underwriting guidelines for conforming loan amounts up to $333,700.00. These loans carry fixed rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as little as 5%, although loans with less than 20% down require private mortgage insurance (PMI). Generally, these loans do not have prepayment penalties. Happy State Bank will also consider non-conforming conventional loans that would be held by the bank and not sold into the secondary market.
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| FHA |
| FHA loans are ideal for first-time home buyers and those low- to moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3% and the loans are assumable with release of liability to the original borrower. Each area of the country has a designated maximum loan amount. In the Panhandle of Texas, the maximum base loan amount is $160,176.00 as determined by the Department of Housing and Urban Development (HUD). Happy State Bank offers fixed rate loans on all FHA loan products.
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| VA |
| Available to individuals who have served or are currently in the U.S. armed forces that meet eligibility requirements, VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers. Loan amounts may be as much as $333,700 with full entitlement. Loans are assumable with release of liability and there are no penalties for prepayment.
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| Non-Conforming Jumbo |
| If the anticipated amount of your mortgage loan exceeds the maximum amounts permitted by other programs ($333,700.00), we offer a variety of mortgage options which will meet your needs. So-called non-conforming jumbo loans may be up to $1.0 million. Happy State Bank only offers fixed rate mortgages on these types of loans. Underwriting guidelines may vary depending on the program selected, down payment and actual loan amount. Repayment options also vary, enabling you to select a mortgage that fits your budget. Loans that exceed the accepted confiorming limits, may be modified so that the bulk of the new loan will qualify as a conforming loan in the secondary market. Please call one of our mortgage loan officers at 806-353-6300 for a detailed explanation of how this type of loan will work for you!
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| In-House Loan Program |
| We offer a variety of loan options within the bank for loans that do not meet secondary market requirements. Please contact the Happy State Bank Mortgage Division at 806-353-6300 for further details on how this program might apply to you!
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