Loan Program Definitions
First National Community Bank offers a variety of loan programs with very competitive rates.
Fixed Rate Mortgages:
As the name suggests, fixed rate mortgages are loans on which the interest rate remains the same for the life of the loan.
Adjustable Rate Mortgage:
A type of loan where the interest rate is fixed for an initial period and is subject to change every year thereafter. Rates may increase after the initial fixed-rate period.
Guaranteed Rural Housing:
No down payment or Mortgage Insurance required. Income limits apply.
Loans available for land ranging from small lots to raw land and recreational property.
Construction Financing: A short-term loan that provides funds to cover the cost of building or rehabilitating a home. The money borrowed through a construction loan is typically provided in a series of advances as the construction progresses.