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There are many types of loans and loan programs out there, but don't be overwhelmed! Your First Interstate Bank loan originator will walk you through the available options and help you determine the best path for you.
Conforming loans are designed for borrowers who meet guidelines, limits, and parameters established by Government Sponsored Enterprises (GSE's), also referred to as the Agencies.
Unlike conforming loans, non-conforming loans extend beyond the guidelines and limits set by the Agencies and create opportunities for borrowers who don't meet some criteria of the conforming program.
Jumbo loans provide the funding necessary for borrowers whose purchases extend beyond the limits set by the Agencies.
FHA loans are designed for borrowers who meet the guidelines, limits, and parameters set by the FHA.
FHA loans may include lower down payments and closing costs for homebuyers.
VA loans are offered to veterans who served in active duty and received a Certificate of Eligibility from the military. VA sets the guidelines, limits, and parameters for these loans.
RD loans are provided through the United States Department of Agriculture and provide financing for low to moderate income borrowers (income eligibility is determine by RD) with no down payment requirement. Properties must be located in an eligible rural area according to RD.
The Montana Board of Housing (MBOH), the Wyoming Community Development Authority (WCDA), and the South Dakota Housing Development Authority (SDHDA) periodically sell tax-exempt revenue bonds. The proceeds fund mortgages for homebuyers, generally at interest rates lower than current market rates. MBOH, WCDA, and SDHDA do not normally lend directly to homebuyers but offer their programs to approved lenders, including First Interstate.
First Interstate Bank also offers constructions loans, vacation or second home loans, second mortgages, vacant land, and loans for other types of real estate purchases. Please consult a loan originator for more information.
Loans are subject to credit approval. Some restrictions and loan fees may apply.
We know the home loan process can be a complicated affair. Our Mortgage Resources are designed to help explain the most common concepts and questions.
Don't be overwhelmed by the many types of loans out there
Interest rates can change on a daily basis
Let the experienced team at First Interstate Bank guide you through the process
Closing on your home is the last step in the purchasing process