Home Loans

As the area's largest lender for home loans, our dedicated and experienced group of mortgage specialists are committed to serving the wide range of our customer's needs.  Our goal is to provide our customers with a loan tailored to fit their needs in a timely manner.

Buying a home is the single largest financial transaction most of us will ever make.  At First National Bank & Trust we offer a variety of financing options:

  • Refinance current mortgage
    • Lower interest rate available?  We can help you determine the amount you will save in interest costs over the life of your loan and the amount you will save on a monthly basis.  Other reasons for refinancing your current mortgage may include debt consolidation or remodeling.
  • Fixed rate mortgage
    • Your monthly principal and interest payment will not change over the lifetime of your loan.
    • Terms from ten to thirty years.
    • Available on new home purchases or the refinancing of your current mortgage.
  • Adjustable rate mortgage (ARM)
    • The interest rate on your mortgage will be fixed for a certain period of time, at FNB & T the terms are three or five years.  At the time of the first rate adjustment, the interest rate can increase or decrease.  Our ARMs follow the "two-six" formula.  The interest rate can't go up more than 2% per adjustment period or more than 6% over the lifetime of the loan.  Rates can go lower in certain cases.
    • Terms from three to thirty years.
  • Guaranteed Rural Housing loans
    • Administered by USDA Rural Development.
    • Allows eligible borrowers to obtain a mortgage for the purchase of qualified real estate for up to 100% (102% in certain cases) of the appraised value or purchase price of a home, whichever is less. 
    • No down payment is required.
  • Grant Programs
    • Neighborhood Impact Program (NIP) 
      • NIP grants are offered through the Federal Home Loan Bank of Indianapolis (FHLBI), of which FNB & T is a member.
      • NIP grants do not accumulate interest or require monthly payments.*
      • NIP grants are available on a first-come, first-served basis.
      • Provides rehabilitation assistance to qualified homeowners.  NIP funds are for home repair including replacement of roofs, windows, furnaces or for making a home handicapped accessible.
      • NIP grant funds are matched with homeowner funds (cash, gifts, home equity loans) on a 4:1 basis up to $10,000.00 meaning a homeowner contributes $2,500.00 and FHLBI will provide a $10,000.00 match for the project.
    • Homeownership Opportunities Program (HOP)
      • HOP grants are offered through the Federal Home Loan Bank of Indianapolis (FHLBI), of which FNB & T is a member.
      • HOP grants do not accumulate interest or require monthly payments.*
      • HOP grants are available on a first-come, first-served basis.
      • Provides assistance to first time home buyers (prior homeowners may qualify subject to certain criteria). 
      • HOP grant funds are matched with home buyer funds on a 3:1 basis up to $7,500.00 meaning a home buyer contributes $2,500.00 and FHLBI will provide a $7,500.00 match for the project.  Proceeds can be used for down payment and/or closing cost assistance.

For additional information on these and other grant programs, including requirements and qualifications, click on the FHLBI website, http://www.fhlbi.com .  To determine income qualifications, click on http://www.huduser.org.

*A NIP/HOP grant is only repaid, on a pro-rata basis, if the customer sells (or in some cases refinances) their home within five years of receiving the grant.  After five years the grant is forgiven.

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