Hero Home Loan Special Rate Discount

Loans are subject to credit and property approval, bank underwriting guidelines, and may not be available in all states. Other loan programs and pricing may be available. Certain conditions, terms, and restrictions may apply based on the loan program selected. The term of the loan may vary based upon program chosen. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required. Private mortgage insurance may be required on loans with less than 20% down.

Lot Loan: The Annual Percentage Rate is 9.14% effective 12.02.2024 for a period of one year. Rates and payments based on 85% Loan to Value. Minimum down payment of 15% required. Your loan payment will be locked in at a 1, 2, or 3 year payment schedule as selected, amortized over 20 years. A monthly payment on a $100,000 3 year lot loan with a 240 month amortization at 8.75% is $8.84 per $1,000 borrowed. At the end of the loan term, the principal balance remaining unpaid will be due in full, plus any unpaid charges due but not collected during the term of the loan. The loan may be eligible for renewal based on current credit approval, underwriting guidelines and subject to property approval. Actual payments/ monthly expenses may be greater due to term selected, property taxes and required homeowner’s insurance. If applicable, flood insurance may be required. Required closing costs, including property appraisal and title insurance, range from $1,500 to $2,000.

Community Mortgage: Borrower must qualify for and meet all program requirements. Must qualify for and close a new purchase with Johnson Bank. Income guidelines and purchase limits apply. Two months reserves required (gift funds allowed) once minimum borrower’s contribution is met. Johnson Bank will provide guidance on resources for home ownership education.