Mortgage FAQs
How does FGB use my credit report?
FGB uses your credit report to assess application and review your credit history. You can obtain a copy of your credit report by contacting the following agencies.
Equifax
Phone: 1-800-525-6285
Experian
Phone: 1-888-397-3742
TransUnion
Phone: 1-800-680-7289
What documents does FGB require me to have to apply for a mortgage?
A typical mortgage loan requires proof of your employment as well as income and assets. Documentation for a traditional mortgage loan:
-Social Security number
-2 years federal tax returns
-Pay stubs covering most recent 30 days pay
-W-2 forms for the past 2 years
-Complete bank statements for the last 2 months for all deposit accounts
-Signed contract of sale (if applicable)
-Names & account numbers for current creditors
Please consult lender for other documents required if you are self-employed.
How much do I need for down payment?
Some loans require a very small amount as a down payment on a home. Many times you will find that you are able to reach a down payment that will suit your financial needs. For down payments of less that 20% of the value of your purchase, you may be required to have private mortgage insurance.
What will my interest rate be?
Interest rates can change daily and there are certain factors that will increase or
decrease rates. We rely on credit scores from all major credit bureaus. We also
use loan to value ratio to determine rate. Your rate can also be lowered depending on the discount points paid at closing. Rest assured, we would work to get you the best rate.
Can I choose my appraiser?
No. The appraiser will be randomly selected from a list of licensed appraisers who
will be familiar with property values in your area.
Do you make construction loans?
We do offer construction loans with the option for one-time closings. This will
greatly reduce the cost for our customers.
Do you offer 100% financing?
We can offer up to 100% financing on loans that qualify for the Rural
Development Program. Please note that with this program, there are income
limitations. Contact your mortgage lender for further information.
