If you’re planning to stay in your home for a long time and you’re looking for a predictable loan, choose a traditional fixed-rate mortgage. Your monthly principal and interest payment will never go higher. Farmers offers a variety of competitive fixed-rate mortgages.
Variable-Rate Mortgage
If there’s a chance you might move in a few years, a variable-rate mortgage might be best for you. A variable-rate mortgage starts out with a lower interest rate and lower payment. At Farmers, you can choose a variable-rate mortgage that begins with a fixed rate for seven or ten years. The rate may increase or decrease annually after the initial loan term and has a maximum increase over the life of the loan.
Construction Loan
You have enough tough decisions to make when building your new home. Let Farmers simplify things with one loan — a one-time closing featuring a locked-in rate at the time of application. Your loan automatically converts to a fully amortizing, permanent loan at the completion of the construction.
5% down* for conforming loan limits
10% down on jumbo loans*
One time closing
Interest only payments during construction
Rate is locked before construction begins
Both fixed and adjustable rates available
Equity from the lot may be used toward your down payment
This list does not represent all details and restrictions. *Subject to credit approval. Not all applicants may qualify for these terms. Other products and terms are available.
Affordable Home Loan Program
The Farmers Affordable Housing Program is a first mortgage program to assist in the purchase of a home for low to moderate income families. Farmers may provide grant money up to $3,000* to assist with down payment and closing costs. This program allows for up to 100% financing with no mortgage insurance required.
This list does not represent all details and restrictions. *Restrictions may apply. Not all applicants may qualify for these terms. Other products and terms are available.
Home Improvement Loan
Not time to move? Is it time to put some money back into your house? The home improvement loan at Farmers National Bank is an unsecured loan that requires new money. Whether you are a do-it-yourselfer or leave it to the pros, use a Farmers home improvement loan to help you pay for simple home projects or complex home improvements.
Specialty Products
Bridge Loan
Make all of your past mortgage payments work for you. Tap into the equity in your current home to purchase your new dream home with a home equity bridge loan. Allows you to purchase your new home before you sell your existing home.
Doctor's Program
You've got your dream job. What about your dream home?
100% financing available (purchase only)
Loan amounts up to $2,000,000
No PMI (Private Mortgage Insurance)
Loan amounts over $750,000 require a down payment
Must be owner-occupied
95% Construction Loans/Jumbo construction 90%*
Rate and term refinance up to 95% loan to value
This list does not represent all details and restrictions. *Subject to credit approval. Not all applicants may qualify for these terms. Other products and terms are available.
Lot Loan Program
Planning to build?
Purchase of vacant property to build your future home
First lien position required
As low as 25% minimum down payment
Minimum credit score: 680
Loan amounts from $25,000 up to $250,000
Properties with up to 40 acres allowed
This list does not represent all details and restrictions. *Subject to credit approval. Not all applicants may qualify for these terms. Other products and terms are available.
Renovations
Looking to make a change?
Purchase or refinance
Down payment as low as 5%*
Bank holds and disburses all funds
One contractor to complete work
One time close
Funds disbursed based on completion
After improved value used to determine loan to value
Renovation to begin after loan closes
This list does not represent all details and restrictions. *Subject to credit approval. Not all applicants may qualify for these terms. Other products and terms are available.
VA Loan Program
Thank you for your service!
No down payment required when full VA entitlement is available
Fixed rate loans available*
Maximum loan amount cannot exceed the greater of the conforming loan limit
Minimum credit score: 620 (FICO)
$1,195 origination fee waived by Farmers National Bank
Veteran can pay for pest inspection and repairs
Cash out refinance*
IRRLA refinance (streamline)
This list does not represent all details and restrictions. *Subject to credit approval. Not all applicants may qualify for these terms. Other products and terms are available.
Purchasing or refinancing a home is one of the largest investments you can make. At Farmers National Bank, we’d like to help you along your journey by outlining the five phases to secure your mortgage loan.
Thank you for choosing Farmers National Bank to meet your lending needs. Please be aware that you have certain rights under federal law related to resolving errors in the servicing of your mortgage loan, requesting information about your mortgage loan and submitting Qualified Written Requests (QWR) as defined under federal law. To submit your QWR in the form of a written notice of error or a written information request or for a third party to submit an information request to be reviewed as a potential successor in interest, write us at the following address:
Farmers National Bank of Canfield P.O. Box 541 Canfield OH 44406
If you feel there is an error, please notify us in writing (other than on a billing notice or payment coupon) at the address above or via email to customersupport@farmersbankgroup.com. Please include your name, account number, description and amount of any disputed items. You may also call us at 888.988.3276, however this may not preserve your rights.
