Mortgages

Securing a mortgage or new home construction loan is the first step toward laying out the welcome mat at a home of your own. A lender's decision on who qualifies for these loans involves considering a wide variety of factors, including your personal credit score, your past borrowing and repayment history, your current income, how much debt you have, your employment history, your debt-to-income ratio and more. 

If your credit score or personal borrowing history isn't enough to qualify for a mortgage or new construction loan, you may still be able to qualify by utilizing what's known as a co-signer. A co-signer is someone with more financial assets or a better credit score who certifies that if you can't repay the loan, they will. There are also certain types of loans designed to help low-income buyers or those who can't afford a sizable down payment, like VA and USDA loans.  

Our mortgage lenders will assess your financial situation and home ownership goals, then work hard to help you find the loan option that's right for you. Through personalized service and plainspoken financial advice that takes all factors into account, we can help you secure a home loan near you that fits both your budget and long-term goals.

West Plains Bank and Trust Company's mortgage lenders care about our communities and keeping them strong. They're here to provide expert guidance every step of the way, ensuring you have all the information you need to make an informed decision that's right for your future and your family. Some of the home buying resources we can potentially help you access include: 

Down Payment Assistance

For many would-be homebuyers, saving for a down payment can be a big hurdle. We can offer expert advice on saving for your down payment, including programs to help homebuyers reach their ownership goals faster. Our mortgage lenders can explain the various options available and help you determine if you qualify for these programs. From first-time homebuyers to those looking for life on the farm, we're all about helping you find the loan that's right for you.

Mortgage Insurance

Mortgage insurance is a great way for homebuyers to lower their down payment. Basically, it's insurance that repays the lender if you can't make the payments on your loan. By paying a small premium every month, mortgage insurance allows many buyers to secure a home loan with a smaller up-front investment. Our team will help you understand exactly how mortgage insurance works and its benefits. If you decide it's right for you, we’ll help you compare different options and find the best fit for your unique financial situation.

USDA Loans

For those looking for a home far from the city lights, USDA loans offer very attractive terms and benefits. Exclusively for rural home buyers who meet certain federal requirements, these loans offer no down payment and competitive interest rates, making home ownership more accessible for those keeping rural America strong. Our mortgage lenders have deep experience with USDA loans, and can give you the information and support you need to navigate the application process with ease.

At West Plains Bank and Trust Company, our goal is to empower you with the knowledge and tools necessary to navigate the homebuying journey with confidence. For more information, visit any of our locations, or contact a local home loan officer today. 

West Plains Bank and Trust Company offers a wide range of loan products to meet your home financing or new-construction needs. The types of loans we offer to homebuyers include:

FHA Loans: Created to help first-time homebuyers and those with less-than-perfect credit afford a home, FHA Loans offer lower down payments and flexible terms for those who meet certain requirements.

VA Loans: Reserved for veterans of the U.S. Armed Forces and active-duty service members, these loans provide favorable terms, limited closing costs and no down payment options for those who served our country.

USDA Loans: Designed for rural homebuyers, with special programs for low-income borrowers, USDA loans feature zero-down-payment loans and competitive interest rates for those who prefer the wide open spaces.

Traditional and Private Loans: West Plains Bank and Trust Company offers a wide variety of construction and mortgage loan options, with attractive terms and competitive interest rates. These options are perfect for those with good credit and a stable income.

Whatever your financial situation and goals, our mortgage lenders are here to help you find the best fit for your future. We’ll explain the pros and cons of each loan type, helping you make an informed decision that aligns with where you want to be. Contact us, and let's get you home. 

West Plains Bank and Trust Company isn't just a bank. It's an integral part of our local community. Our lenders have been helping people in Southern Missouri and North Arkansas realize their dreams since 1883. 

Working with us to secure a home mortgage or new construction loan means personalized, friendly service from local loan officers who are committed to seeing members of our community succeed. They're experts in helping American Dreamers just like you find the financial support you need to reach any goal. 

Our mortgage lenders understand the local market and are dedicated to delivering competitive rates, flexible terms and the information you need to make the home buying process a smooth and enjoyable experience. Over the last 140 years, we've helped thousands of local families find their own home sweet home. Let us help you find yours. Contact a lender today. 

Home purchase loans and new construction loans are designed for different purposes and come with unique requirements. 

Home purchase loans, often called a mortgage, are used to buy existing homes and can include FHA, VA, USDA and traditional loans. Home purchase loans usually have straightforward qualification criteria, which can translate into a faster approval process. In some cases, these loans may involve making a down payment equal to a certain percentage of the home's purchase price. 

New construction loans, on the other hand, are designed for building a home from the ground up, and may involve additional documentation and requirements. That usually results in a longer and more complex loan approval process. Construction loans usually involve two phases: funding for a construction phase, followed by a mortgage phase once the house is built. 

Our lenders can help you understand various types of home loans and guide you to the right option for your needs. Whether you’re building a custom home, purchasing a newly-built property or looking to restore a vintage classic, West Plains Bank and Trust Company is here to provide the expertise and support you need to make your dream home a beautiful reality.