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First Security Bank
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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Home Loans

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We know our way around the block when it comes to home loans.

For over 100 years, First Security Bank has been serving the Gallatin Valley's banking needs. Our lenders have the knowledge and expertise to provide you with a variety of home loan options and competitive rates. We offer Conventional Home Mortgages, FHA Loans, VA Loans, - Fixed Rate, Adjustable Rate (ARM) or a Combination of the two. We also offer Construction Loans and Home Equity Lines of Credit, all custom tailored to fit your needs. For more information on applicable terms and fees for the various types of real estate loans we offer, please contact one of our experienced Real Estate Loan Officers at any of our First Security Bank locations or learn more about them by clicking their name to the right.

Not sure where to start?

Our professional and knowledgeable real estate loan officers will personally go through the loan application process with you and help you with any questions you may have. We pride ourselves on quick, informative and dependable service.
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Ready to start the process?

Our quick and easy online application process can get you started right away. Once your application is submitted a lender will reach out to help you complete your home buying journey. You can be on your way to a new home in no time.

Learn more about the various home loan types and how to apply.

First Security Bank offers a wide variety of home loans including conventional home mortgages, FHA Loans, VA Loans, adjustable and variable rate loans, and more. Click to find out which one is right for you. Our knowledgeable lenders are here to help.

Start the home project you've been dreaming of with a HELOC.

Put the power of the equity that is already under your roof to work for you with a Home Equity Line of Credit. The resources are there when you need them, but you don’t make payments until you borrow the money.

Resources for First Time Home-buyers

HRDC Down Payment Assistance Program

The Human Resource Development Council (HRDC) provides many excellent assistance programs for first time home buyers that include down payment assistance as well as education classes to learn how the process works, what to consider, and how to make the right choices for your first home.
Our online home loan application process is quick and simple. You can fill out and submit an application right from your couch. Here is a list of some of the documents you'll need to complete the online application:
  • Tax returns
  • Pay stubs, W-2s or other proof of income
  • Bank statements and other assets
  • Credit history
  • Photo ID
  • Renting history
And don't worry, if you get started on the application and need more information or assistance you can always save your progress and return to it later with your login information.
*This only covers the basic requirements. All loans are subject to approval by a Loan Officer in accordance with First Security Bank’s full guidelines.

Conventional Home Mortgages

Pros
  • Fewer restrictions on property standards
  • Mortgage insurance is not required if at least 20% of the home is payed for.
  • No restrictions on maximum loan size
Cons
  • A higher credit score is usually required
  • A conventional loan may have higher interest rates than some government insured loans
  • A larger down payment may be required
What you need to qualify
*This only covers the basic requirements. All loans are subject to approval by a Loan Officer in accordance with First Security Bank’s full guidelines.
  • Typically a credit rating of 620 or above
  • Typically a debt to income ratio of 36% or less
  • Income verification documents
  • Other debt obligation documents

Adjustable Rate Mortgages (ARM)

Interest rate is subject to change upon predetermined time frame. ARM loans are attractive to purchasers based on certain circumstances. Some ARM loans can be converted to a fixed rate.
 

Federal Housing Administration (FHA) Loans

FHA loans are guaranteed by the Federal Housing Administration. FHA offers both fixed and adjustable rate mortgages. The loans can be designed to fit your needs with a variety of down payment options and repayment terms. FHA loans are available to individuals with credit scores as low as 500. These loans come with certain restrictions and loan limits not found in conventional mortgages. FHA loans are often ideal for first-time buyers who are still trying to build credit and save up the money to purchase a home. The lower down payment requirement, looser credit requirements, and higher debt-to-income ratio limits make it so nearly anyone can use this loan program provided they want to purchase a property within FHA loan limits.
 
Pros
  • If your credit score is between 500 and 579, you can get an FHA loan with a down payment of 10%
  • If your credit score is 580 or higher, you can get an FHA loan with as little as 3.5% down. By comparison, you'll typically need a credit score of at least 620, and a down payment between 3% and 20%, to qualify for a conventional mortgage.
  • FHA loans are federally backed mortgages designed for low-to-moderate-income borrowers who may have lower than average credit scores.
  • FHA loans require lower minimum down payments and credit scores than many conventional loans.
  • FHA loans are issued by approved banks and lending institutions, who will evaluate your qualifications for the loan.
Cons
  • Mortgage insurance premiums (MIP) on FHA loans include an upfront payment of 1.75% of your loan amount, as well as an annual premium that is approximately .85% of your loan. FHA borrowers typically pay these premiums for the life of their mortgage.
  • Conventional mortgages only require private mortgage insurance (PMI) if you put down less than 20%. PMI usually works out to around 1% of your loan amount each year, and you can have it cancelled once you have at least 20% equity in your property. 
  • FHA home loans limit how much you can borrow. These limits do increase occasionally but are lower than limits for conventional loans. FHA loan limits vary based on region and home size.
  • FHA loans enact minimum property standards that may prevent you from buying the home you want. These minimum property standards are meant to protect buyers from purchasing properties that are dangerous or in disrepair, but they can sometimes be burdensome for buyers who plan to purchase a fixer-upper or an older home that needs some work.
What you need to qualify
*This only covers the basic requirements. All loans are subject to approval by a Loan Officer in accordance with First Security Bank’s full guidelines.
  • Credit score at least 580 = 3.5% down payment.
  • Credit score between 500 and 579 = 10% down payment.
  • MIP (Mortgage Insurance Premium ) is required.
  • Debt-to-Income Ratio < 43%.
  • The home must be the borrower's primary residence.
  • Borrower must have steady income and proof of employment.
  • Other restrictions or requirements may apply based on individual situations

Montana Board of Housing

  • Offering low interest MBOH mortgage loans for Montanans with low and moderate incomes.

Rural Development Guaranteed Loans

  • Rural Development Guaranteed Loans are primarily used to help low-income individuals or households purchase homes in rural areas. There are income limits used in qualifying for this loan. Housing must be modest in size, design, and cost. In addition, applicants must have reasonable credit histories.

Loan products listed are available to qualified applicants who meet the bank's current loan underwriting guidelines.

Rates are subject to change.

For current rates contact us or call us at 1-800-555-3800.

Home Equity Line of Credit Process

*This only covers the basic requirements. All loans and lines of credit are subject to approval by a Loan Officer in accordance with First Security Bank’s full guidelines.

What you'll need to apply

  • Tax returns
  • Pay stubs, W-2s or other proof of income
  • Bank statements and other assets
  • Credit history
  • Photo ID
  • Mortgage payment history

What you can use it for

  • Remodel projects
  • Landscaping
  • Additions
  • Outbuildings
 
Ready to get started? Contact one of our lenders today for more information on a Home Equity loan. Please do not send sensitive financial information via e-mail. Thank you.






Ready to apply for a home loan?

Complete the application form, along with your Mortgage Loan Application Checklist, and schedule an appointment at any First Security Bank office location.