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Mechanics Bank Mortgage offers several loan programs to meet your needs. We know that purchasing or refinancing your home is very important and personal to you. We strive to work with each of our customers individually to make sure you are getting the best we have to offer in both service and product. Below you will find a list of most of the loan products we offer.


Current Loan Limits






A conventional fixed rate loan has term options of 30, 25, 15, and 10 years, fixed fully amortized. There is a minimum down payment of 5% on a primary residence purchase for a single family home. If you are a first time home buyer the minimum down payment is 3% for a single family home. Down payments will be different for 2-4 units, please call with questions. This type of loan is great for refinancing primary residences, second homes, and investment properties. 

An FHA loan is insured by the Federal Housing Administration (FHA), which helps to protect lenders from risk. Minimum down payment of 3.5% and all required funds may come as a gift from a qualified source. FHA mortgages are a good option for young, first-time home buyers who have not had as much time to save for a large down payment and/or borrowers with limited savings.

Terms: 15, 20, or 30 years, fixed, fully amortized. 

Maximum loan amount in Lafayette and Yalobusha Counties: $356,352

The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment

You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own person occupancy. 

For eligibility questions or additional information go to the Department of Veteran Affairs website

USDA loans are zero-down payment mortgages for rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. 

Through the Guaranteed Loan Program, qualified borrowers have no down payment, low interest rates, and fixed 30 year terms. Closing costs may be paid by the seller or financed into the loan, subject to some restrictions.

Income limits to qualify for a home loan guarantee vary by location and depend on household size. USDA guaranteed home loans can fund only owner-occupied primary residences. 

Contact us to see if you qualify to purchase a home through this program.

Jumbo mortgages, also known as Non-Conforming loans, are home loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). As a result, they are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.

Jumbo loans are loan amounts in excess of $548,250 and come with their own unique underwriting requirements. You may find they generally require higher down payments, and may have more demanding requirements in the qualification details and documentation. They may require two (2) appraisals in some circumstances.