Magna Bank has the financial power to fund your loan directly, unlike mortgage brokers who depend on outside sources for your money. We have loan programs that fit every need and financial setting

Some of our programs are listed here. For even more options, call a branch or mortgage lending office near you and apply now.

Conventional Loan — a mortgage loan not insured by FHA or guaranteed by the VA or Farmers Home Administration

FHA Loan — made by an approved lender and insured by the Federal Housing Administration. FHA loans are open to all qualified home purchasers. While there are limits to the size of the FHA loans, they are generous enough to handle moderately priced homes almost anywhere in the country

VA Loan — made by an approved lender and guaranteed by the Department of Veterans Affairs. This type of loan is restricted to individuals qualified by military service or other entitlements

Jumbo Loan — a loan that exceeds the limits set by Fannie Mae/Freddie Mac

Super Jumbo Loan — a loan that exceeds the Jumbo loan limit, which is typically $650,000

Housing Bond Programs — programs provided by state governments (Tennessee Housing Development Agency, Mississippi Home Corp., Arkansas Bond) to make lower interest rate bond loans. Most bond programs require borrowers to be first time homebuyers and meet income restrictions determined by median income limits. Each state has its own program and guidelines. Funds are provided based on availability and issued until depleted

Second Mortgage — one that has a lien position subordinate to the first mortgage

Home Equity Line of Credit (HELOC) — a line of credit secured by the equity in a primary residence. Available funds may be used as needed

Down Payment Assistance Programs — programs that are usually from non-profit agencies providing down payment assistance to low and very low-income buyers, meeting income limitations and other requirements

Construction / Permanent Loan — combines both the construction and permanent loans into one loan. If you are building your home, consider this product, which guarantees the permanent mortgage rate during construction

Bank Portfolio Loan — a loan made by a lender based on internal requirements and guidelines for borrowers that do not meet secondary investor guidelines but warrant approval. These loans are non-saleable in the secondary market and are serviced by the bank

Adjustable Rate Loan — designed to fluctuate periodically based on a certain index such as the Treasury bill, LIBOR (London Inter-bank Rate), or Prime Rate for example. The period of adjustments are program specific such as 6 months, 1 year, 3 years, 5 years or 7 years, with annual adjustment after the initial period. These loans will typically have an interest rate floor (lowest regardless of index) and a life of loan interest rate cap (maximum rate charged regardless of index). These loans generally have a specific time frame the rate can change as well as a specific time frame the actual payment can change

Interest Only Loan — loan program designed to meet the needs of those homebuyers who are transferred often. The borrower pays interest only on the unpaid principal balance for a specified period and may reduce the principal without prepayment penalties

Refinance Home Loan — for the purpose of repayment of a debt from the proceeds of a new loan using the same property as security. Typically, a refinance transaction is either limited cash back to the consumer for the purpose of reducing interest rate and/or term or cash back for the purpose of securing additional funds for the consumer's individual needs

Debt Consolidation Loan — a refinance loan when the proceeds are used specifically to combine the payment of a 1st and 2nd mortgage and/or pay off consumer debt such as credit cards

All loans are subject to credit and underwriting guidelines.