Mortgage Products & Services
Busey Home Mortgage offers great rates and lower fees than many of our competitors, coupled with our superior in-house mortgage expertise and wide range of specialty loan programs means your home loan is tailored to your individual needs. Below are some of the loan types available to you, but don't feel overwhelmed—your Busey Home Mortgage lender will help you decide which loan program is right for your unique situation.
Loan Types
Conventional Loan
620 credit Loan size of less than $510,400. Available as fixed, adjustable and balloon payments.
620 credit Loan size of less than $510,400. Available as fixed, adjustable and balloon payments.
Jumbo Loans Up To 90%
The 5/1 ARM Jumbo Loan may be used for financing when a borrower's loan amount exceeds $510,400. Available on primary or secondary homes. Minimum credit score of 700. Maximum purchase amount is $2 million.
Adjustable Rate Mortgage (ARM)
A loan whose term is fixed for a predetermined period of time (5-year, 7-year, 10-year) and then adjusts at predetermined intervals within maximum change parameters (Caps).
FHA Loans
Government-backed loan guarantees the loan amount to the lender. They are available as either fixed rates or adjustable rates. FHA loans are typically used by borrowers with smaller down payments and/or less than perfect credit histories.
VA 100% Financing
Loans backed by the VA. These loans allow for $0 down payments & have fairly lenient income qualifications. VA loans are available only to veterans, and have a max loan amount of up to $510,400, which includes the funding fee.
Rural Development/USDA Program
Rural development loans from US Department of Agriculture. Low MI premium and no downpayment requirement.
Home Equity
This 2nd mortgage product is a great tool for variable spending needs, such as home improvements or paying off large debts. Busey offers both Home Equity Lines of Credit (HELOC) and Home Equity Loans. Learn more about our Home Equity options.
Contact your Busey Home Mortgage lender for more details on the different loan types available.
Specialty Loans
Physician Loan
This program is designed for the unique needs of MDs & DOs. Low start rates and no Mortgage Insurance (MI). 5/1 and 7/1 ARM loans available. 0% down payment on loans up to $599,999 and 10% down payment on loans $600,000 to $1,000,000.
This program is designed for the unique needs of MDs & DOs. Low start rates and no Mortgage Insurance (MI). 5/1 and 7/1 ARM loans available. 0% down payment on loans up to $599,999 and 10% down payment on loans $600,000 to $1,000,000.
No MI ARM Loan
Offers a Loan to Value (LTV) ratio higher than 80% and doesn't require Mortgage Insurance (MI). 5/1 ARM loan available. Minimum credit score of 700.
100% Financing
This program offers an 80/20 loan for borrowers that don't have money for a down payment and doesn't require Mortgage Insurance (MI). Minimum credit score of 700.
Relationship Jumbo Loans
Busey customers that have a qualified relationship checking account or Private Client relationship may qualify for lower rates with a 5/1, 7/1 or 10/1 ARM.
Construction-to-Permanent Loan
Busey's Construction-to-Permanent loan is designed to help streamline the borrowing process when building a new home. It lets you lock the interest rate at the start of the construction phase and transitions to an ARM as your permanent financing. You'll make interest-only payments during the construction phase (up to one year) and only close on the loan once to save time and money.
Lot Loan
Busey's Lot Loan is designed to simplify the borrowing process when purchasing a parcel of land on which the buyer plans to build a home at a later date. Minimum credit score of 660. Maximum loan amount is $200,000.
Bridge Loan
This financing program is designed to facilitate a home purchase when borrowers need to use equity in an existing property to purchase a new primary residence. These can be originated concurrently with a permanent loan or structured as a standalone transaction. These loans must be paid off when the existing residence sells. This is a 12-month balloon and must be on a listed or under contract property.
Contact your Busey Home Mortgage lender for more details on our specialty loan programs.