Exchange Bank is now offering FHA Home Loans. Backed by the Federal Housing Administration, FHA loans are ideal for home buyers who do not have a lot of money to put down. Many first time home buyers find FHA loans attractive because it can mean thousands of dollars less in their down payment.

“While we do offer Rural Development and VA loans that often require no money down, not everyone qualifies,” stated Laura Lyles, Exchange Bank FHA Loan Specialist. “We saw a need in the community for a lower-down-payment loan product, and look forward to meeting that need at Exchange Bank.”

3.5% down for an FHA loan is more realistic for many Natchitoches area residents than the 5% required for a conventional loan. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 600 or higher.

Lyles understands the value of FHA loans since she and her husband bought their first home through the FHA. Her tips for first time home buyers are to establish, maintain and monitor your credit, look closely at your budget and determine what you feel comfortable paying every month, and sit down with a lender to get prequalified before you go shopping.

Exchange Bank has served the banking needs of the Natchitoches community for 125 years, and currently has locations on Front Street and on South Drive in Natchitoches and on Highway 28 East in Pineville. In Natchitoches, contact Laura Lyles, FHA Loan Specialist, at 352-8141 ext 204 or stop by Exchange Bank at 104 South Drive.

Loans subject to credit approval. Terms and conditions apply.

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