By Scott Perkins, FCNB President & CEO
The Internet is much more than a tool for casual browsing. It’s ingrained in everything we do—from paying bills to shopping for a home. According to the National Association of Realtors, the first step taken in the home search process was to look online for properties among all generations of home buyers. With so much information available at your fingertips it can be hard to make sense of it all—especially for the homebuying process.
That’s where a community bank like FCNB Bank comes in. Our local, expert lenders with FCNB Mortgage can help explain not only what you can afford and what to expect during the process, but other factors to consider when determining the right time to buy a home. For those who are ready, there are several options available including fixed-rate mortgages and federal homeownership programs.
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. Fixed-rate loans are the most popular type of financing because they offer predictability and stability — you’ll never be surprised by the principal and interest charges in your monthly mortgage payment, because they’ll stay the same for the entire loan term.
FHA loans insured by the Federal Housing Administration only require a 3.5 percent down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans.
The U.S. Department of Veterans Affairs offers generous borrowing terms to servicemembers, veterans and surviving spouses, often requiring no down payment or mortgage insurance. While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add their own requirements.
In addition to conventional loans and federal homeownership programs, there are conventional loans and various programs sponsored by state and local governments that make homeownership more affordable.
During National Homeownership Month, reach out to our knowledgeable lenders at FCNB Mortage for guidance through the homebuying process. If you are not ready to take the plunge just yet, we can help you to establish a budget and set financial targets, so that when the time is right, you’ll have the know-how and the confidence to secure the keys to a home of your own.
Cuba | Wednesday, June 14th – 11 AM to 1 PM
Rolla North | Tuesday, June 27th – 11 AM to 1 PM
Sullivan | Wednesday, June 28th – 11 AM to 1 PM
FCNB Bank headquartered in Steelville, Missouri recently converted to a state-chartered bank through the Missouri Division of Finance. Celebrating the milestone is the FCNB Board of Directors, from L to R: Randy Bono, Herbert J. Baumann, John W. Perkins, Rosella Roberts, John Hewkin, Paul E. Perkins, Scott Perkins, Julie Settles, James D. Cottrell, Anita Agers-Brooks and Scott Gahr.
The Missouri Division of Finance welcomed First Community National Bank as a State-charted bank effective November 10, 2021. With the conversion from a national charter to a state charter, the name of the bank has officially changed to FCNB Bank with headquarters in Steelville, Missouri.
“As a community bank, FCNB Bank is a family-owned, locally operated, independent organization that strives to provide banking as it should through customer relationships,” commented FCNB Bank’s President & CEO Scott Perkins. “With our conversion to a state-chartered bank, we will substantially benefit from ensured safety and soundness, reduced regulatory costs and the advocacy to provide local lending decisions. It’s an exceptional move for our bank and our customers.”
With regulatory authority now provided by The Missouri Division of Finance, FCNB Bank will partner with experienced examiners that are knowledgeable of local economic conditions and provide a common-sense approach to community banking. As a longstanding member of the Federal Deposit Insurance Corporation, deposits will continue to be insured up to $250,000 per customer.
Originally established as the Bank of Leasburg on March 16, 1906, FCNB Bank has been family-owned and operated by the Perkins family of Steelville since 1961. Under the current leadership of Chairman of the Board Paul E. Perkins, President & CEO Scott Perkins and FCNB Insurance and Investments President Julie Perkins Settles, FCNB Bank remains a strong and progressive independent community bank with $159 million in assets serving the communities of Steelville, Cuba, Sullivan, Rolla and Eureka with six branch and ATM locations.
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