Mortgage Loan Products And Loan Options
Mortgage Loan Products And Loan Options

Mortgage Loan Products & Options

Whether you're a first time home-buyer or you're interested in buying more property, Western State Bank is here to connect you with the funds you need. We offer both conventional and in-house mortgage loan products. Explore our options and contact your local mortgage loan officer for additional details.

Conventional Loans

Conventional loans are the most common type of mortgage loan. They offer various term lengths and are designed to be accessible for most homebuyers. Western State Bank partners with Freddie Mac to fund conventional loans, but continues to service the loan after closing. All payments are made locally. An online application is available for conventional loans.

  • Minimum Down Payment: 5% of purchase price
  • Minimum Credit Score: 620
  • Minimum Down Payment: 3% of purchase price
  • Minimum Credit Score: 620
  • Minimum Down Payment: 3% of purchase price
  • Minimum Credit Score: 620
  • Additional Consideration:  Home Possible loans are based on several factors including borrower income limits. For more information about how to qualify for a Home Possible mortgage, please visit the Freddie Mac website and use the Home Possible Income and Property Eligibility Tool or contact your local mortgage loan officer.
  • NEW Credit from Freddie Mac: As of March 1, 2024, Freddie Mac is offering a $2,500 credit for potential homebuyers earning 50% of area median income (AMI) or less, subject to certain requirements. Ask your mortgage loan officer for details.

In House Loans

Western State Bank’s in-house loans make financing possible for borrowers who do not qualify for conventional loans. An in-house loan may be a great financing solution for the following types of borrowers:  

  • ITIN Borrowers
  • Borrowers without established credit (or with low credit scores)
  • Borrowers without a sufficient work history
  • Or any borrower who does not qualify for a conventional loan for various reasons

To explore or seek preapproval* for our in-house loan options, please contact your local Western State Bank mortgage loan officer today.

*Loan approval is not guaranteed.

  • Minimum Down Payment: Between 5 and 20% of purchase price
  • Term Options: Up to 30 years
  • Rate: Fixed and adjustable rate options available

A Home Equity Line of Credit (HELOC) is a second mortgage that uses your home as collateral to allow you to borrow up to a certain amount over time rather than an up-front lump sum.  A HELOC is a revolving credit line. You only accrue interest on the amount you borrow. HELOCs are commonly used for home improvement projects. 

HELOC borrowers who are finished borrowing and are focused on paying down their loan may choose to refinance to a closed-end home equity loan.

A barndominium loan is an in-house loan that can be used to cover the construction and long-term financing of a barndominium, offering variable and fixed interest rate options with various term lengths. Learn more about barndominiums here.

A construction loan is a short-term, interim loan that helps pay for the building of a house. It may also be used to fund a major home remodel.

A bridge loan is a short-term loan that can serve as a source of funding until buyers receive permanent financing or pay off debt. Bridge loans give homebuyers the ability to use their home’s equity to purchase a new home before they have sold their existing home.


Many homeowners find that once they've paid down their mortgage to a certain amount, refinancing sometimes results in a lower monthly payment. Contact our mortgage lending team to determine if refinancing is right for you.