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USDA Home Loans

Specialized loans for rural homes with great benefits.

What is a USDA home loan?

A USDA home loan is a specialized mortgage program provided by the United States Department of Agriculture (USDA) to aid potential homeowners in acquiring properties in rural and semi-rural areas. The primary aim of this program is to foster growth and homeownership in areas that are less densely populated, helping to stabilize and develop these communities. One of the most significant advantages of USDA home loans is that they often require no down payment, making it easier for eligible individuals and families to own homes without the hefty initial expense. This favorable feature, coupled with typically competitive interest rates and lenient credit requirements, renders the USDA home loan an appealing choice for many. 

The-USDA-Loan-Advantge-Your-Journey-to-Homeownership

At Brighton Bank, we recognize that the path to homeownership can often seem intricate and overwhelming. With this understanding, we've crafted our USDA home loan landing page to be more than just a digital touchpoint. It's not merely about presenting loan options; it's about equipping you, our valued customer, with a comprehensive understanding of what a USDA home loan entails. Through interactive tools, easy-to-grasp information, and on-demand assistance, Brighton's USDA Loan landing page serves as a guiding light for all aspiring homeowners, ensuring clarity, confidence, and a closer step to the home of your dreams.

Why Choose a USDA home Loan?

Choosing a USDA home loan can offer a variety of benefits for eligible homebuyers, especially those interested in rural properties. Here are some compelling reasons to consider a USDA home loan:

 

  • No Down Payment Required: One of the standout features of a USDA home loan is the ability to finance 100% of the home's price, meaning no down payment is necessary. This can significantly reduce the upfront costs of buying a home.

 

  • Competitive Interest Rates: USDA home loans typically offer lower interest rates than conventional mortgage loans, making monthly payments more affordable.

 

  • Flexible Credit Requirements: While creditworthiness is still essential, USDA home loans often have more lenient credit requirements than traditional loans, making them accessible to a broader range of potential homeowners.

 

  • Financing for Repairs: Some USDA home loan programs allow borrowers to include the costs of necessary home repairs or improvements in the total loan amount.

 

  • No Mortgage Insurance: USDA has a guarantee fee that can be paid at closing or rolled into the loan amount but no monthly mortgage insurance, creating monthly savings for homeowners

Type of USDA Home Loans 

The USDA offers several loan programs to meet different needs. Here are the primary types of USDA loans:

 

1. USDA Guaranteed Loan:

  • This is the most popular USDA home loan.

  • The USDA guarantees the loan, but the funding comes from USDA-approved lenders.

  • If the borrower defaults, the USDA ensures the lender is reimbursed a portion of the amount.

  • Requires a minimum credit score (often 640), but terms can be quite favorable, including competitive interest rates.

  • These loans are available to low-to-moderate income homebuyers purchasing homes in eligible rural areas.

 

2. USDA Direct Loan (Section 502 Direct Loan Program):

  • These loans come directly from the USDA.

  • They are designed for low and very low-income applicants. The income limits for this loan type are stricter than for the guaranteed loans.

  • Interest rates can be as low as 1% with subsidies.

  • Applicants work directly with USDA specialists to secure funding.

 

3. USDA Home Improvement Loan and Grants (Section 504 Home Repair Program):

  • This program provides loans and grants for homeowners to repair, enhance, or modernize their homes.

  • It's specifically for very low-income homeowners.

  • Loans can go up to $20,000, with a 20-year term at 1% interest.

  • Grants of up to $7,500 are available for homeowners 62 and older and must be used to address health or safety hazards.

 

4. USDA Rural Refinance Pilot Program:

  • This is a mortgage refinance option available to homeowners in eligible rural areas.

  • It allows homeowners with USDA home loans to refinance to secure a lower interest rate without undergoing a new credit review or property inspection.

  • The primary objective is to offer homeowners lower monthly payments.

 

Each USDA home loan type is designed with a specific purpose in mind, whether it's helping potential homeowners purchase a new home, assisting current homeowners in making necessary repairs, or helping homeowners refinance an existing loan. It's essential to determine which loan type is the best fit based on your needs and eligibility.

Are You Eligible?

To be eligible for a USDA home loan, you must meet the below-stated requirements:

1. Income Limits: The USDA sets income limits based on the median income in a particular area. These limits can vary by region, and there are different limits for low-income and moderate-income households.

 

2. Property Location: The property you are considering must be in an area designated as rural by the USDA. However, many suburban areas can also qualify. You can check the USDA's online eligibility map for specific areas.

Modern A-Frame Cabin

3. Primary Residence: The property being purchased must be used as the borrower's primary residence. Investment properties or vacation homes do not qualify.

4. Credit Worthiness: While the USDA does have more lenient credit requirements compared to conventional loans, applicants generally must have a credit score of at least 640. Other factors, like payment history and current debts, will also be considered.

 

5. Citizenship or Residency: USDA home loans are available to US citizens, non-citizen nationals, and Qualified Aliens.

Dependable Income: Borrowers must be able to demonstrate a stable and dependable income, typically for at least 24 months.

Simple Application Steps

Applying for a USDA home loan can be broken down into a series of straightforward steps. Here's a simplified guide:

 

1. Determine Eligibility:

  • Check if your desired property location qualifies as rural/suburban using the USDA's online eligibility map.

  • Ensure you meet the income requirements for your area.

 

2. Gather Documentation:

  • Proof of identity (e.g., driver's license or passport).

  • Proof of income (e.g., recent pay stubs, tax returns).

  • Credit history report.

  • Personal assets (e.g., bank statements, retirement accounts).

 

3. Find a USDA-Approved Lender:

  • While the USDA guarantees the loan, you'll apply through a USDA-approved lender. Research lenders in your area that offer USDA home loans.

 

4. Complete the Application:

  • Fill out the lender's application form. This often involves providing details about the property, your financial situation, employment, debts, and more.

  • Submit the necessary documentation.

 

5. Property Appraisal:

  • The lender will arrange for a USDA-approved appraiser to evaluate the home's value and ensure it meets the USDA's standards.

 

6. Review and Approval:

  • The lender will review your application. If everything is in order, they'll submit the loan to the USDA for the final approval.

  • You might need to provide additional documentation or details during this process.

 

7. Close on Your Loan:

  • Once approved, you'll be given a closing date. At closing, you'll sign all necessary paperwork, finalize your USDA home loan, and become the owner of your new property!

 

8. Move In:

  • With all formalities completed, you can move into your new home!

 

Remember to keep open communication with your lender throughout the process. They can guide you through each step, answer questions, and help ensure a smooth application and approval process.

Terms Explained

By understanding these terms, individuals can better navigate the details of USDA home loans and assess their eligibility and benefits.

 

USDA Home Loan: A specialized mortgage program provided by the United States Department of Agriculture designed to assist potential homeowners in purchasing properties in rural and semi-rural areas.

 

No Down Payment: An advantage of some loans, is that the borrower does not need to make any initial payment toward the home's purchase price.

 

Competitive Interest Rates: Interest rates that are favorable compared to the general market rates or other types of loans.

 

Creditworthiness: A measure of one's reliability in paying back loans, often determined by past financial behavior and credit score.

Mortgage Insurance: An insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan.

 

USDA-Approved Lender: A financial institution that is authorized to offer loans under the USDA program.

 

Property Appraisal: The process by which a certified person determines the market value of a property.

 

USDA Guaranteed Loan: A loan offered through a USDA-approved lender where the USDA guarantees the loan in case of borrower default.

 

USDA Direct Loan: A loan that comes directly from the USDA, tailored for low and very low-income applicants.

 

USDA Home Improvement Loan and Grants: Financial aid provided for homeowners to make repairs or enhancements to their homes.

 

USDA Rural Refinance Pilot Program: A mortgage refinance option for homeowners in eligible rural areas.

 

Eligibility: The criteria one must meet to qualify for a USDA home loan, include income limits, property location, creditworthiness, and more.

 

Median Income: The income amount that divides a region's income distribution into two equal groups: half having income above that amount, and half having income below that amount.

 

Primary Residence: A place where an individual lives most of the time; it cannot be an investment property or a vacation home.

 

Qualified Aliens: Non-citizens who, under the Immigration and Nationality Act (INA), are legally present in the United States and eligible for federal public benefits.

Disclaimer: The loan scenario is based on a 20-year fixed, property purchase price of $300,000, the loan amount is set at $280,000. The interest rate for this loan would be 5.750%, with an Annual Percentage Rate, or APR, of 7.146%. Your estimated monthly payment for this loan would be $1,965.28. 

Frequently Asks Questions About Home Mortgage Loans

  • Will the old website URL still work?
    Yes, the old website URL will still work. However, after November 30th, 2023, it will automatically redirect you to our new digital address at bankbrighton.com.
  • Will my login credentials remain the same?
    Absolutely, your login credentials remain unchanged. You can access your account with your current username and password.
  • How do I access my account details on the new site?
    Accessing your account from anywhere on our new Brighton Bank website is now easier than ever. No matter where you are on the site, the option to log in to your account is always within reach. Here's how: Top Menu Bar As you navigate through our website, you'll notice a constant feature on the top-right corner of your screen: a 'Log In' Call-to-Action button. This button stays visible and accessible regardless of the page you are viewing. Clicking on it will take you directly to the login page, where you can enter your credentials to access your account. See the screenshot below. Home Page Login Alternatively, from the home page of our website, you can find a dedicated 'Login Field.' This field provides you with two button options: 'Log In' for personal and business accounts. Depending on the type of account you hold with us, select the appropriate button, enter your login details, and you're in! We've implemented these options to ensure that accessing your account is always straightforward and hassle-free, no matter where you are on our website. We're committed to making your online banking experience with Brighton Bank smooth and convenient every step of the way.
  • Can I still find and download my bank statements as I used to?
    Yes, you can still find and download your bank statements. Simply log into your account and go to the 'Statements' section.
  • Can I still use the bank's mobile app?
    Yes, you can continue using our mobile app as usual. Any changes to our website will not affect the mobile app."
  • Why did the bank change its website?
    Our commitment to providing the best online banking experience prompted us to upgrade our website. The new design is more user-friendly, efficient, and has added security features for enhanced safety.
  • What changes are coming to the client desktop portal login?
    Our desktop portal is getting a visual refresh on October 24th, 2023, to reflect our updated branding colors and theme. While the layout and links will stay the same, ensuring a seamless transition, you’ll notice a fresh, new look that aligns with our brand's evolution.
  • Is the new website safe and secure?
    Absolutely. We understand the importance of keeping your personal and financial data secure, which is why we have implemented enhanced security protocols on our updated website. These measures are designed to protect your information from any potential threats or unauthorized access, giving you peace of mind when using our services. We take your privacy seriously and are committed to ensuring the highest level of security for all our users.
  • Are there any differences in how I make payments or transfers on the new website?
    No. The process of making payments and transfers remains the same.
  • Will my banking activities be disrupted during this transition?
    No, all your banking activities and transactions will continue as usual during this transition. We've made sure the changeover is seamless for our customers.
  • Will I still be able to access the same features and services on the new website?
    Yes, all the services and features you are familiar with are available on the new website. In fact, we've added some new features to make your banking experience even better, such as: Improved Navigation: Clearer menus and site map, intuitive layout, and easy-to-find links, making the website more user-friendly. Accessible Menu: Our new website now features a comprehensive accessibility menu, a significant step towards ensuring an inclusive and enjoyable browsing experience for all our clients. We understand the importance of creating a website that's easily navigable and readable for everyone, regardless of any visual, hearing, motor, or cognitive impairments. The accessibility menu is designed with this in mind and includes options such as text size adjustment, high contrast mode, and keyboard navigation. Faster Load Times: Optimized site performance to ensure pages load faster, providing a more efficient browsing experience. Updated Content: Refreshed and updated content, including more detailed information about our products and services and helpful resources such as blog posts and articles on financial education. Responsive Design: The new website design is fully responsive, providing an optimal viewing experience across a wide range of devices (from desktop computer monitors to mobile phone screens). FAQ Section: A comprehensive FAQ section to provide instant answers to common customer queries and concerns.
  • How can I get help if I encounter issues on the new website?
    We're here to help. If you encounter any issues, you can reach out to our customer service team through the 'Contact Us' link on our website or call our helpline number (901) 476-5353.
  • What updates can I expect on the mobile app?
    Our mobile app is getting some enhancements on October 24th, 2023. While the core layout and design will remain the same, we are introducing updates to improve design aesthetics and bolster security measures. If you would like to access these updates, you can do so through your iOS or Android App Store. Despite the fresh look and improved security, the functionality and layouts you're familiar with will remain unchanged.
  • Are there any new features or services that I should know about?
    Yes, we have introduced some new features to enhance your online banking experience, including: Improved Navigation: Clearer menus and site map, intuitive layout, and easy-to-find links, making the website more user-friendly. Accessible Menu: Our new website now features a comprehensive accessibility menu, a significant step towards ensuring an inclusive and enjoyable browsing experience for all our clients. We understand the importance of creating a website that's easily navigable and readable for everyone, regardless of any visual, hearing, motor, or cognitive impairments. The accessibility menu is designed with this in mind and includes options such as text size adjustment, high contrast mode, and keyboard navigation. Faster Load Times: Optimized site performance to ensure pages load faster, providing a more efficient browsing experience. Updated Content: Refreshed and updated content, including more detailed information about our products and services, and helpful resources such as blog posts and articles on financial education. Responsive Design: The new website design is fully responsive, providing an optimal viewing experience across a wide range of devices (from desktop computer monitors to mobile phone screens). FAQ Section: A comprehensive FAQ section to provide instant answers to common customer queries and concerns.
  • Has the bank's URL or digital address changed?
    Yes, our new website address is now bankbrighton.com. After November 30th, you'll be automatically redirected to the new address if you visit our old website.
  • How can I access online customer support on the new website?
    Getting in touch with us at Brighton Bank is straightforward and easily accessible from any page on our website. There are two main ways you can find our 'Contact Us' page: Phone Icon on Top Menu Bar No matter where you are on our website, look towards the top menu bar. You'll notice a phone icon that serves as a quick link to our 'Contact Us' page. Just a single click on this icon will take you directly to our contact page. This page is a treasure trove of useful contact information for all our departments, providing phone numbers and email addresses to ensure you can connect with the appropriate team in a flash. 'About Us' Dropdown Menu An alternative route is also available via our top menu bar. Select 'About Us' from the various options. A drop-down menu will appear; within this menu, you'll find the 'Contact Us' option. Clicking on 'Contact Us' will redirect you to the same comprehensive contact page. Footer Link Alternatively, at the bottom of every page on our website, you'll find a footer with various links. One of these links is labeled 'Contact Us'. Click on this link to directly navigate to the same contact page. We've placed these options strategically to ensure you're never more than a few clicks away from getting the help or information you need. We're here to assist you, and we've made connecting with the right department at Brighton Bank as straightforward as possible.
  • Are there notary services and medallion signature guarantees available?
    Yes, Brighton Bank provides notary services to its clients.
  • Is there check-writing access on the account?
    Yes
  • Is there a minimum deposit amount to open a Brighton Bank Interest Checking Account?
    The minimum deposit amount required to open a new Interest Checking Account and to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00.
  • Is there a limit on the number of transactions I can make per month?
    As a client of Brighton Bank, you have no limits on the number of monthly transactions for your interest checking account.
  • How much are monthly service fees for Brighton Banks Interest Checking Accounts?
    If you have an interest checking account at Brighton Bank, you will only have to pay a monthly service fee if you choose to receive print mail statements. These fees can vary from $10 to $30. However, you can avoid these fees completely by selecting our $0 monthly service e-Statement option.
  • Can I set up direct deposit and automatic payments/transfers?
    Yes
  • How much money can I have in a Brighton Bank checking account?
    Typically, there won't be a limit to how much money you can keep in a Brighton Bank checking account. However, the FDIC sets limits for the amount of funds in deposit accounts that are FDIC insured.
  • Does a checking account come with a debit card?
    After your application for a checking account with Brighton Bank is approved, you will receive your debit card. The Brighton Bank debit card is equipped with a chip for added security and is contactless for ease of use. Simply tap your card to make fast and convenient purchases. You can use your debit card at millions of merchants globally.
  • Is there online banking, mobile banking, and mobile check deposit available?
    Brighton Bank offers online banking, mobile banking, and mobile check deposits.
  • How do I receive my bank card?
    Once your account is approved, Brighton Bank will mail you a bank card.
  • Why should I open a checking account?
    Having a checking account is a convenient option to access your money. With this account, you can deposit your paycheck automatically and make online bill payments. Additionally, it can aid in keeping track of your spending by monitoring account balances online or via the Brighton Bank Mobile app.
  • What is the minimum deposit needed to open the account?
    To open a new Interest Checking Account, a minimum deposit of $1,000 is required.
  • How do I open a new checking account?
    To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
  • What is a checking account?
    A checking account is a type of bank account that allows you to deposit and withdraw money conveniently. It also enables you to make online payments, transfer funds to other accounts, and deposit checks using the Brighton Bank Mobile app. Additionally, with a checking account from Brighton Bank, you can write checks for the funds available in your account.
  • What is the interest rate on the account?
    The annual percentage yield (APY) for an interest checking account is currently 1.00%. However, please note that the rate is adjustable and subject to change at any time.
  • Are there limits on withdrawals and transfers?
    There are no limits on withdrawals and transfers through a Brighton Bank checking account.
  • Are there any ATM fees if I use an out-of-network ATM?
    Brighton Bank does not charge out-of-network ATM fees to our clients. However, it's important to remember that out-of-network ATMs may have separate transaction fees that they may charge.
  • Is there a minimum balance I need to maintain to avoid fees?
    There is no minimum balance required in order to avoid fees or maintain an account.
  • Can I link multiple accounts together?
    Yes, multiple bank accounts can be linked together as long as they are under the same Tax ID number.
  • Is the account FDIC insured? What are the coverage limits?
    Brighton Bank is a member of the FDIC, and the coverage limit is $250,000.
  • What debit card comes with the account?
    Brighton Bank offers debit cards through Mastercard.
  • Can I access my checking account information online or via a Mobile App?
    By opening a checking account with Brighton Bank, you can easily access your account information through your computer or mobile browser and through the Brighton Bank Mobile app. With Brighton Bank Online or the Mobile App, you'll have access to the following benefits: Access your account balances quickly wherever you are. Make bill payments. Set up real-time notifications for your account balance and activity. And more …
  • What are the monthly service fees or maintenance fees for the account?
    Brighton Bank offers zero-cost maintenance fees for clients who choose online banking through eStatements. For clients who choose to receive paper statements in the mail, the minimum monthly maintenance fee is $15
  • What is a checking account?
    A checking account is a type of bank account that allows you to deposit and withdraw money conveniently. It also enables you to make online payments, transfer funds to other accounts, and deposit checks using the Brighton Bank Mobile app. Additionally, with a checking account from Brighton Bank, you can write checks for the funds available in your account.
  • How much are monthly service fees for Brighton Banks Interest Checking Accounts?
    If you have an interest checking account at Brighton Bank, you will only have to pay a monthly service fee if you choose to receive print mail statements. These fees can vary from $10 to $30. However, you can avoid these fees completely by selecting our $0 monthly service e-Statement option.
  • Is there a minimum deposit amount to open a Brighton Bank Interest Checking Account?
    The minimum deposit amount required to open a new Interest Checking Account and to qualify for the 1.00% APY for Consumer Interest Checking is $1,000.00.
  • How do I open a new checking account?
    To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
  • Can I access my checking account information online or via a Mobile App?
    By opening a checking account with Brighton Bank, you can easily access your account information through your computer or mobile browser and through the Brighton Bank Mobile app. With Brighton Bank Online or the Mobile App, you'll have access to the following benefits: Access your account balances quickly wherever you are. Make bill payments. Set up real-time notifications for your account balance and activity. And more …
  • Why should I open a checking account?
    Having a checking account is a convenient option to access your money. With this account, you can deposit your paycheck automatically and make online bill payments. Additionally, it can aid in keeping track of your spending by monitoring account balances online or via the Brighton Bank Mobile app.
  • How much money can I have in a Brighton Bank checking account?
    Typically, there won't be a limit to how much money you can keep in a Brighton Bank checking account. However, the FDIC sets limits for the amount of funds in deposit accounts that are FDIC insured.
  • Does a checking account come with a debit card?
    After your application for a checking account with Brighton Bank is approved, you will receive your debit card. The Brighton Bank debit card is equipped with a chip for added security and is contactless for ease of use. Simply tap your card to make fast and convenient purchases. You can use your debit card at millions of merchants globally.
  • How much money can I have in a Brighton Bank Savings account?
    Typically, there won't be a limit to how much money you can keep in a Brighton Bank Savings account. However, the FDIC sets limits for the amount of funds in deposit accounts that are FDIC insured.
  • How do I track my balance, interest earned, and account activity?
    You can easily track all savings account details by logging into online banking or using our mobile banking app. Here you can monitor your balance, view all transactions, see interest earned to date, set up alerts, and more.
  • Is there a minimum balance I need to maintain to earn interest?
    You need to maintain a minimum daily balance of $100 in your savings account to earn the published Annual Percentage Yield (APY). If your balance falls below $100 at any point in the month, you will not earn interest for that month.
  • How often does the interest compound - daily, monthly, or quarterly?
    The interest earned on Brighton Bank savings accounts compounds daily. This allows your money to grow faster since interest is being calculated on both your initial principal and the interest accrued each day.
  • How do I access my money - ATM, checks, online transfers?
    You can access money in your Brighton Bank savings account through any of our ATMs, online banking transfers to your linked checking account, or in-person withdrawals at a branch. We do not offer check-writing capabilities on our savings accounts.
  • Is there a monthly maintenance or service fee? How can I avoid it?
    Brighton Bank offers zero-cost maintenance fees for clients who choose online banking through eStatements. For clients who choose to receive paper statements in the mail, the minimum monthly maintenance fee is $15.
  • Is there a minimum balance I need to maintain to avoid fees?
    There is no minimum balance required in order to avoid fees or maintain an account.
  • Can I link the savings account to my current checking account?
    Yes, you can link your new Brighton Bank savings account to your existing checking account. This makes transfers between the two quick and convenient. Just stop by any branch or call customer service to link the accounts.
  • Are debit cards available for the savings account?
    For added security and to maintain its savings nature, Brighton Bank does not offer debit cards on savings accounts. You can access funds through online transfer to your checking account, ATM withdrawal, or in-person at a branch.
  • Is there a phone number I can call for support with my account?
    Yes, Brighton Bank has customer service available to assist with any questions about your savings account. You can call (901) 476-5353 for help from one of our U.S.-based service representatives.
  • Are there notary services and medallion signature guarantees available?
    Yes, Brighton Bank provides notary services to its clients.
  • Is my money FDIC insured by the bank?
    Yes, all savings accounts at Brighton Bank are FDIC insured up to $250,000 per depositor. This means your money is protected in the event Brighton Bank fails.
  • Is the interest earned on my savings account taxable?
    The interest you earn on your Brighton Bank savings account is considered taxable income. You will receive a 1099-INT form each year detailing your savings account interest, which you will need to report on your tax return.
  • What is the minimum opening deposit amount?
    To open an interest savings account at Brighton Bank, you'll need to make a minimum opening deposit of $100. This deposit can be made by cash, check, or transfer from another bank account.
  • Can I set up direct deposit or automate transfers into the account?
    Absolutely! You can directly deposit your paycheck, Social Security benefits, or other regular income into your Brighton Bank savings account. You can also set up recurring automatic transfers from your checking account into savings on any schedule you choose. Just contact us to get these convenient options established.
  • Are there restrictions on who can be a joint account holder?
    Brighton Bank allows any two adults to open a joint savings account. Both account holders will have equal access to the account. Simply complete our joint account application at a branch or online to add a joint holder.
  • How do I open a new Savings account?
    To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
  • What are the different ways I can deposit money into the account?
    You have many options to deposit funds into your Brighton Bank savings account. You can make a deposit at any of our ATMs, at a branch, through mobile check deposit, by transfer from another Brighton Bank account, direct deposit, or automatic recurring transfer.
  • What is the interest rate and how does it compare to other banks?
    The annual percentage yield (APY) for an interest savings account is currently 2.00%. However, please note that the rate is adjustable and subject to change at any time
  • Are statements mailed monthly or accessed online only?
    Brighton Bank offers online eStatements as well as the option to receive paper statements in the mail. You can enroll in eStatements through online banking and access your statements anytime.
  • Can I set up direct deposit or automate transfers into the account?
    Yes, you can use direct deposit and automatic recurring transfers to and from your Brighton Bank savings account. This allows you to easily contribute to your savings on a regular schedule. Just speak to one of our bank experts to set up these convenient options.
  • Can I manage the account online or only in person?
    Our savings accounts can be managed by using our online banking and mobile app. This includes monitoring your balance, statements, interest earned, and transaction history.
  • What is a savings account?
    A savings account is a type of bank deposit account that allows you to earn interest on the money you save over time. With a savings account, you can deposit funds any time and withdraw your money when needed.
  • Is there a minimum balance I need to maintain to avoid fees?
    There is no minimum balance required in order to avoid fees or maintain an account.
  • How do I open a new Savings account?
    To apply, visit our Brighton, Tennessee branch in person. Our team will assist you in selecting the perfect account package, gather necessary personal information like your address and social security number, verify your identity and guide you in choosing a funding option. We look forward to helping you!
  • Is there a monthly maintenance or service fee? How can I avoid it?
    Brighton Bank offers zero-cost maintenance fees for clients who choose online banking through eStatements. For clients who choose to receive paper statements in the mail, the minimum monthly maintenance fee is $15.
  • What is the minimum opening deposit amount?
    To open an interest savings account at Brighton Bank, you'll need to make a minimum opening deposit of $100. This deposit can be made by cash, check, or transfer from another bank account.
  • What is a savings account?
    A savings account is a type of bank deposit account that allows you to earn interest on the money you save over time. With a savings account, you can deposit funds any time and withdraw your money when needed.
  • Is my money FDIC insured by the bank?
    Yes, all savings accounts at Brighton Bank are FDIC insured up to $250,000 per depositor. This means your money is protected in the event Brighton Bank fails.
  • Why do FAQs matter?
    FAQs are a great way to help site visitors find quick answers to common questions about your business and create a better navigation experience.
  • What is an FAQ section?
    An FAQ section can be used to quickly answer common questions about your business like "Where do you ship to?", "What are your opening hours?", or "How can I book a service?".
  • Where can I add my FAQs?
    FAQs can be added to any page on your site or to your Wix mobile app, giving access to members on the go.
  • How much should I put down for a downpayment?
    Deciding how much to put down for a down payment on a home is a significant decision and varies greatly depending on each individual’s financial situation and long-term goals. At Brighton Bank, we recognize that there's no one-size-fits-all answer to this question. A down payment can range widely, with different implications for your mortgage terms, monthly payments, and the need for Private Mortgage Insurance (PMI). A larger down payment might result in more favorable loan terms and lower monthly payments, but it also means more upfront cash. Conversely, a smaller down payment increases accessibility to homeownership for many, yet might result in higher ongoing costs. Our approach at Brighton Bank is to work closely with you to understand your financial circumstances, homeownership goals, and future plans. We believe in crafting a mortgage solution that aligns with your personal and financial objectives, providing guidance and information to help you make an informed decision about your down payment. Whether you are a first-time homebuyer, looking to upgrade, or investing in property, our goal is to help you determine the right down payment amount that suits your unique situation. We invite you to discuss your options with our team of experts, who can provide insights and tools to assist you in making a decision that feels right for you. Remember, the right down payment is the one that fits your financial landscape and supports your homeownership journey.
  • How do I get pre-approved for a mortgage?
    Getting pre-approved for a mortgage with Brighten Bank is a straightforward and efficient process. To begin, simply click on our 'Start Pre-Approval Process' call-to-action (CTA) below. This will lead you to our free online digital mortgage application, which is designed to be user-friendly and comprehensive. Completing this application is the first step in understanding what you can qualify for in terms of a mortgage loan. Once your application is submitted, one of our Home Loan Experts will reach out to you. They will be available to answer any additional questions you may have and to guide you through the next stages of your mortgage journey. Our team is dedicated to providing you with personalized support and expert advice every step of the way. Start your journey towards homeownership today with Brighton Bank!
  • Private mortgage insurance vs mortgage insurance
    Private Mortgage Insurance (PMI) is a type of insurance policy that many lenders require borrowers to purchase when they are obtaining a mortgage and their down payment is less than 20% of the home's value or purchase price. The purpose of PMI is to protect the lender in case the borrower defaults on the loan. Here are some key points about PMI: Required for Low Down Payments: PMI is typically required for conventional loans when the borrower puts down less than 20%. Cost: The cost of PMI varies depending on the down payment amount and credit score of the borrower, but it is usually between 0.5% to 1% of the entire loan amount annually. Payment Method: PMI can be paid as a monthly premium added to your mortgage payment, as a one-time upfront premium at closing, or a combination of both. Cancellation: Borrowers can request to cancel PMI when their mortgage balance falls to 80% of the original value of the home. Lenders are required to automatically terminate PMI when the balance reaches 78%. Not a Permanent Cost: It's important to remember that PMI is not a permanent part of your mortgage payment. Once you've built enough equity in your home, you can eliminate this cost. Benefit for Homebuyers: While PMI adds to the monthly mortgage expense, it allows many people to become homeowners sooner because they don't have to wait until they have a full 20% down payment. In essence, PMI increases the likelihood of obtaining a mortgage for those who have less cash available for a down payment, but it does add to the cost of the loan until sufficient equity is built in the property.
  • What are the different types of mortgages available?
    Mortgages come in a variety of formats to cater to diverse needs. Fixed-Rate mortgages offer consistent interest rates throughout the loan term, while Adjustable-Rate Mortgages have interest rates that can vary. Specialized options include FHA Loans for lower down payments, VA Loans for veterans, and USDA Loans for rural homebuyers. Jumbo Mortgages cater to high-priced homes beyond conforming loan limits, and Reverse Mortgages allow seniors to convert home equity into cash. Other types include Interest-Only, Home Equity Loans, HELOCs, and Construction Loans. The right mortgage depends on the borrower's goals, financial situation, anticipated time in the home, and market conditions. Each has its benefits and drawbacks, and it's crucial to consult with financial professionals to make an informed choice.
  • How much can I afford to borrow?
    Determining how much you can afford to borrow for a mortgage is a nuanced process that depends on several key factors. These include your income, existing debts, property taxes, homeowner's insurance, and your personal homeownership goals. At Brighten Bank, we understand that every prospective homeowner's situation is unique. That's why we recommend a detailed and personalized approach to developing a specific plan and budget that aligns with your individual circumstances and objectives. To provide you with the most accurate and tailored advice, we offer a complimentary custom consultation. By starting this process with us, you'll be connected with one of our home loan experts who will work closely with you to understand your needs and guide you towards making the best decision for your future. Let's get started on shaping your homeownership journey with Brighton Bank's expertise and support.
  • What is a good credit score for getting a mortgage?
    A FICO credit score above 740 is considered excellent, offering the best mortgage rates and terms. Scores between 700-739 are viewed as very good, often securing competitive rates, while scores from 670-699 are deemed good but might not fetch the most favorable rates. Fair scores range from 580-669, with potential for higher interest rates and limited lending options; 620 is the safe number, and scores below 580 are seen as poor, making mortgage approval challenging. However, factors like debt-to-income ratio, employment history, down payment amount, and more also influence mortgage decisions beyond just the credit score.
  • How do I add a new question & answer?
    To add a new FAQ follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Add a new question & answer 3. Assign your FAQ to a category 4. Save and publish. You can always come back and edit your FAQs.
  • How do I edit or remove the 'Frequently Asked Questions' title?
    You can edit the title from the FAQ 'Settings' tab in the Editor. To remove the title from your mobile app go to the 'Site & App' tab in your Owner's app and customize.
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    Yes. To add media follow these steps: 1. Manage FAQs from your site dashboard or in the Editor 2. Create a new FAQ or edit an existing one 3. From the answer text box click on the video, image or GIF icon 4. Add media from your library and save.
  • Do you really need private mortgage insurance in Arkansas?
    In Arkansas, as in other states, Private Mortgage Insurance (PMI) is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. This insurance protects lenders in case borrowers default. While some loans, like VA loans, don't necessitate PMI, others, such as FHA loans, have their distinct insurance prerequisites. PMI can be canceled once the loan-to-value (LTV) ratio reaches 78%, reducing the monthly mortgage cost. However, its initial inclusion can range from 0.3% to 1.5% of the original loan amount annually. Although PMI increases the cost, it allows many buyers to purchase homes without a full 20% down payment. Consulting with a local mortgage specialist can provide clarity on PMI specifics for your situation.
  • What is the average mortgage in Arkansas?
    The average mortgage amount in Arkansas stands at $129,383.
  • What factors influence the median home price in Arkansas?
    The median home price in Arkansas is influenced by several intertwined factors. Primary among these is the balance of supply and demand, where increased demand over available homes drives prices up. Economic health, marked by factors such as unemployment rates and wage growth, plays a role, as do mortgage interest rates; lower rates often boost buying power and home prices. The state's population growth, driven in part by its job market, naturally escalates housing demand. Local policies, including development restrictions and zoning laws, can impact housing supply, while the inherent desirability of an area, based on schools, amenities, and infrastructure developments, can elevate prices. External factors like real estate speculation, foreign investment, and environmental considerations, such as Arkansas water availability, also weigh in. These elements collectively shape the dynamics of the Arkansas housing market.
  • Do I have enough cash for a downpayment for a mortgage in Arkansas?
    To determine if you have sufficient cash for a down payment for a mortgage in Arkansas, first identify your desired home's price range. Traditional mortgages often need a 20% down payment, but some loans may require as little as 3.5%. Calculate the necessary down payment by multiplying the home's price by the down payment percentage. Compare this to your savings. Additionally, factor in closing costs, which can be 2% to 5% of the loan amount, and consider keeping an emergency fund separate from your home expenses. Consulting with a financial advisor or mortgage specialist can provide tailored guidance.
  • What is the average monthly mortgage payment in Arkansas?
    Homeowners in Arkansas, on average, make a mortgage payment of $984 each month, which is approximately $175 below the national average.
  • How much mortgage can I afford in Arkansas?
    To determine how much mortgage you can afford in Arkansas, start by calculating your Debt-to-Income Ratio (DTI), aiming for 43% or less. Your monthly income before taxes, along with monthly liabilities like loans and credit card payments, are crucial. When considering a mortgage, remember that monthly payments include the principal, interest, property taxes, homeowner's insurance, possibly Private Mortgage Insurance, and potentially Homeowner Association fees. The size of your down payment, current interest rates, and the loan term (e.g., 15 vs. 30 years) will also influence your affordability. It's wise to use online mortgage calculators for a quick estimate, but for a precise figure, seek pre-approval from a lender. Always factor in Arkansas-specific expenses, such as property taxes and insurance rates, and ensure the mortgage amount aligns comfortably with your budget.
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