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Bank of Tipton Mortgage Services


A conventional mortgage loan is backed by the government and based on Federal National Mortgage Association (Fannie Mae) guidelines.


  • Fixed monthly payments
  • Financing term from 5 to 30 years
  • No minimum or maximum loan amount
  • No income limit
  • 5% down payment
  • Taxes and insurance escrowed
  • Interest is tax deductible
  • Seller can pay up to 3% closing on 95% Loan to Value or 6% on 90% Loan to Value


An FHA (Federal Housing Authority) loan is insured by the government for 15 to 30 years of financing.


  • Next to a VA loan, this loan requires the smallest amount of cash to obtain.
  • Down payment of 1.25% if loan amount is less than $50,000.
  • Down payment of 2.25% if loan amount is over $50,000.
  • No income limit.
  • Closing cost and down payment can be a gift from blood relative.
  • Interest is tax deductible.
  • Maximum loan amount $109,032.


Loans used to purchase or refinance a home. Interest rates are locked in for 1 to 3 years and payments are based on 5, 10, 15, or 20 year amortization.


  • Interest is tax deductible
  • Low Closing costs


A mortgage loan guaranteed by the Department of Veteran Affairs that can be financed from 5 to 30 years.


  • 100% financing
  • No down payment
  • Seller can pay all closing costs
  • Taxes and insurance escrowed

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Bank of Tipton is a Member FDIC, Equal Housing Lender, Equal Opportunity Employer and a branch of Bank of Ripley.

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