EVANSTON — First Bank Mortgage Lending Originator Jake MaGill presented home and land-financing options during the Aug. 8 Evanston Chamber of Commerce Lunch & Learn at the Legal Tender.

“Why should you go to First Bank?” MaGill rhetorically asked attendees.  “I can get you loans ... you don’t have to be a multi-gazillionaire to own a nice home.”

Magill explained that, traditionally, most loans require 20% of the home’s value as a down payment, but he could help potential home buyers secure finance loans with as little as 5% down.

First Bank currently offers three different types of new-home construction loans, the first of which is an all-in-one 30-year fixed rate loan, and must meet current Fannie May guidelines, which can be a difficult task, according to MaGill.

The second and third options are geared toward custom-built homes that won’t fit into Fannie May guidelines and/or using differing tax guidelines. There is an option for an all-in-one in-house loan that will eventually refinance into an adjustable-rate mortgage (ARM) — a mortgage that will remain fixed for the first few years of the loan’s lifetime, then will adjust annually to current market rates.

The third option is a two-phase product loan, the front-end of which will finance as a standard construction loan, then will refinance into a fixed loan rate at whatever the current market dictates.

First Bank also utilizes a consumer-safety app called Built to ensure transparency.

“We like you to know where your money is going,” MaGill said.

“I love our lot/land programs,” MaGill said, noting that not all banks offer land development loan opportunities. “Some are really hard to qualify for,” he said, citing a desirable and difficult debt-to-income ratio.  “Come and talk to me, I can get you started ... all of them are in-house. You’ll be dealing directly with me, my underwriters and you can hand your payments to our tellers.”

The two lot/land programs that First Bank offers are either a 15-year ARM that will maintain an initial rate for five years readjusting every subsequent five years. There is also a three-year loan which can be refinanced into a construction loan after an initial balloon payment. “From start to finish, if everything goes smoothly, it could take three weeks for a clean loan, depending on the availability of an appraiser,” MaGill said.

MaGill also touched on programs geared toward helping first-time home buyers, including the Wyoming Community Development Authority (WCDA) loans, as well as other down payment assistance programs through Federal Housing Administration (FHA) and United States Department of Agriculture (USDA) loans — both urban and rural development — and Veteran Affairs (VA) loans.

MaGill also advertised two current deals offered by First Bank through the end of the calendar year to help ease the burden of closing costs for educators — anyone employed with the school district in any capacity — and veterans.

“Jake is going to go above and beyond and having access to all the resources is a niche,” said First Bank President David Benton. “You want that hand-holding all the way through the process. Not every bank has a mortgage person sitting in the lobby, available for face-to-face interaction, it breaks down the scary parts of the process.”

“If you don’t know the process of owning a home, I’m here for you and happy to be able to help,” MaGill concluded. “Shop around — if you can find a deal elsewhere, that’s great — but start with me. I’ll win you over with customer service,” he said with a wink and a jumping heel click.

The chamber will host an upcoming event, the Light Up the Night Water Lantern Festival, on Sept. 7, at the Bear Ponds. Lanterns launch at sunset and can be purchased for presale for $10 each at the chamber office, or the day of the event for $15. There will be vendors, food, specialty merchandise, kids’ zone, beer garden and music by Bearded Boombox Productions.