Question and Answers: Loans

SBA Loans

1. What is the minimum down payment required for a SBA loan?
Each loan can vary but the down payment can be as low as 10%.
2. Does First IC Bank only originate loans locally in Georgia?
No, First IC Bank can cover loans nationwide.
3. Is it possible to get a SBA loan for a real estate transaction?
If the prospective owner of real estate own and operate more than 51% of business located in the subject building, SBA loan is possible.
4. What is the maximum loan amount possible for one borrower?
Maximum loan amount allowed for SBA 7(a) loans for one borrower is $5,000,000.00.

Commercial Loans

1. What is the minimum down payment required for a commercial loan?
Each loan can vary depending on the financial strength of the borrower, but the down payment can be as low as 20%.
2. Does First IC Bank only originate loans locally in Georgia?
No, First IC Bank can cover loans nationwide.
3. Are there any benefits for an existing deposit customer in getting a loan at First IC Bank?
Lower loan fees and interest rate may be available.

Personal Loans

1. What kind of personal loans are available at First IC Bank?
Credit Card Loans and CD Secured Loans are available.
2. Are unsecured personal loans available at First IC Bank?
No, we currently do not have a program for unsecured personal loans.

Home Loans

1. How Much Money Do I Need To Buy A Home?
The amount needed for a down payment will vary from one mortgage product to another. There are other costs though involved in purchasing a home that many buyers don't realize. In addition to the down payment, buyers also need to consider costs such as an appraisal cost, home inspection cost, and other various costs.
2. How Long Does It Take To Get A Mortgage?
The amount of time it takes for a mortgage to get approved and financed will vary. On most cases able to get a mortgage financed within 30-45 days from application.
3. What Documentation Is Required To Get A Mortgage?
The documentation that is required to get a mortgage will vary from buyer to buyer. For the most part however, the documentation that is required to get a mortgage will be similar. When formally applying for a mortgage, there will be some initial documentation that will be required.:
  • Driver’s license
  • Bank and Asset statements
  • Fully executed purchase contract
  • Income information
  • Copy of an earnest money deposit check
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