American State Bank

American State Bank is a full service bank that has been servicing the people of Texas for 55 years.  The following is their Mission Statement.

The mission of ASB is to create an environment in which:

• Our Customers perceive the bank as a partner in achieving their financial goals;
• Our Employees achieve personal and professional success;
• Our Shareholders achieve the rewards of ownership; and
• Our Community recognizes the Bank as a responsible and committed partner.

American State Bank offers mortgage programs through their Home Loan Center.  They offer online mortgage loan applications.

Loans Funded By American State Bank

• Federal Housing Administration (FHA)
• Veterans Administration (VA)—This loan is available for U.S. Veterans.  It does not require a down payment, and the financial requirements are very liberal.
• Home Purchase
• Fixed Rate Mortgage
• Adjustable Rate Mortgage
• Conventional Loans—The Conventional Loan amount is determined every year by Fannie Mae and Freddie Mac.
• Jumbo Loans—This loan is used for any loan that exceeds the conventional loan amount as determined by Fannie Mae and Freddie Mac.  It is used to buy larger, more expensive properties.
• Fast-n-Easy—This loan is a great option for people who want a loan to close quickly.  This program requires a statement of assets, income, and employment.  They do not require hard copies of income verification for this plan.  A low down payment option is possible, but you must have excellent credit to qualify for this program.
• Piggyback Loans—This loan is a three part program that allows the borrower to forego private mortgage insurance.  American State Bank will give the borrower two loans, one for 80% and one for 10%.  The borrower provides a 10% down payment, and the house is theirs.
• 95% Financing—This program only requires a 5% down payment.
• 100% Financing—This program does not require a down payment.  First Time Homebuyers find this program particularly helpful.

More About American State Bank

One unique aspect of American State Bank is their continuity of management.  They opened in 1948 with Jack Payne as their president.  In 1974, Payne passed the torch on to W.R. Collier.  In the fifty-five years that their bank has been in business, they have only had two different presidents.

American State Bank has grown considerably over the past 55 years.  They have over $2 billion in assets and 34 branches in 18 communities.

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