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Eagle Financial Services, Inc. (EFSI), the parent company of Bank of Clarke, is pleased to share that it has entered into a definitive merger agreement with John Marshall Bancorp, Inc. (JMSB), the parent company of John Marshall Bank. The combination will unite two highly regarded Virginia community banking institutions.
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Veterans Administration (VA) Loans
We offer VA loans to military borrowers, including active-duty personnel, veterans, reservists, national guard, and their spouses.
- No down payment
- No Private mortgage insurance
- Competitive rates
- Use for an own-occupied primary residence
Community Partners Program
We partner with FHLBank Atlanta to support those who make their living by serving our communities, including police officers, fire fighters, active-duty military personnel and spouses, educators, and health care workers. You can receive up to $10,00 towards a down payment on a home, closing costs, or rehabilitation costs. To be eligible, you must:
- Contribute at least $1,000 towards the purchase of a home
- Occupy the home as a primary residence
- Complete a homebuyer education and financial literacy course
Construction Loan Options
Bank of Clarke offers two convenient options if you are building a home.
One Closing. Benefits include substantial cost savings and a streamlined process.
- During the construction phase, you pay interest-only payments on your loan balance for up to 12 months.
- Once construction is complete, the occupancy permit is issued, and the contractor/builder is paid, we modify the construction loan into a permanent mortgage.
- The permanent mortgage is like any other mortgage: Chose from any of Bank of Clarke’s flexible conventional mortgage options.
Two Closings. If you already have a home and need the money from the sale of your existing home to fund a down payment on new construction, this option may help you meet your goals.
- Your first loan pays for the construction phase of your new home. When you move in, you get a mortgage to pay off the construction debt.
- You pay for two closings and two sets of fees – first on the construction loan and second on the permanent mortgage.
- You can live in your current home while your next home is under construction.
- During the construction phase, you pay interest-only payments on your loan balance for up to 12 months.
- Once construction is complete, the occupancy permit is issued, and the contractor/builder is paid, we modify the construction loan into a permanent mortgage.
- The permanent mortgage is like any other mortgage: Chose from any of Bank of Clarke’s flexible mortgage options.
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