First Time Homebuyers Program
If you are a First Time Homebuyer looking for guidance to home ownership, our mortgage specialists will help you make your first home purchase with confidence. We offer flexible terms and more affordable down payment options.
In addition, we offer complimentary First Time Homebuyer Seminars twice a year at multiple branches. We also provide experts to explain the process of owning your very first home.
- No purchase price limit
- No form of ownership in residential property in the last 3 years
- Copies of last two years’ signed federal tax returns required
- 1 to 4 family owner occupied
- No Construction Loans
- Condo Complex must be an established, existing project; no new construction allowed
- Condominiums must have a 70% owner occupancy ratio, a minimum of 600 square feet of livable space, and a minimum of 2 units in the association
- 97% with PMI on 1 family property and condominium with maximum loan amount of $453,100
- 95% with PMI on 2 family property with maximum loan amount of $500,000
Any loan that requires Private Mortgage Insurance (PMI) must meet all guidelines established by the MI company including:
- Credit scores
- Property type
- Financial reserves
- 89% with NO PMI on a 1 and 2 family property with a maximum loan amount of $500,000
- 80% with NO PMI on a 3 and 4 family property with a maximum loan amount of $500,000
Reduced Closing Costs:
- Approximately $1,100.00 – Includes attorney fee, plot plan, MLC and recording fees
- No appraisal fee, no credit report fee, no points, & no application fee
- Reduced title insurance: $2.00 per $1,000 for lenders coverage only -if you purchase an owners title insurance policy, cost will be higher
- Tax service fee ($88.00)
- Hazard tracking fee ($80.00)
- Employment/income verification fee ($200.00)
- Flood certificate fee ($14.50)
- Real Estate Tax Escrow and PMI
- 60 day rate lock – Other rate lock options are available
|Rate effective as of 7/3/19.|
First Time Homebuyer Program
|30 Year Fixed2||3.750%||0||3.781%||N/A||N/A||30 Years|
|5/5 ARM||4.250%||0||4.520%||2/6||2.75%||30 Years|
|7/3 ARM||4.000%||0||4.358%||1/4||2.75%||30 Years|
|10/1 ARM||4.000%||0||4.314%||1/4||2.75%||30 Years|
|30 Year Fixed at 3.750% would be repayable in 360 monthly payments of $4.63 per $1,000 borrowed.
5/5 ARM at 4.250% for 30 years would be repayable in 60 monthly payments of $4.92, followed by 300 monthly payments of $5.99 per $1,000 borrowed.
¹ APR = Annual Percentage Rate. ARM Composite APR includes prepaid finance charges such as, $88.00 Tax Service Fee, $80.00 Hazard Tracking Fee, $14.50 Flood Certificate Fee, and $200.00 Employment/Income Verification Fee.
² Must have automatic payments from a TSB checking account and direct deposit of payroll income.