Helping to Keep the American Dream Alive
PeoplesBank offers a First-time Homebuyer Program to help purchase your first home.
PeoplesBank will guide you through every step of the process. Through our program for first-time homebuyers, we’ll help you answer the tough questions that come with homeownership. Consider the following factors as you begin the process of buying a home:
- How long you plan to stay in the home: It’s no secret that a house is a significant investment. Are you planning to stay in the area for at least five to 10 years? If not, you might want to reconsider your reasons for buying a home.
- Your income: As you go through the mortgage process, your income history will play a role in determining whether you qualify for a loan. You should make sure you have a steady source of income that you can count on over the next few years. Otherwise, it will be easy to get in over your head.
- Your savings: In addition to your mortgage payments, you should consider your down payment and closing costs. It’s also a good idea to put some savings aside for repairs and upkeep.
First-time Homebuyer Program
What qualifies you as a first-time homebuyer? For the sake of our program, here’s what you need to know:
- Must be a first-time homebuyer* for this assistance program
- Fixed interest rate 30-year loan with no mortgage insurance
- Income limits do apply, 80% or less of the median income for given location
- As little as 3% down, 1% of purchase price must come from borrower’s own funds
- 6% maximum seller contribution
- All applicants are required to participate in First-time Homebuyer education
*Borrower must not have had ownership interest in a property in the last three years.
Mortgage Myth #1 – You Need to Put 20% Down to Buy a Home
Check out this short video to see how two of our mortgage team members can quickly debunk this myth and help you learn more about our down payment assistance options.
