Mortgage Loans
First Time Homebuyers
Low/Moderate Income Borrowers
These programs are available on the Bank's first mortgage plans. Interest rates and loan discounts are subject to change without notice. The down payment is 10% with private mortgage insurance (PMI), or 15% without.
| First Time Homebuyer Discounts | |
| Restrictions: | Annual Income: Up to $84,240 Purchase Price: No more than $345,800 |
| Discounts: | Interest Rates: 1/8% off the loan program's normal rate. Margin (on adjustable mortgage loans): 1/8% off the loan program's normal margin. Application fee: Refundable at loan closing. |
All other lending terms and requirements remain in place. To determine eligibility applicants must submit signed copies of last three years federal and state tax returns and sign a first time home buyer statement.
| Low/Moderate Income Program Discounts | |
| Restrictions: | Annual Income: Up to $74,880 |
| Discounts: | Interest Rate - 1/8% off the loan program's normal rate. Margin (on adjustable mortgage loans): 1/8% off the loan program's normal margin. Application fee: Refundable at loan closing. Repayment Term: Up to 30 years with a 40-year payout option. Forty-year loans will result in a balloon payment if kept to term. |
On both programs 1% point is collected at time of commitment and will be applied towards closing costs.
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