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First Time Homebuyers

We want to help you buy your first home. Learn more about our First Time Homebuyer program that we are now offering! 

Contact a Loan Officer

First Time Homebuyer Program Requirements: 

  • A First Time Homebuyer is an individual who meets any of the following criteria as set forth by the FHA:
    • An individual who has had NO ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first time homebuyers). 
    • A single parent who has only owned with a former spouse while married.
    • An individual who is a displaced homemaker and has only owned with a spouse.
    • An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
    • An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
  • Purchase as a Primary Residence a 1-4 Family Home 
  • Minimum Credit Score of 720 for at least one borrower, if joint application
  • 5% Down Payment

Documentation Needed for Mortgage Loan Approval

Following is a summary list of various documentation required to complete the loan approval process. Other documentation may be required given a borrower's specific situation, i.e. self employed borrowers may be requested to provide additional financial information on the corporation/company.

Residential Loan Application

  • Completed Loan Application with Signatures
  • Copy of Sales Contract (If Purchase Money)

Income Information

  • Pay Stubs for the Most Recent 30 day Period
  • IRS W-2 Forms or Tax Returns for the Previous Two Years

Deposit Information

  • Bank Statements Covering the Most Recent 3 Month Period
  • Major Deposit/Investment Account Information

Miscellaneous Information

  • Divorce Decree (If Applicable)
  • Verification of Child Support or
  • Any Additional Income - if disclosed and is needed to qualify for a specific loan amount.

 Contact a Loan Officer to Apply

For a $120,000 loan with a term of 360 months with an APR of 4.165% - the principal and interest payment will be $572.21, after a 5% down payment requirement. APR = Annual Percentage Rate. These rates are effective as of January 27, 2020. Available rates may change without notice. This program is subject to termination at any time.

All loans are subject to credit and underwriting approval. Certain product exclusions may apply. Loan to Value Ratio (LTV) not to exceed 90%. Loans with less than 20% equity will require PMI insurance, escrow requirements will also apply. Not valid for a second home. First lien only. Certain fees and restrictions may apply, or other terms and conditions may apply. Contact your Mortgage Lender for details.


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