First-Time Homebuyer Programs

Buying a home may be the most exciting process you'll ever go through, and it's probably the most important financial investment you'll ever make.  That's why we offer several special first-time homebuyer mortgage options and personalized guidance and service from pre-approval to loan payoff.  For more information about our special first-time homebuyer options, call one of our experienced Mortgage Specialists.

First Time Homebuyer Mortgage Special
     ●  Rate: 5.375% APR: 5.997%*
     ●  APR reflects a 0.25% credit towards closing costs!
     ●  30-year, fixed rate loans
     ●  100% financing available**
     ●  Income limits up to $108,337, depending on your city or
         town 
     ●  Loan limits as high as $417,000 for a single-family
         home 
     ●  No downpayment required 
     ●  Financing is available for owner occupied single family 
         homes and condos
     ●  You do MUST be a first-time homebuyer to qualify (can not
         have owned a home in the past three years)

* Annual Percentage Rate is accurate as of 2/9/10 and is subject to change at any time without notice.  Other restrictions may apply.  Payment amount borrowed on a $200,000 loan for 30 years at 5.997% APR is $1,119.94.  Payment amount does not include escrow accounts for taxes and/or insurance.  **The availability of 100% financing may depend on the location of the property.



MyCommunity Mortgage
     ●  Rate: 5.375%  APR: 6.021%*
     ●  30-year, fixed rate loans
     ●  100% financing available**
     ●  Income limits up to $108,337, depending on your city or
         town
     ●  Loan limits as high as $417,000 for a single-family
         home
     ●  No downpayment required
     ●  Financing is available for 3 and 4-family homes
     ●  You do NOT have to be a first-time homebuyer to qualify

* Annual Percentage Rate is accurate as of 2/9/10 and is subject to change at any time without notice.  Other restrictions may apply.  Payment amount borrowed on a $200,000 loan for 30 years at 6.021% APR is $1,119.94.  Payment amount does not include escrow accounts for taxes and/or insurance.  **The availability of 100% financing may depend on the location of the property.

Income Limits
To obtain a MyCommunity Mortgage, borrowers must meet income and purchase price limits, which are based on Federal law and vary depending upon geographic area. 

Other Restrictions
To qualify for a MyCommunity Loan, you must:

     ●  Be creditworthy.  Minimum credit scores apply to some
         MyCommunity Mortgage loans.  Contact a credit bureau in
         your area to check your credit record or receive credit
         advice.

     ●  Have a signed Purchase and Sale Agreement.

     ●  Qualify for the loan being requested.  Lenders will
         assess your ability to afford a home by considering
         your income, assets, job stability, liabilities, etc. 
         Monthly housing expenses should not exceed 33% of
         your monthly income.  Housing expenses plus other
         debt should not exceed 41% of your monthly income. 

     ●  Take a homebuyer counseling course.  If you are
         making a downpayment of less than 5%, or if you are
         purchasing a multifamily home, you must attend a
         homebuyer counseling course.

For more information about our special first-time homebuyer options, call one of our experienced Mortgage Specialists, or (800) 244-8161.