First Time Homebuyer Loans
Owning your own home may be a lot easier than you imagined
Mortgages For First Time Homebuyers
Homebuyer Resources
Features and Eligibility Guidelines
| Features and Eligibility Guidelines | ||
|---|---|---|
| Homeownership: | Applicants cannot have been previous homeowners. | |
| Minimum Down Payment: | 5% | |
| Maximum Term: | 30 years | |
| Interest Rates: | Call for more information | |
Debt-to-Income Ratios:
The percentage of your monthly payments for the mortgage (including taxes and insurance) may not exceed 33% of your monthly gross (before tax) income. All monthly debt including mortgage-related payments plus consumer debt payments (i.e., credit cards, car loans/leases, student loans, personal loans) may not exceed 41% of your monthly gross income.
Am I Eligible for a First Time Homebuyer Mortgage?
Answer these simple questions!
- If you owned a home in the past, you are not eligible.
- Is the purchase in FNB's service area?
- Have you lived or worked within FNB's service area in the past 12 months?
- Are you above the age of 18?
If you answered Yes to all of the above questions: Congratulations! You may be eligible for the First-Time Homebuyer Program. Your next step should be to contact [email protected] for an appointment to apply.
If you answered No to any of the above questions, we are sorry, but you are not eligible for the First-Time Home Buyer Program. You may, however, qualify for one of The First’s other attractive mortgage programs; call 215-860-9100 to find out.
What is needed to Apply?
Although each application may differ slightly, it will speed up your application process if you have the following items available:
- Copy of the real estate agreement of sale signed by both the buyer and seller.
- Income verification for the past three years (ie. IRS 1040 forms) and a recent paystub. If you own your own business, please bring your complete personal and corporate tax returns for the three most recent years.
- Information for all credit cards and installment debt including the creditors’ names and your account numbers, current balances and monthly payments.
- Past two bank statements from an outside financial institution.
- Personal Financial Statement
Loan is subject to credit approval.
Find A Local Branch
The First is here to help you reach your financial goals. Find the nearest local branch near you. We’re here for all your banking needs.
