Special Discounts for First Time Homebuyers and Low/Moderate Income Borrowers

These programs are available on the Bank's first mortgage plans as described on our current mortgage lending information sheet, which should be attached. Interest rates and loan discounts are subject to change without notice. The down payment is 3% with private mortgage insurance (PMI), or 15% without.

First Time Homebuyer Discounts
Restrictions:	Annual Income: Up to $77,040 Purchase Price: No more than $370,300
Discounts:	Interest Rates: 1/4% off the loan program's normal rate. Margin (on adjustable mortgage loans): 1/4% 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 $68,480
Discounts:	Interest Rate - 1/4% off the loan progam's normal rate. Margin (on adjustable mortgage loans): 1/4% 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 1/2 point is collected at time of commitment and will be applied towards closing costs.