Purchasing a home is a big decision, especially if you’re a first time homebuyer. You probably have big plans for all the memories you and your loved ones will make in your home. Maybe you’re picturing family dinners, birthday celebrations and backyard barbecues. No matter what you have planned, one thing is certain: Getting the keys to your first home will be a moment that marks the start of an exciting new chapter in your life.

At the back of your mind, you probably also have a few concerns. Do you have enough savings to make a down payment and cover closing costs? Will you qualify for a loan? What interest rate can you expect to get as a first time homeowner?

With PeoplesBank on your side, the process of buying your first home doesn’t have to be overwhelming. Our first time homebuyer program takes the stress out of one of life’s greatest milestones. Banks that have first time homebuyer programs understand your concerns and tailor these programs to meet them.

First Time Home Buyer Program

What qualifies you as a first time homebuyer? For the sake of our program, here’s what you need to know:

  • Must be a first time homebuyer* for this assistance program
  • Fixed interest rate 30 year loan with no mortgage insurance
  • Income limits do apply, 100% or less of the median income for given location
  • As little as 3% down, 1% of purchase price must come from borrower’s own funds
  • 6% maximum seller contribution
  • All applicants are required to participate in First Time Home Buyer education

*Borrower must not have had ownership interest in a property in the last three years.

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Mortgage Myth #1 – You Need to Put 20% Down to Buy a Home

Check out this short video to see how two of our mortgage team members can quickly debunk this myth and help you learn more about our down payment assistance options.

First Time Home Buyer Down Payment Grant

If you qualify for our First Time Home Buyer Program, you may also be eligible for a down payment grant. A grant can help you raise the money you need immediately for a home. The down payment often proves to be an obstacle for first time homebuyers. They don’t have money from a previous home sale that they can roll over to put down on a new place.

We offer the down payment grant to help more people get into the homes they have always dreamed of owning. Our conditions include:

  • Must be used in conjunction with the PeoplesBank First Time Home Buyer loan
  • To be used toward a down payment & closing costs of a single family, primary residence
  • Maximum grant of $3,000 – does not need to be repaid
  • Borrower must contribute $1 for every $2 of grant money allocated
  • Ex. to receive the full $3,000 the borrow must contribute $1,500 from their own funds

We offer grants to help more people achieve their goal of homeownership. When you use our grant program, you don’t have to pay back the money you receive. Grants are conditional, but they do not become debt. With a grant, you can eliminate the need to borrow additional funds and pay more toward the home initially.

One advantage of using the grant program is that you can make a more significant financial investment in your home to start. This process can lower your monthly payments. Many first time homebuyers save for a down payment on a home, but it can take years to make progress. A grant allows you to get into your home quicker by eliminating the wait to save extra money.

Grants give you the opportunity to take any money you have saved and put it toward something else in your new home.

First Front Door

Do you need up to $5,000 in cash for down payment and closing costs? Through First Front Door, we will match every $1.00 contributed with $3.00 in grant assistance, up to a maximum of $5,000.

To qualify, you must:

  • Be a first time home buyer (which means you haven’t owned a home within the past three years)
  • Secure a first mortgage through PeoplesBank
  • Have an income at or below 80 percent of the area median income
  • Complete at least four hours of homeownership counseling prior to purchasing the home
Subject to availability. Subject to credit approval of first mortgage. Additional terms and conditions may apply. See a representative for more details.

Helping to Keep the American Dream Alive

You found your perfect new home. Here’s the perfect financing for your purchase. Unlike some other banks with first-time homebuyer programs, PeoplesBank will guide you through every step of the process.

Through our program for first time homebuyers, we’ll help you answer the tough questions that come with homeownership. Consider the following factors as you begin the process of buying a home:

  • How long you plan to stay in the home: It’s no secret that a house is a significant investment. Are you planning to stay in the area for at least five to 10 years? If not, you might want to reconsider your reasons for buying a home.
  • Your income: As you go through the mortgage process, your income history will play a role in determining whether you qualify for a loan. You should make sure you have a steady source of income that you can count on over the next few years. Otherwise, it will be easy to get in over your head.
  • Your savings: In addition to your mortgage payments, you should consider your down payment and closing costs. It’s also a good idea to put some savings aside for repairs and upkeep.

Helping New Homeowners in South-Central PA and Central Maryland

PeoplesBank is growing in Pennsylvania and Maryland, and your support is a big reason why. We are grateful to our clients throughout York, Lancaster, Baltimore and the surrounding areas who trust us with their mortgage and other lending needs. We value our community and want to help make these places even better for people who live here. Supporting new homeowners is one way we can do that.

Adding more homeowners can bring new diversity to areas. New homeowners mean more playmates for children of families who already live there. This growth encourages more people to become involved in community activities and volunteer work. It brings new perspectives to discussions and opens up new platforms for getting things done.

We’ve seen how homeownership can transform someone’s life and give them a new purpose. And there’s no better place to do it than in south-central Pennsylvania or central Maryland. These areas offer many advantages for those looking to buy new homes, including:

  • Excellent school systems: Your child will receive a great education in local school systems, which offer STEM work, opportunities for academic enrichment and programs for theater, sports and the arts.
  • Big-city culture: York, Lancaster and Baltimore have thriving artistic communities and semiprofessional and professional sports teams. The food options include cuisine from all over the world. You’ll gain exposure to many languages and cultures as you walk down the street each day.
  • Welcoming atmospheres: People in Pennsylvania and Maryland are friendly. They care about their fellow citizens and offer warm welcomes. They appreciate differences of opinion and have each others’ backs during hard times.

If you’ve been looking for a new place to move to, Baltimore, York, Lancaster and the surrounding areas may be a great fit. We’ve seen many people find new purpose and refresh their lives around these areas, and we hope you can become part of this special community. We can help you buy your first home and settle into a region you’ll love.

Ready to Get Started? PeoplesBank Is Here to Help

Whether you’re just starting to save up for your first home or you already have a property in mind, PeoplesBank is here to help guide you through the process. We’re proud to serve first-time homebuyers in Pennsylvania and Maryland.

Our reasonable interest rates are just one of the reasons we’re the best bank to turn to for a first-time homebuyer loan. For us, it’s not about the money — it’s about you. Our friendly, knowledgeable team is here to help you understand the benefits and costs that come with a mortgage and homeownership.

Don’t wait to start the process of making your dream home a reality. With PeoplesBank, you can get pre-qualified for a loan today. Complete our simple prequalification form to get a running start on the mortgage process. If you have any questions, feel free to reach out to a member of our team for more information.

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Get Pre-Qualified Today!

Let us help you determine your budget. Knowing how much financing you qualify for will help you set a price range, stick to your budget, and make your house hunting journey more efficient.