Purchasing a home is a big decision, especially if you’re a first time home buyer. 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 home buyer program takes the stress out of one of life’s greatest milestones.

First Time Home Buyer Program

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

  • Must be a first time home buyer* 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.

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.

  • 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
  • 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

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 home buyer programs, PeoplesBank will guide you through every step of the process.

Through our program for first time home buyers, 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.

Get Pre-Qualified Today!

Fill out our simple pre-qualification form and get a head start on your mortgage process.

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 home buyers 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 home buyer 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.

Contact A Member Of Our Team To Learn More