New perspectives. Even better perks!
If your first home is feeling a little … tight, but the thought of your second home purchase is daunting - no worries! At First Peoples we offer you a “Second Chance” at raking in all those first time home buyer perks with your second home purchase. You may not need your hand held and you know the lingo this time around, but now you have another opportunity to bring home a mortgage with the financial advantages that fit you!
- Competitive rates and low closing costs
- Friendly one-on-one assistance from an experienced lending professional
- Finance up to 97% of your home purchase (the lesser of sales price or appraised value). This allows you to have a lower down payment
- Maximum loan amount (in most areas) $200,000, some restrictions apply
- No Private Mortgage Insurance required
- Must be a single unit, primary residence
- Borrower and/or co-borrower have owned no more than one primary residence in the past
- Escrow of taxes and insurance required
- All other internal underwriting requirements apply
How do I start the application?
There are several ways you can apply. You can fill out a mortgage pre-qualification application online, call 301.784.3000 and speak with one of our Member Connection Center representatives, or you can walk into any of our convenient locations and apply in person. After you apply, one of our Mortgage Specialists will reach out to you
How much are closing costs?
This number varies and may be different for each member depending on credit score, loan amount and loan to value (LTV). Our mortgage specialists will be able to give you more information as to what these numbers will be.
What is PMI? Will it apply to my loan?
PMI stands for Private Mortgage Insurance. Typically, you must have PMI with any loan where more than 80% of the selling price is financed. If you qualify under the Second Chance Home Buyer Program, you will NOT be required to have PMI.
Is this program offered in my area?
You can take advantage of this offer if you are looking to buy in any of our First Peoples chartered areas. This includes Somerset, Bedford, and Fulton counties in PA; Garrett, Allegany, and Washington counties in MD; and Mineral, Hampshire, and Morgan counties in WV.
I want to build. Is this program right for me?
Unfortunately, this program wouldn’t be a good fit. However, we do offer convenient construction loan options that will cover your financing from land acquisition to build!
Can I pay my mortgage off early?
Lucky for you, you can pay off your mortgage at any time without receiving any penalties for pre-payment!