First-Time Home Buyers
Purchasing a home for the first time is exciting for anyone. One of the biggest hurdles prospective buyers face when attempting to transform their dream of homeownership into reality is obtaining affordable financing.
Orrstown Bank, a leading provider of mortgage solutions in Central PA and Maryland, offers access to a wide range of financing programs specifically tailored to first-time homebuyers like you. The lack of enough funds for a down payment, credit challenges and large debt loads don't have to prevent you from getting a mortgage loan.
Our First-Time Homebuyer Mortgage Options in PA & MD
Our professional mortgage specialists will work with you to explore federal- and state-backed first-time homebuyer loan and grant programs such as:
- FHA: These Federal Housing Authority-insured loans require a down payment of only 3.5% of the home's purchase price and a minimum FICO score of 580. Applicants with a credit score of 500-579 can also qualify when making a 10% down payment.
- USDA: If you're planning to purchase a home in a rural area of Pennsylvania, you may be eligible for a loan backed by the U.S. Department of Agriculture. Qualified borrowers can receive up to 100% financing. You'll need a credit score of at least 640, and you'll need to meet the income requirements, which vary by county.
- VA: Are you a veteran or an active-duty member of the U.S. military? The Veterans Administration backs low-interest mortgage loans for first-time homebuyers that don't require a down payment. You don't have to meet any minimum credit score requirements or carry private mortgage insurance.
- Conventional 97% Loan-to-Value: Conventional LTV 97 loans are becoming an increasingly popular alternative to FHA loans for low and moderate-income borrowers. They require a minimum down payment of only 3% and come with no upfront mortgage insurance fees.
- PHFA: The Pennsylvania Housing Finance Agency works to provide affordable housing alternatives for low and moderate-income families and individuals, older adults and people with special needs in PA. PHFA programs for first-time home buyers include the Keystone Advantage Assistance Loan and HOMEstead to help with down payments and closing costs.
Why Choose Orrstown Bank as Your Mortgage Provider?
At Orrstown Bank, we understand the unique needs of first-time homebuyers in PA. We're a community-oriented financial institution headquartered in Shippensburg, PA, that's been serving the region for more than 100 years. Our small size and local focus enable us to provide better, more personalized service than our larger competitors.
Our professional mortgage specialists will help you explore all the first-time homebuyer grant and loan options available to you, allowing you to make an informed decision. We'll also guide you through the pre-qualification and application steps to make these time-consuming — and sometimes stressful — processes faster and easier.
Contact a Loan Officer Today
Visit our loan officers page to find the Orrstown Bank mortgage specialist in your area so you can learn more about our first-time homebuyer programs in PA and MD. You can also start the mortgage process online.