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First-Time Homebuyers Program
Piedmont Federal strives to make home ownership as easy and affordable as possible for qualified, credit-approved first-time homebuyers with two first-time homebuyer loans.
Both loans provide the benefit of a lower down payment requirement as well as minimal fees at closing and are available to first-time homebuyers who have not previously owned a residence. Applicants must have a record of paying their bills on time. If little or no credit has been established, payments made on time for insurance, power, cable, telephone, etc., will be considered for credit purposes. A verification of rent is required for applicant(s) currently renting. No prior bankruptcies will be allowed. Each applicant will need to complete a short program on home ownership which will be arranged through Piedmont Federal. The program covers many important topics such as budgeting, maintaining good credit, home maintenance and other aspects of home ownership.
Plus first-time homebuyers qualify for a free PFPinnacle account, from which you can have your loan payments automatically deducted.
First-Time Homebuyer Features
- Designed for first-time homebuyers seeking loans up to $250,000 at 85% loan-to-value and up to $200,000 at 90% loan-to-value.
- No loan origination fee.
- Appraisal fee refunded at loan closing.
- Accepts loan requests up to 90% loan-to-value with no PMI (private mortgage insurance).
- Borrower’s total monthly payments (home loan, auto loan, credit card payments, etc.) should not be more than 36% of the borrower’s gross monthly income.
- Borrower must provide proof of employment and income (Income sources include full- and part-time salary, bonuses and commissions, social security, retirement, pension, alimony, child support).
Loan requirements:
- Must be for a primary residence and used for single-family detached, condominium, townhouse or modular homes. (Manufactured housing, mobile homes and a-typical homes are not eligible.) Areas of Service »
- A minimum down payment of 10% must come directly from the buyer, which may come from a gift.
- Home, radon, and pest inspection report required, plus an escrow account.
First Home Advantage Program Features
- Designed for first-time homebuyers with limited resources.
- 30-Year Fixed Rate Term offered at .25 below our standard 30-year fixed rate mortgage.
- No loan origination fee.
- Appraisal fee refunded at loan closing.
- Maximum Loan Amount : $126,100.00
- Maximum Loan-to-Value : 97%
- Low minimum down payment of $1,000.00 or 1% (whichever is greater) must come directly from the buyer. Gift funds/grants may be used for up to 2% of the purchase price.
- Total household income not to exceed 80% of area median income as determined by the county location. Property must be located within our area of service.
Loan requirements:
- Must be for a primary residence and used for single-family detached, condominium, townhouse or modular homes. (Manufactured housing, mobile homes and a-typical homes are not eligible.) Areas of Service »
- No secondary financing.
- Private Mortgage Insurance (PMI) required on loans over 80% loan to value.
WHY CHOOSE PIEDMONT FEDERAL FOR YOUR MORTGAGE?
We don’t sell our loans, which means your mortgage won’t bounce around between banks all over the country and you’ll always know who to talk to with questions. We keep your mortgage close to home where it’s not only secure, but stays here in the community. More reasons »
