First-Time Homebuyer Loans
Your homebuyer journey starts here
We look forward to helping you finance your first home. Our Home Loans Central team is standing by to prepare you for the homebuying process, to assist through the mortgage application and keep you informed along the way. Simply click the button to create an account and get started today.
If you're thinking about buying a home in the future, it’s never too early to meet with a lending expert. We invite you to find a local loan officer who will help prepare you for a mortgage including understanding your credit, loan pre-qualification, down-payment assistance and grant resources for your unique situation. You will also learn about common first-time homebuyer loans with low down-payment options like FHA, VA, and Banner’s Community Heroes and Affordable Mortgage Program. Find a loan officer today to get started.
First-Time Homebuyer Loan Options:
Banner Bank's Affordable Mortgage Program (AMP) is ideal for the buyer who doesn't have a large down-payment amount. Finance up to 99% of the home value.
FHA Loans are a popular first-time homebuyer loan because they allow as little as 3.5% down. These loans are backed by the Federal Housing Administration and have flexible credit score requirements.
Our Community Heroes home loan is for frontline professionals such as educators, medical workers, military and more. See if your profession allows you access to this loan option featuring financing for up to 97% of the home's value.
With a Banner Bank home loan, you'll get:
Down Payment Options
One of the common myths about a mortgage is that it requires 20% down. In fact, some home loans require very low or even no money down, or may allow gifts from family members to be put toward the down payment. Additionally, government agencies and community programs offer grants and assistance to buyers who are struggling with financial situations. Your loan officer will help you understand all the available options so you can make the best choice for your situation.
Here's are the common steps during the home loan process:
- Contact a loan officer for pre-qualification, current home loan rates and specific loan information
- Find your dream home
- Choose your home loan type and provide required documentation
- Sign the loan disclosures provided by your lender
- Order your home inspection
- Your bank orders the home appraisal
- Your bank submits documents to underwriting
- The underwriter approves the loan
- Final loan documents are sent to title/escrow for signing
- Sign documents with the title/escrow representative and pay remaining costs, if applicable
- Your realtor will give you the keys to your new house at an agreed-upon time
Read more about these steps and what to expect in our blog, The Step-by-Step Path to Your Home Loan.
If you're looking to buy a home, let us walk you through the process. Our Homebuyer Education workshops are led by our specialists.
Before searching for your dream home, the first step is to pre-qualify. Learn about what to expect when you apply for a home loan in this blog.