First-Time Homebuyer Loans
Financing Your First Home
First-time homebuyer? We are here to help. Our lending experts will help make the financing simple, transparent and stress-free. From pre-qualification through the application and loan closing, we will keep you informed along the way. Find a Residential Loan Officer or click the button below to create an account and get started today.
Expert guidance for first-time homebuyers
Buying your first home is a big milestone. Whether you’re ready now or are thinking about buying a home in the future, your first step should be to meet with a lending expert. Our residential loan officers will help prepare you for a mortgage from understanding your credit score, loan pre-qualification, and exploring down-payment assistance and grant resources for your unique situation. Contact us today through one of the options below. We look forward to hearing from you soon.
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.
How mortgage rates are determined.
The most important factor that you can influence is your credit score. Typically, the higher your score, the lower your interest rate. Your Residential Loan Officer will explain the mortgage rate options for your situation. We recommend meeting with one of our experts long before you start shopping for a home.
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.
If you're looking to buy a home, let us walk you through the process. Our Homebuyer Education workshops are led by our specialists.
These are the common steps during home loan financing:
- 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.
