Sewickley Savings Bank: Mortgage Financing Options for First Time Home Buyers

Sewickley Savings Bank offers two first time homebuyer options.  To find out more, click here 

Contact: Thomas R. Ondek

Email: tondek@sewickleysavingsbank.com

Phone: 412-741-5000

URL: www.sewickleysavingsbank.com

Additional Information: Option #1 LOW MONTHLY PAYMENT -The bank will lend up to 90% of the lesser of the appraised value or sale price of the property; The bank will pay for the Private Mortgage Insurance on any loan from %81 to %90 loan to value; $500 lender credit towards closing costs

OPTION #2 LOW DOWN PAYMENT/CLOSING COSTS – The bank will lend from 91% – 95% of the lesser of the appraised value or sale price of the property: Requires borrower paid Private Mortgage Insurance; $500 lender credit towards closing costs

PROGRAM QUALIFICATIONS – Home sale price must be $175,000 or less; Family annual income of $69,700 or less; purchased property must be within the bank’s defined lending area; applicant(s) must not have had an ownership interest in a home for the past two years; home must be a single family and owner occupied as the primary residence; applicant(s) must meet the banks standard underwriting criteria for conventional residential mortgage loans.

First Time Homebuyer is defined as not having owned a home within the past 2 years, or only while married, but not as a single person within the last two years. All terms are subject to change without notice.

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