Sewickley Savings Bank offers two first time homebuyer options. To find out more, click here
Contact: Thomas R. Ondek
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.