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First Time Homebuyer

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City Start Mortgage

City believes in big dreams. And with the City Start Mortgage, more people than ever are able to realize the dream of owning a home - even those just starting out or getting back on their feet financially. That's because City has a special program for first-time buyers with low to moderate income.

Benefits

  • Little to no down payment
  • Low closing costs
  • Flexible credit score allowances
  • No private mortgage insurance requirements

Qualifications

  • Must be a first-time home buyer1
  • Minimum credit score of 620
  • Minimum annual household income of 80% of the median income in your area2
  • Loans are only available for properties located in City's designated service areas
  • The property must be a conforming, single-family primary residence. Condominiums are not eligible.
  • Monthly escrow is required for homeowners insurance and real estate taxes

Fill out the City Start Home Buyer Budget Worksheet with the help of your local branch's mortgage specialist. This will let you see how a new mortgage payment could fit into your financial plan.

1 City Start Mortgage Disclosures: Must be a first-time home buyer. The City Start Mortgage is an adjustable-rate loan, where the interest rate and monthly payment are subject to change every three years. The loan is not available with a fixed interest rate. At each three-year adjustment period, a new interest rate will be calculated based on an index rate (the three-year Weekly Treasury Constant Maturity) plus a margin of 2.875%. Your interest rate cannot change by more than 2.00% during any three-year adjustment period and your interest rate can never increase by more than 4.00% above the initial Note rate. The Closing Costs include expenses for appraisal, title search, credit report, flood determination and settlement agent fees. Closing costs do not include expenses for prepaid interest, hazard or flood insurance, owners’ title policy, real estate taxes, recording fees or transfer taxes. 2 See a City mortgage specialist for this information.

Zero Down Payment Champion Mortgage

No down payment required. No private mortgage insurance (PMI).   City’s Champion Mortgage lets you save your cash – which comes in handy for that bathroom update or for furnishing your new place.

The Champion Mortgage features:

  • No down payment
  • No Private Mortgage Insurance (PMI)
  • Low closing costs
  • No pre-payment penalty
  • Low rates

Your local, experienced City mortgage specialist can help you get started today. Let us call you or contact us to learn more about the Champion Mortgage and City’s other mortgage products. Or, fill out an application online

2 Champion Mortgage Disclosures: Not available for fixed rate or construction mortgage loans. Closing costs include expenses for appraisal, title search, credit report, flood determination and settlement agent fees. Closing costs do not include expenses for prepaid interest, hazard or flood insurance, owners’ title policy, real estate taxes, recording fees or transfer taxes.

Traditional Fixed-Rate Loans

Fixed-rate mortgages offer the security of equal monthly payments throughout the entire life of your loan.

When choosing a fixed-rate mortgage, you never have to worry about your payment unexpectedly increasing if interest rates rise.

A City mortgage specialist can help you determine if a fixed-rate mortgage is right for you. Let us call you or contact us to learn more about City’s mortgage products. Or, fill out an application online.  

More Mortgage Products

City offers additional mortgage products designed to meet your needs:

  • Other Adjustable-Rate Mortgages (ARMs) that offer flexible terms and down payment options.
  • Mortgage Rehab Loans, which allow you to buy or refinance your home and make capital improvements at the same time, all in the same loan.
  • Investment Property Loans – when your goal is to make money, we can work with you to save money.

A City mortgage specialist can help you determine which product is right for you. Let us call you or contact us to learn more about City’s mortgage products. Or, fill out an application online