First Time Homebuyer
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.
- Little to no down payment
- Low closing costs
- Flexible credit score allowances
- No private mortgage insurance requirements
- 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.
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.
Low closing costs and low interest rates mean you can purchase a $100,000 home for just $426 a month.2
The Champion Mortgage features:
- No down payment
- No Private Mortgage Insurance (PMI)
- Low closing costs
- No pre-payment penalty
- Low rates
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.
- Income restrictions apply
- Seller-paid closing costs and prepaids up to 6% of purchase price
- No down payment
- Credit score minimum of 640
- 30-year term
- Family gift funds allowed
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.
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. For example, based on a $100,000 loan amount at an interest rate of 3.29% (3.681% APR) for a 3/3 adjustable-rate loan for 30 years, the monthly principal and interest payment will be $437.40 for the first 36 months. Interest rate accurate as of 8/29/16. After the 36-month period, th payment is subject to change and will range from a low of $417 to a maximum of $545 with a corresponding interest rate of between 2.875% and 5.29%. Every 36-month period, the payment is subject to change. The payment can range from a low of $417 to a maximum of $653 with a corresponding simple interest rate of between 2.875% and 7.29%. All payments shown in this example do not include taxes and insurance premiums, which will result in a higher actual monthly payment. 2 See a City mortgage specialist for this information.
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. For example, based on a $100,000 loan amount at an interest rate of 3.49% (4.276% APR) for a 3/3 Adjustable Rate Loan for 30 years, the monthly principal and interest payment will be $448.49 for the first 36 months. The payment for the next 324 months can fall in a range from $418.00 - $667.00 based on minimum rate of 2.875% and maximum rate of 7.49%. The payments do not include taxes and insurance premiums and the actual payment obligation will be greater. The interest rate is variable and may increase or decrease at the end of the 3-year fixed rate period. Your interest rate may be adjusted every three years thereafter and will be based on an index plus a margin. The index is the three-year weekly Treasury Constant Maturity. At the end of three years the rate will change based on the index, which currently is 1.48% plus the margin of 2.875%. Interest rate is accurate as of 08/22/2017.