Part 5 in our Series for First Time Home Buyers....

At Ameriserv Bank we offer the following programs for First Time Homebuyers:

FHA  -

·         Purchase price limit of $280,000

·         Minimum credit score of 640

·         Down payment is 3.5% of the purchase price. 

·         You can also get a gift for the down payment , it must be from a qualified person – usually a family member.  

·         There is an up-front funding fee of 1% - which can be financed. 

·         Seller assist is allowed, which can be up to 6% of the sale price. 

PHFA –

·         You cannot have owned a home in the last three years. 

·         Income limits and purchase price limits in Centre County based on family size.

·          All income from any occupants over the age of 18 that are working are used when qualifying. 

·         With a minimum credit score of 660 the borrower only needs 3% for the down payment.  If your score is below 660 you would have to complete a credit counseling course and the required down payment would be 5%. 

·         Closing cost assistance available for those who qualify. 

USDA –

·         Homes must be located in a rural area – which is determined by zip code.  

·         There are income limits based on family size for Centre County.

·          There is a onetime guarantee fee of 3.5% of loan amount and may be financed. 

·         No mortgage insurance

·         100% financing is available along with Seller assist towards closing costs.  

·         Minimum credit score of 640. 

VA –

·         100% financing available

·         2.125% upfront funding fee

·         No mortgage insurance

·         Minimum credit score of 640

·         Seller assist is allowed

For More Information about these programs please contact: 

Wendy Cable, Mortgage Loan Officer, Ameriserv  Bank – 814-533-5432 or 814-933-2739.

It is very important to be pre-qualified before you begin your home search and it makes you a much stronger buyer in todays market!