Citizens’ First Time Homebuyer Program is available for the purchase of an existing home or the construction of a new home. It is available for first-time homebuyers only (no ownership interest in a residential property during the three year period preceding the date of purchase. If a joint application, only one of the borrowers must qualify for first time homebuyer status). You have the option of a fixed rate mortgage or an adjustable rate mortgage.

FEATURES

• There is no prepayment penalty.
• Owner-occupied properties only.
• Single Family Residence or Condominium only.
• Minimum required down payment – 3% for adjustable rate program; 5% for fixed rate program.
• Private Mortgage Insurance required for all loans with less than a 20% down payment.
• Rate discount on the Adjustable Rate Program with preauthorized payments from a Citizens checking or savings account.
• Discount on application fee.
• Discount on title fees may apply.

Loan Options

• Fixed Rate Program: 10, 15, 20 & 30 year term
• Adjustable Rate Program: 3 or 5 year ARMs amortized over a 15 or 30 year term

Have more questions? Need help determining your payments or what may work best for you? Try our financial calculators.