First Time Homebuyers
We go the extra mile for a strong beginning. Opt for our fixed-rate in-house products, with reduced interest for first-time homebuyers.
Mortgage Options you can count on.
Federally-backed programs like FHA and VA loans open up the dream of home ownership to more buyers. They can also help you finance major home improvements. Saco & Biddeford Savings is proud to offer both.
FHA Loans
Insured by the Federal Housing Administration, FHA loans allow down payments under 20 percent. With their flexibility and easier credit terms, FHA loans are popular with first-time homebuyers who might not otherwise qualify for a mortgage.
- Down payments as low as 3.5%
- Low closing costs
- Easy credit qualifying and lower minimum credit scores than conventional loans
- Higher allowable debt-to-income ratio (DTI)
VA Loans
Guaranteed by the U.S. Department of Veterans Affairs, VA loans offer lower mortgage rates to servicemembers, veterans and eligible surviving spouses.
- No down payment
- No private mortgage insurance (PMI)
- Higher allowable debt-to-income ratio (DTI)
- No prepayment penalty
- Refinance options
- Flexibility with bankruptcy and foreclosure
- No origination, processing or underwriting fees
- A current member of the U.S. armed forces
- A veteran
- A reservist/national guard member, or
- An eligible surviving spouse
All loans are subject to credit approval.
The Bank reserves the right to perform its due diligence assessment of the loan application and may modify the amount, or refrain from providing any financing, according to the results of its analysis. Generally, Saco & Biddeford Savings Institution provides lending services for properties located within our designated lending area. Please call one of our loan representatives for more information.
Calculators
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Adjustable Rate Mortgage Calculator
Project your payments for an Adjustable-Rate Mortgage, which increases by intervals until it hits the rate cap.
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Fixed Rate Mortgage Calculator
Estimate your payments (principal and interest) based on a fixed mortgage rate.
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Homeowners Insurance
Your home is a significant investment. Safeguard it with a comprehensive Homeowners Plan, ensuring peace of mind.
Explore Government Loan Programs