First Time Home Buyer Program
Pictured above: First time home buyer Jack Lombard with SBSI Loan Officer Patrick DeCourcey
Are you a first time home buyer? We are here to help you save money and guide you through the process of buying or building your first home! To make your first home loan as easy and affordable as possible, we offer a variety of loan products and services. Enjoy a first time home buyer reduced interest rate from one of our conventional fixed-rate in-house products, allowing for additional savings over the term of your loan.
- Low Down Payment Options.
- No PMI: There is no PMI (Private Mortgage Insurance) required with either of the above options. PMI is typically required when a down payment is less than 20% - this can save you over $100 per month!
- No Application Fee or Credit Report Fee: You can apply with confidence and you will not incur any fees until the loan is approved.1
- Generous Loan Amount and Income Limits: Maximum sales price of $453,100 and maximum combined income of $150,000.
- Local Decisions and Servicing: We work with a network of local attorneys, appraisers and other real estate professionals who know us and are easily accessible. Once the final loan paperwork is signed, your loan stays right here and does not get sold.
- Various Loan Options: Fixed rates and Variable rates, Land purchases, Condo purchases and Construction loans are available with our FTHB loan program.
- Satisfaction Guaranteed: If you are not happy with our loan process for any reason, we will reimburse you for your closing costs paid – guaranteed.
Don’t forget to mention that you learned about our first time home buyer program from our website to earn a $50 credit towards your closing costs!
Equity Builder Program
We can help get you into your dream home. Our personal approach simplifies the loan process with features such as:
- Up to $15,000 Grant: For those that qualify, this is not a loan and can be used for your down payment, one-time mortgage insurance premium, renovation funds, and/or closing costs.
- First Time Homebuyers: This grant program is perfect for first time homebuyers with limited funds.
- Income Limits: To qualify for the grant, your household income must fall within certain limitations. Please contact the bank for details on whether or not you qualify.
- Time Sensitive: The funding on this program is limited, and is based on a first come, first serve basis.
- Satisfaction Guaranteed: If you are not happy with our loan process for any reason, we will reimburse you for your closing costs paid - guaranteed.
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.
1Nothing due until approval, at which time you will pay for the cost of the appraisal. Most other costs are paid at closing.