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First Time Homebuyer

Turn a Dream Into Reality

We offer first-time home buyer programs that work with government financial assistance programs to allow for flexible down payments and maximum financing. Let us help you realize the dream of owning a home.

Community Lending Program

Our Community Lending Program^(1,2) is more than just financing; it’s about empowerment. This initiative aims to assist low-to-moderate income borrowers⁽³⁾ access the necessary resources while boosting your buying power and providing essential support throughout the home buying process. With affordable rates and dedicated support, we’re here to guide you step-by-step on the path to homeownership!

EXCLUSIVE LOW INTEREST RATES: Up to 2% lower than our 30 year fixed rate.⁽¹⁾
CREDIT SCORE FLEXIBILITY: 640 minimum credit score requirement.
LOW DOWN PAYMENT^(5,7): Minimum 3% down(5) and NO Private Mortgage Insurance (PMI).⁽⁶⁾
ASSISTANCE OPTIONS: Use in conjunction with other closing costs and down payment assistance programs.⁽⁷⁾
EXPERT GUIDANCE: Homeownership counseling required to prepare you for home ownership.⁽⁴⁾

(1) Community Lending Program Mortgages are available on 1st lien, 1-4 family owner occupied primary residence with a 30 year maximum term and $300,000 maximum loan amount. Annual Percentage Rate (APR) of 5.022% for 30 years with a monthly payment of $5.37 per $1,000 borrowed. Payments disclosed do not include taxes & insurance. Title and property insurance are required; flood insurance is required when applicable. Other closing costs may apply. The Community Lending Program rate is 2% lower than the current PSBT 30 year fixed mortgage rate of 7.00%, effective 12/9/2024. This rate reflects a 0.25% reduction for autodraft of payment from a Peoples Security Bank & Trust checking account. Subject to credit approval. Offer subject to change at any time without notice.

(2) Maximum debt-to-income ratio is 45%.

(3) Borrower’s household income may not exceed 80% of the county median income per household as recently published by HUD.

(4) Online Home Buyer education course required through MGIC.

(5) Finance up to 97% of the lower of the purchase price or appraised property value.

(6) Lender paid PMI.

(7) Minimum contribution of 1% for 1 unit owner-occupied properties. Down payment assistance in the form of Local or County Assistance Programs/Grants, Peoples Security Bank & Trust grants and loans may be combined with borrower funds to meet down payment and closing cost requirements.

Peoples Select MTG^TM

Purchasing a new home or refinancing your existing mortgage? Our Residential Mortgage Loan for low-to-moderate income borrowers provides a fast, low cost and convenient solution to your mortgage needs.

This Special Mortgage Program^(2,3,6) for low-to-moderate income borrowers⁽⁵⁾ offers advantages many other banks don’t.

Lock in a Low Fixed Interest Rate⁽¹⁾
Low Annual Percentage Rate
Low Closing Costs
NO BANK FEES⁽⁴⁾ for Low-to-Moderate Income Borrowers⁽⁵⁾
Longer Term Options Available

(1) Current rates and full account disclosure available upon request. This excludes the financing of bank-owned (credit sale) transactions.

(2) Peoples Select MTG™ is available for first lien purchase and refinance 1-4 family owner-occupied primary residence transactions in amounts up to $500,000 with autodraft from a Peoples Security Bank checking account. Borrow up to 80% of the property’s value with short term financing. Other rates and terms are available. Borrower-paid homeowners insurance required. Borrower-paid flood insurance may be required as necessary. Rates are locked as of date of application for a 60-day period and are subject to market condition changes thereafter.

(3) All loans subject to credit and collateral approval.

(4) Examples of bank fees are: origination fees/points, application fee, documentation fee, credit report, appraisal fee, mortgage recording fee, bank provided property search fee, bank attorney fee, flood certification fee, underwriting fee, tax service fee, courier fee. Borrowers are responsible for all other costs and fees. Title insurance is required on purchase transactions; otherwise, title insurance is at discretion of the underwriter for refinance transactions.

(5) Borrower’s household income may not exceed 80% of the county median income per household as most recently published by HUD. Respective county information available upon request. Other household income options available.

(6) Down payment may consist of a combination of PSBT First Time Home Buyer Grant Program, qualified gift funds, local or county assistance programs and seller assist when applicable. This offer may discontinue at any time without notice.

Home Possible^® Mortgage

Make home purchase a reality with Home Possible^® Mortgage. A loan that offers additional flexibilities and financing options for those who qualify as very-low and low-to-moderate income, as well as those in underserved markets seeking low down payment options.

Low down payment with a variety of down payment sources
Purchase and no cash-out refinancing
Fixed and adjustable rate mortgages available
Income and credit flexibility

Freddie Mac Refi Possible^SM Mortgage

Freddie Mac Refi Possible^SM mortgage offers unique flexibilities for low-income borrowers looking to refinance their existing Freddie Mac-owned loan into a more sustainable mortgage.

Refi Possible encourages long-term homeownership success by enabling borrowers to take advantage of today’s interest rate environment. This program benefits the following categories of borrowers:

Lower income borrowers who may not have realized the benefit of refinancing their current loan.
Borrowers looking to save more on their monthly principal and interest payments.
Borrowers with current mortgages owned by Freddie Mac.
1-unit primary residence, manufactured housing and all eligible property types.

Fixed interest rate
Income eligibility of 80% of area median income

FHLB (Federal Home Loan Bank) First Front Door Program

First Front Door may assist qualified first time home buyers with a grant, matching $3 for every $1 applied toward a down payment and closing costs. You may be approved for up to $5,000 when funding is available through the FHLB Grant Program.

To learn about whether you may be eligible for the FHLB Grant, contact an experienced Mortgage Loan Originator at Peoples Security Bank at 888-868-3858.

To learn more or to see if funding is available for the FHLB of Pittsburgh’s First Front Door Grant Program, please click here.

Residential Mortgage Grant Assistance Programs

Peoples Security Bank & Trust is pleased to offer two grant programs to assist residential home applicants. Qualified applicants are those who are purchasing or refinancing a home who qualify as low-to-moderate-income borrowers⁽²⁾, receive approval, and close their mortgage loan through the PSBT Residential Lending area.

FIRST TIME HOME BUYER GRANT PROGRAM ^(1,3,4,5)—available for home purchase or home construction mortgages. Peoples Security Bank & Trust will contribute up to $1,500 towards closing costs.
MORTGAGE REFINANCE GRANT PROGRAM^(1,5)—available for existing primary residence refinance loans. Peoples Security Bank & Trust will contribute up to $500 towards closing costs.
Assists low to moderate income borrowers⁽²⁾

(1) Approval is based on Applicant(s) income.

(2) Borrower’s household income may not exceed 80% of the county median income per household as most recently published by HUD. Respective county information available upon request. Other household income options available.

(3) Maximum debt-to-income ratio 43%.

(4) Must meet the bank’s definition of first-time homebuyer.

(5) Bank may discontinue grant programs at any time without notice.