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Home Sweet Home Purchase Loan offers special options

middle class suburban houses

Steve and Carla want to buy a home, but they aren’t certain they can afford it. Would they have to put 20 percent down? How much more would they have to pay if they couldn’t?

If they talked with a mortgage lender at Fairfield National Bank (FNB), they would learn about the new Home Sweet Home Purchase Loan program, which offers special financing for homes in areas that qualify as low-income.

Through this program, they could put down as little as 3 percent of the loan and wouldn’t have to pay private mortgage insurance (PMI). Typically if a buyer puts down less than 20 percent, he or she must pay PMI. For Steve and Carla, that extra money adds more to their budget and could help ease their concerns about the costs of homeownership.

The homes available for this program are based on U.S. Census-tracked areas that qualify as low-income areas. By offering Home Sweet Home, Fairfield created another way to support neighborhoods that could benefit from more growth and development. To see if a home you’re interested in resides in a low-income tract, visit https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx and type in the address at the top, or you can zoom in on the map and select the tract yourself by clicking the User Select Tract button on the left.

The Home Sweet Home Purchase Loan, which is a 30-year fixed mortgage, can be used with other local, state and federal financing options, such as down-payment assistance. Fairfield owns and services Home Sweet Home loans entirely. That means you will always have a local lender available to provide personal attention and answer any questions you might have.

According to a Fannie Mae National Housing Survey, people desire to own a home for many reasons, including wanting a good place to raise children, a safe place to live and more space for their current and perhaps growing family.

Owning a home can also build wealth. Each month you make a mortgage payment, which adds equity in something that has the potential to increase in value.

Home Sweet Home isn’t just for homebuyers.

To give homeowners more flexible options in updating and upgrading their homes, Fairfield National created the Home Sweet Home Improvement Loan. The program was developed in 2015 and is ideal for low- to middle-income borrowers, who can apply for a $5,000 to $10,000 loan with a low fixed rate. The loan can be financed for up to 84 months and features closing costs capped at $199.

“We care about the development of our neighborhoods,” a senior Fairfield lender said. “Our Home Sweet Home services can open up resources to more people in more places and support the vitality of our communities.”

For more information about our Home Sweet Home options, visit our banking offices and talk to a lender today or call 740.681.8258.

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