First Time Home Buyers

We offer first-time homebuyer 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. 

PSBT Community Lending Program | Peoples SelectMTG Program for Low-to-Moderate Income Borrowers | Home Possible® Mortgage | Freddie Mac Refi Possible^SM Mortgage | FHLB First Front Door Program | Peoples Security First Time Home Buyer Grant Program

PSBT Community Lending Program

Peoples Security Bank & Trust offers this innovative new Community Lending Program^(1,2,3) for First Time Homebuyers⁽⁴⁾, low-to-moderate income borrowers⁽⁵⁾, and those purchasing a home in an underserved community⁽⁶⁾. 

 Great Features include:

• Up to 97% first mortgage financing⁽⁷⁾
• NO Private Mortgage Insurance (PMI) for applicant⁽⁸⁾
• Minimum borrower contribution of 1%⁽⁹⁾
• Increased buying power

To learn more about your options, please contact one of our experienced mortgage loan professionals.

(1) Subject to credit approval.

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

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

(4) Must meet the bank’s definition of first-time homebuyer. Applicants cannot have any ownership interest in a residential property during the past 3 years.

(5) Borrower’s household income may not exceed 80% of the county median income per household as published by HUD effective April 1, 2022. Respective county information available upon request. Other household income options available.

(6) No income limitations if property is located in an underserved community; otherwise, borrower’s household income may not exceed 80% of the county median income per household as published by HUD effective April 1, 2022. 

(7) Finance up to 97% of the lower of the purchase price or appraised property value. Offer does not apply when the creditor and seller are the same.

(8) Lender paid PMI.

(9) 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 grants and loans may be combined with borrower funds to meet down payment and closing cost requirements.

Peoples SelectMTG^TM

SPECIAL MORTGAGE PROGRAM^(4,5,6) FOR LOW-TO-MODERATE INCOME BORROWERS⁽⁵⁾

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^(4,5,6) 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

For more information, please contact one of our experienced mortgage loan professionals.

(1) Current rates and full account disclosure available upon request.

(2) Peoples Security SelectMTG™ 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 published by HUD effective April 1, 2022. 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 First Time Home Buyers, Move-Up Borrowers, and Retirees who qualify as very-low and low-to-moderate income, as well as those in underserved markets seeking low down payment options.

Features of the Home Possible® Mortgage include:

• 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

For more information, please contact one of our experienced mortgage loan professionals.

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. 

Features include:

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

For more information, please contact one of our experienced mortgage loan professionals.

FHLB (Federal Home Loan Bank) First Front Door Grant 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.

For more information, please contact one of our experienced mortgage loan professionals.

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⁽³⁾, receive approval, and close their mortgage loan through the PSBT Residential Lending area.

Features and qualifications include:

• FIRST TIME HOME BUYER GRANT PROGRAM ^(1,4,5)—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 meeting the following county guidelines: Allegheny County, PA - $75,850⁽²⁾; Bucks County, PA – $84,300⁽²⁾; Monroe County, PA – $68,500⁽²⁾; Carbon County, PA – $72,500⁽²⁾; Montgomery County, PA – $84,300⁽²⁾; Lackawanna County, PA – $59,300⁽²⁾; Northampton County, PA – $72,500⁽²⁾; Lebanon County, PA – $68,150⁽²⁾; Susquehanna County, PA – $59,200⁽²⁾; Lehigh County, PA – $72,500⁽²⁾; Wyoming County, PA – $59,300⁽²⁾; Luzerne County, PA – $59,300⁽²⁾; Middlesex County, NJ - $90,000⁽²⁾; Broome County, NY – $61,350⁽²⁾.

For more information, please contact one of our experienced mortgage loan professionals.

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

(2) Borrower’s household income may not exceed the income listed above. Based upon 80% of Area Median Income per Housing & Urban Development HUD’s most recent four person household listing. Other HUD household 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.