Affordable Housing Programs

The following is information provided by First Bank and it may be changed without notice. Please contact First Bank to verify that it is still available.

These loans are designed to offer reasonable opportunity for home ownership by providing financing options that differ from traditional loan programs. Expanded qualifying ratios and significantly reduced closing costs and downpayment requirements make home purchase available to low-to-moderate income level borrowers with an increased potential for ownership.

Affordable housing program

1. Household income must not exceed $58,160 (80% of the HUD median figure, currently $72,700).
2. Loans must be for the purchase of the borrower’s primary residence.
3. Condos, townhomes, duplexes and single-family homes are all eligible properties under this program.
4. Loan terms are offered at current rates. 30 year fixed rate and FIRM 5/30 loans are available.
5. Closing costs are limited to $1,000 plus title insurance and prepaid items (escrow accounts, odd days interest figures).
6. Loan-to-values available for up to 97%; borrowers must make a minimum contribution of $1,000 from their own funds, plus have one month PITI (principal, interest, taxes and insurance) in reserve after closing. The remaining funds may be from receipt of gift money, grants, downpayment assistance, etc.
7. Mortgage Insurance is required on all loans with a loan-to-value of more than 80%.

Super Affordable Housing Program

This program has the same guidelines as above with the following exceptions:

1. The income limit for borrowers is $36,350 (50% of the median figure).
2. Costs are limited to $500 plus title insurance and prepaid items.

All borrowers must meet the standard credit and underwriting requirements with regard to ratios and payment qualification. Mortgage Insurance approval is dependent on a third party provider, and First Bank requires the borrower to undergo a short credit counseling session through CCCS (it can be handled over the phone) or the Summit Housing Authority class that covers home ownership, escrow accounts, etc.

Contact an officer at First Bank in Silverthorne or Frisco with any questions concerning these programs, the application process, or current rates.

Silverthorne: 970-468-8000
Frisco: 970-668-3600