Buyer's Advantage Loan
Helping You Achieve Homeownership
Our Buyer’s Advantage program makes it easier to get in the home of your dreams.
A few highlights of the Buyer's Advantage program are:
Have Questions About Home Loans?View All FAQs
How much home can I afford to purchase?
The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe. Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.
Try our “How Much Home Can I Afford?” calculator to get an estimate and see how much you can potentially afford.
Should I get pre-qualified for a mortgage before I shop for a home?
Getting prequalified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.
Are there any special programs for first-time homebuyers?
First-time home buyer programs are for individuals who meet certain income requirements, who are financing property in certain census tracts, or who meet other special requirements. We participate in special loan programs throughout the state and USDA Rural Housing Loans. Benefits include:
- Lower down payments than most other financing options so you will not need as much cash to buy a home.
- Competitive interest rates.
- Reduced closing costs and mortgage loan fees.
Other restrictions may apply.
How can I lock my interest rate?
Generally, you must complete a full mortgage application in order to lock a rate. You can work with your loan originator to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.
How much cash will I need for closing costs?
Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:
- Lender fees. Fees can include origination and points.
- Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.
- Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.
You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.
- The Property is located in a Low or Moderate (not Middle or Upper) Income Level Tract
- The Property is located in a Tract with a minority percentage greater than 50.00%
First-Time Buyer Resources
- Resources for first-time homebuyers
- Tips for improving your credit score
- Get information on pre-qualifying
- Learn about the loan process
- Find a checklist of information you'll need to gather
Learn What You Can AffordTry Our Mortgage Calculator
Stories and Insights
Important Legal Disclosures and Information
- Property must be applicant’s primary residence. If Property is not located in a Low or Moderate Income Tract or a Tract that is greater than 50.00% minority, applicant income must be 80% or less of the Estimated MSA Median Family Income Level.
- The Buyer's Advantage mortgage provides up to 100% financing based on the lesser of the purchase price or a bank-accepted appraisal; speak to your loan officer for qualification details.
- Borrower must complete homebuyer education course prior to closing.