Let CSB and the Equity Builder Program1 (EBP) help get you into your first home!
The Equity Builder Program1 (EBP) offers up to $30,8061 in grant money to help buyers earning up to 80% of the area median income with down-payment, closing cost, and homebuyer education and counseling. Click here for more information. Apply online with Clinton Savings Bank.
There's nothing quite like peace of mind. That's why we have our Safeguard Mortgage!*
You can modify your mortgage rate within the first five years of closing your loan, for a low $250 fee*, even if you are a first-time homebuyer. That way, if rates go down you can easily modify your mortgage rate - and lower your monthly payment.
1The funds are from a pool of monies provided by the Federal Home Loan Bank (FHLB) and are available on a first-come, first-served basis. Funds are not guaranteed. Restrictions may apply. Subject to credit approval.
*Effective for mortgage applications submitted beginning January 30, 2023. Clinton Savings Bank 30 year fixed rate portfolio mortgages only. Property must be a 1-4 family, owner-occupied residence. All applicants are subject to complete underwriting based on program guidelines. Mortgage and Note can be modified once during the first 60 months from the date of closing. At time of modification, mortgage payments must be current and payment history must be free from any delinquencies. Modification fee is $250.00 and will be collected at the signing of the modification agreement. Payment at modified interest rate will be based on the remaining outstanding principal balance and term at the time of modification. Tax implications may apply. Other restrictions may apply. Offer may be withdrawn at any time.
If you have any questions or need help applying, call one of our Mortgage Originators and they will walk you through the process!
Note: If you have a credit freeze please contact the applicable credit agencies prior to applying for a loan in order to temporarily remove the hold so that your credit may be pulled.
Equifax Experian TransUnion Innovis
Closing costs are fees that you pay at the end of the mortgage process when you close on your new home. We put together a closing cost document of common costs involved in the closing process to help you on your mortgage journey!
Not a first-time homebuyer? Click here to see all of our mortgage financing options.
CSB First-Time Homebuyer
Let CSB help you purchase your first home.
CSB FTHB Details:
-
$500 credit1 towards closing costs.
- Fixed rate and payment for easier budgeting.
- Loan type can be used in conjunction with the Equity Builder or Housing our Workforce grant programs.
- Loan type also eligible for our Safeguard Mortgage2 - if rates go down, you can easily modify your mortgage rate - and lower your monthly payment.
- Up to 95% loan to value on 2-4 family units.
1 Clinton Savings Bank FTHB portfolio mortgage customers only. Credit will be applied to offset closing costs. Credit cannot be combined with any other offers. Other restrictions may apply. All applicants are subject to complete underwriting based on program guidelines. Offer may be withdrawn at any time. Equity Builder and MHP programs are ineligible for the credit.
2 Effective for mortgage applications submitted beginning January 30, 2023. Clinton Savings Bank 30 year fixed rate portfolio mortgages only. Property must be a 1-4 family, owner-occupied residence. All applicants are subject to complete underwriting based on program guidelines. Mortgage and Note can be modified once during the first 60 months from the date of closing. At time of modification, mortgage payments must be current and payment history must be free from any delinquencies. Modification fee is $250.00 and will be collected at the signing of the modification agreement. Payment at modified interest rate will be based on the remaining outstanding principal balance and term at the time of modification. Tax implications may apply. Other restrictions may apply. Offer may be withdrawn at any time.
Safeguard Mortgage*
There's nothing quite like peace of mind... that's why Clinton Savings Bank has our Safeguard Mortgage*. Talk with one of Mortgage Originators to apply.
Safeguard Mortgage* Details:
- Modify your mortgage rate within the first 5 years of closing your loan, for a low $250 fee,* even if you're a first-time homebuyer.
- If rates go down, you can easily modify your mortgage rate - and lower your monthly payment.
*Effective for mortgage applications submitted beginning January 30, 2023. Clinton Savings Bank 30 year fixed rate portfolio mortgages only. Property must be a 1-4 family, owner-occupied residence. All applicants are subject to complete underwriting based on program guidelines. Mortgage and Note can be modified once during the first 60 months from the date of closing. At time of modification, mortgage payments must be current and payment history must be free from any delinquencies. Modification fee is $250.00 and will be collected at the signing of the modification agreement. Payment at modified interest rate will be based on the remaining outstanding principal balance and term at the time of modification. Tax implications may apply. Other restrictions may apply. Offer may be withdrawn at any time.
MHP One Mortgage
ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable. The One Mortgage program offers financial assistance for eligible buyers, has a low, fixed interest rate, and requires no Private Mortgage Insurance (PMI). Visit the MHP website for full details and to see if you are eligible for the program.
One Mortgage Program Eligibility:
- Complete a homebuyer education class.
- Borrowers must use a Participating Lender.
- Must be a first-time homebuyer.
Please note that all mortgage loans are subject to income and credit approval. Other restrictions may apply. All applicants are subject to complete underwriting based on program guidelines.
FHLB Equity Builder Program
The Equity Builder program provides income-eligible first-time homebuyers with up to $30,8061 that can be used towards their down payment and closing costs. This gives homebuyers an extra boost to help achieve their dreams of homeownership.
Equity Builder Program Eligibility1:
- Must be a first-time homebuyer.
- Borrowers have to contribute a minimum of $500 of their own downpayment funds.
- Maximum household income cannot exceed 80% of the area median income for the town where they are buying (adjusted for household size).
- Must be for borrower’s primary residence.
- Recipients must attend homebuyer education/counseling program through a FHLB approved homebuyer counseling organization.
1 The funds are from a pool of monies provided by the FHLB and are available on a first-come, first-served basis. Funds are not guaranteed. Restrictions may apply. Subject to credit approval.
Fannie Mae HomeReady Program
HomeReady is a Fannie Mae program designed for creditworthy borrowers earning 80 percent or less of the area median income. The program requires as little as 3% down and lower mortgage insurance requirements.
HomeReady Program Eligibility
• As low as 3% down payment for home purchases
• LTVs as high as 97% for certain refinance transactions
• The household income has to be equal to or less than 80% of the area median income
• First-time homebuyers must attend an approved homebuyer education/counseling program
For more information on this program please reach out to one of our Mortgage Originators.
Please note that all mortgage loans are subject to income and credit approval. Other restrictions may apply. All applicants are subject to complete underwriting based on program guidelines. Funds may be available for non-first-time homebuyers.
FHLB Housing Our Workforce Program
The Housing Our Workforce or HOW program offers down-payment assistance grants to help homebuyers earning above 80% and up to 120% of the area median income. Eligible borrowers may be able to receive 10% of the purchase price or uo to $25,000 (lesser of the two). This allows a greater number of working individuals and families to be able to afford purchasing a home.
Housing Our Workforce Program Eligibility:
- Borrowers are required to contribute at least 1.5% of the purchase price.
- Must be for an owner-occupied primary residence.
- The household income has to be greater than 80%, but not greater than 120% of the median income, adjusted for household size.
- First-time homebuyers must attend a homebuyer education/counseling program through a Federal Home Loan Bank (FHLB) approved homebuyer counseling organization.
Please note that all mortgage loans are subject to income and credit approval. Other restrictions may apply. All applicants are subject to complete underwriting based on program guidelines. Funds may be available for non-first-time homebuyers.
