First-Time Home Buyers

First-Time Home Buyers Overview

We are ready to help you take advantage of great opportunities available for first-time home buyers. Let’s sit down and find a solution that’s perfect for your dream home.

First-Time Home Buyers Programs

First-Time Home Buyers Programs

Ohio, Pennsylvania, and Illinois offer programs for first-time home buyers that provide low down payment options and down payment assistance. Visit the website of the state where you are interested in purchasing your first home.

 

BEST Mortgage Loans

BEST Mortgage Loans

Our BEST loan is designed for customers looking to purchase a home in a low- or moderate-income area. This program can benefit borrowers who have unique credit or income circumstances.

To Get Started - Call: 877-881-7787

Conventional Fixed-Rate Mortgage Loans

Conventional Fixed-Rate Mortgage Loans

FirstMerit offers traditional fixed-rate products with flexible terms, from 10 to 30 years. These loans provide a fixed rate on principal and interest payments for the term of the loan.1

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Adjustable-Rate Mortgage Loans

Adjustable-Rate Mortgage Loans

Our Adjustable-Rate Mortgages (ARM) have fixed rates for the first 3, 5, 7 or 10 years of the loan repayment period, depending on the type of ARM. This rate then adjusts annually thereafter. Our 5/5 ARM offers a fixed rate for the first five years then adjusts every five years thereafter. These loans can be amortized over a period of up to 30 years.2

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FHA Mortgage Loans

FHA Mortgage Loans

FHA loans are government-insured loans backed by the Federal Housing Administration (FHA). These loans require a down payment of 3.5%, and provide flexible credit guidelines.

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All loans subject to credit approval.
  1. 15 year fixed rate mortgage: OH, PA, MI & WI
    All loans are subject to credit approval. A $175,000 15-year fixed rate mortgage, with an interest rate of 2.875% and 20% down payment, principal and interest would be $1,198.03 for 180 months. Payment shown does not include amounts for taxes and insurance. Actual payment obligation may be greater. The annual percentage rate (APR) on the loan would be 3.045%, which is the cost of credit over the term of the loan expressed as an annual rate. Interest rate shown is the rate currently in effect. APR offer does not take into account additional loan-specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to, loan amount, loan type, occupancy type, property type, loan-to-value ratio and your credit score.

    15 year fixed rate mortgage: IL
    All loans are subject to credit approval. A $175,000 15-year fixed rate mortgage, with an interest rate of 2.875% and 20% down payment, principal and interest would be $1,198.03 for 180 months. Payment shown does not include amounts for taxes and insurance. Actual payment obligation may be greater. The annual percentage rate (APR) on the loan would be 3.029%, which is the cost of credit over the term of the loan expressed as an annual rate. Interest rate shown is the rate currently in effect. APR offer does not take into account additional loan-specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to, loan amount, loan type, occupancy type, property type, loan-to-value ratio and your credit score.

     

  2. Disclosure for a 3/1 ARM: OH, PA, MI & WI
    For example, a $120,000 3/1 ARM term home purchase loan with a 30 year amortization would have an interest rate of 2.50% for the first 3 years of the loan. The 4th year interest rate would be 3.125% based on the current 1-Year Constant-Maturity Treasury(CMT) Securities index of 0.15% and a margin of 3.00% and would be adjusted annually thereafter. With a 20% down payment, the first 36 monthly payments would be $474.15 and the remaining 324 monthly payments would be $510.51. Payments shown do not include amounts for taxes and insurance. Actual payment obligations may be greater. The annual percentage rate (APR) on the loan would be 3.095% which is the cost of credit over the term of the loan expressed as an annual rate. APR is subject to increase after loan closing. Interest rate, index, and margin are those currently in effect. APR and closing cost offer do not take into account additional loan specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to: loan amount, loan type, occupancy type, loan-to-value ratio, and your credit score. APR and payments are calculated with 0.25% reduction in interest rate and margin for payments made with automatic funds transfer (AFT) from a FirstMerit account. APR and payments will be higher without AFT.

    Disclosure for a 3/1 ARM: IL
    For example, a $120,000 3/1 ARM term home purchase loan with a 30 year amortization would have an interest rate of 2.50% for the first 3 years of the loan. The 4th year interest rate would be 3.125% based on the current 1-Year Constant-Maturity Treasury (CMT) Securities index of 0.15% and a margin of 3.00% and would be adjusted annually thereafter. With a 20% down payment, the first 36 monthly payments would be $474.15 and the remaining 324 payments would be $510.51. Payments shown do not include amounts for taxes and insurance. Actual payment obligations may be greater. The annual percentage rate (APR) on the loan would be 3.081% which is the cost of credit over the term of the loan expressed as an annual rate. APR is subject to increase after loan closing. Interest rate, index, and margin are those currently in effect. The APR and closing cost offer do not take into account additional loan specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to: loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score. APR and payments are calculated with 0.25% reduction in interest rate and margin for payments made with automatic funds transfer (AFT) from a FirstMerit account. APR and payments will be higher without AFT.
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