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First Time Buyer Loans and Low Down Payment Loans

Purchasing a home will be one of the most important decisions you will make. 
With so many financing options available, including those only available to first time buyers, the process can be overwhelming. Morton Community Bank offers many low down payment options that may provide financing up to 100% of purchase price. Our dedicated Lending Team will provide guidance and discuss various options during the process to help you select the best financing for your home.

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Pre-Qualification
Even if you are currently looking for the perfect home, you can still take the first step by obtaining a pre-qualification letter confirming the amount you may be able to borrow.  Once you are ready to buy, contact your Loan Officer to complete the application process.

You can visit our Resources page to gain insight into the mortgage process including:

  • Mortgage calculators to help create estimated payments
  • Frequently asked questions regarding the loan application process and the loan closing
  • Glossary of terms which may be used when you purchase your home

Community Home Buyers Program*
Community-friendly mortgage with flexible options.

  • Program eligibility not based on income
  • Conventional financing

Freddie Mac Home Possible*
Low down payment option with flexible sources of funds.

  • Income limits may apply
  • Conventional financing

United States Department of Agricultural (USDA) Rural Development

Rural development home loans sponsored by the (USDA).

  • Income limits apply
  • Must be located within an eligible rural area

Veterans Affairs (VA)
Home loans specifically designed for Service Members and their families. 

  • Mortgage loans for Service members, Veterans and eligible surviving spouses.
  • VA guarantees a portion of the loan

Federal Housing Administration (FHA)
Loans in partnership with FHA.

  • Down payment possible 
  • Available on 1-4 unit properties

Down Payment Plus Grant
Down payment and closing assistance for income-eligible homebuyers.

  • Down payment assistance up to $6,000 for closing costs and fees
  • Five year forgivable grant
  • Borrowers are required to complete both pre-purchase homebuyer education and counseling

Are you ready to move forward? Click Here for Lender contact information. You can also begin by completing our online application process.  After completing your application, a Community Banker will contact you. 

*Loan Serviced by Morton Community Bank.
Certain qualifications and restrictions apply.  Offer of credit is subject of credit approval