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First-Time Buyer Program

For 117 years, we have diligently worked to help our community make homeownership an achievable goal. With our First-Time Buyer Program receive discounted rates and fees as our housewarming gift to you. We’re here to help you through the process. No two journeys to buy a home look the same. Knowing the key steps and having the tools and team to guide you can help.

The Home-Buying Process: 10 Steps to Moving In

  1. Get Pre-Qualified
  2. Find Your Home
  3. Make an Offer
  4. Complete Loan Paperwork
  5. Conduct a Home Inspection
  6. Order an Appraisal
  7. Arrange Insurance
  8. Loan Reviewed by Underwriting
  9. Sign Closing Paperwork
  10. Move In!

Receive a Discounted Interest Rate

First-time buyers receive a discounted interest rate based on current market rates. In fact, interest rates for our First-Time Buyer program are typically a full point or more below our conventional mortgage rates in an effort to help more people qualify for a home purchase. These loans only require a minimum down payment of three percent and have a loan fee half that of a traditional OlyFed mortgage.

 

Sample Purchase Loan Payment Calculation
Calculation based on $300,000 conventional loan with 20% down payment. Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.
Interest Rate: 6.625%
Annual Percentage Rate (APR): 6.739%
Loan Fee: 0.50%
Number of Payments: 360
Monthly Payment: $1,920.93
Total Interest Paid: $392,366.19

 


Rates effective February 9, 2024 and are subject to change. Current Rates. Loans with less than 20% down will require Private Mortgage Insurance (PMI). Product for owner-occupied purchases only.

First-Time Buyer Construction Program

First-time buyers looking to build a home benefit from a construction loan with as little as 5% down, while also enjoying a loan fee half that of a traditional OlyFed mortgage. Even better, we roll construction costs and permanent financing into one convenient package and we close up-front on permanent financing.  No need to refinance upon home completion and pay additional closing costs or take the risk of interest rates being higher.

 

Sample Construction Loan Payment Calculation
Calculation based on $450,000 conventional loan with 20% down payment. Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.
Interest Rate: 6.625%
Annual Percentage Rate (APR): 6.749%
Loan Fee: 0.50%
Number of Payments: 360
Monthly Payment: $2,881.40
Total Interest Paid: $602,209.16

Rates effective February 9, 2024 and are subject to change. Current Rates. Loans with less than 20% down will require Private Mortgage Insurance (PMI). Product for owner-occupied purchases only.

Why Choose OlyFed?

  • What starts at OlyFed stays at OlyFed: We don’t sell our loans to third-parties — that’d be like selling our relationship with you! We assure top-quality service by providing it ourselves.
  • Everyone gets the same great rate: No risk-based pricing with our home loans,  you’ll get our advertised rate regardless of credit score.
  • You’ll always get the best deal before closing: We hold your rate at application, but if a better number comes along, no worries; it’s yours.
  • Our neighbor-helping-neighbor business model: Each time we close a new mortgage loan for a customer purchasing or constructing a new home, we make a contribution to our Neighbor2Neighbor Fund in their honor.