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Local Real Estate, Products & Services, Your OlyFed

Lower Rates for 1st Time Buyers

Home Sweet Home SignAt OlyFed, our mutual bank structure means we use our growth and profits for good. One of our biggest priorities is helping local people become homeowners. In light of current market conditions with rising inflation, home prices and demand, affordability is a huge hurdle for many individuals and families.

To help overcome those challenges, we’ve committed ourselves to developing solutions and support that help make homeownership a reality instead of a far-off dream.

Just recently we made the decision to lower interest rates for our First Time Homebuyer Program. In fact, the interest rates for our First Time Buyer program are a full point below our conventional mortgage rates in an effort to help more people qualify for a home purchase.

Kailee Warren from OlyFed at the Yelm, Washington branchFIRST-TIME BUYER PROGRAM

Our rates for our First Time Buyer Program are as follows and only require a minimum down payment of three percent:

  • 30 Year Mortgage:  4.875% | 4.976% APR | Loan Fee: 0.5%
  • 20 Year Mortgage: 4.500% | 4.634% APR | Loan Fee: of 0.5%

Melissa Kirkeby at the Olympia Farmer's Market in downtown Olympia, Washington

AFFORDABLE HOME LOAN PROGRAM

In addition to our First Time Buyer Program, we are honored to also provide an Affordable Home Loan Program for households earning 80% or less of median income in Thurston ($72,160) and Mason County ($53,840). This program currently offers the following:

  • 30 Year Mortgage: 2.750% | 2.802% APR | Loan Fee: $800
  • A reduced Private Mortgage Insurance (PMI) premium
  • A down payment of just 3%, of which all but a $1,000 can come from assistance programs

EXCELLENCE IN SERVICE

With an OlyFed mortgage:

  • Everyone gets the same great rate regardless of credit score
  • We hold your rate at application, and if a better number comes along, we always give our customers the best deal before closing
  • We do all of this because we don’t sell our loans and we strive each day to build trusted and meaningful long-term relationships

We know that homeownership is life-changing; it’s proven to:

  • Boost the education performance of children,
  • Create higher civic and volunteer participation rates,
  • Improves health care outcomes and lower crime rates,
  • Provide many tax benefits and the opportunity to build wealth and economic security.

For these and many other reasons, we are dedicated to serving this need and if you know someone who could benefit from one of these homebuyer programs, we’d love to help them.

Please don’t hesitate to contact one of our knowledgeable and caring Loan Officers, who can answer questions and provide insight and support to the home buying process.

Sincerely,

Email Signature Photo for Outlook
Casey Kilborn
VP | Retail Banking Manager
NMLS #: 51047


LENDING DISCLOSURES:

HOME LOAN PAYMENT CALCULATIONS
Calculations based on $240,000.00 conventional loan with 20% down payment (purchase) or equity position (refinancing). Payment calculations are principal and interest only and do not include taxes or insurance, which may increase your monthly payment.

  • 1st Time Homebuyer (30-Year Mortgage): Interest rate 4.875%, Annual Percentage Rate (APR) 4.976%, 360 monthly payments of $1,288.37 each, total interest paid $217,235.72
  • 1st Time Homebuyer (20-Year Mortgage): Interest rate 4.500%, Annual Percentage Rate (APR) 4.634%, 240 monthly payments of $1,518.36 each, total interest paid $124,405.74

AFFORDABLE HOME LOAN PROGRAM PAYMENT CALCULATION
Calculations based on $340,000.00 conventional loan with 3% down payment (purchase) or equity position (refinancing). Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.

  • Affordable Home Loan Program (30-Year Mortgage): Interest rate 2.750%, Annual Percentage Rate (APR) 2.802%, 360 monthly payments of $1,388.02 each, total interest paid $159,687.17.

Rates effective June 22, 2022 and are subject to change any time. Member FDIC. Equal Housing Lender.