No need to spend years saving up for a down paymentFor many people, one big barrier to home ownership is saving for a down payment. But First American Bank offers government-backed Federal Housing Administration (FHA) Loans that feature flexible credit guidelines and down payment requirements of as little as 3.5%. These flexible terms make the mortgage loans ideal for first-time homebuyers in Illinois, Wisconsin, Florida and beyond.
- Low down payment options
- Flexible credit guidelines (Credit scores as low as 620)
- Low interest rate and closing costs
- 15-year and 30-year repayment options
- Gift funds can be used for down payment
Subject to credit approval. Standard rates apply. For additional product terms and conditions, please click here. *Special Offer: $500 off your closing costs valid on first mortgage purchase applications and prequalifications received between 7/1/21-10/31/21. Loan must close by 12/31/21. Only available on 1-4 family home. Only applies to fixed rate Conventional, Jumbo, FHA, USDA, or VA loans. Not available for collateral properties located in Texas, Alaska, or Hawaii. Prior to closing you must set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your loan, and within the first statement cycle you must elect electronic statements (requirement only applies to Conventional and Jumbo loans). Closing costs include only those fees and charges required by First American Bank as a condition of obtaining a loan. Title fees, as part of the closing costs, will vary by county. May not be combined with other promotions. Please see a banker for details.
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First American has been our bank going on almost 20 years. Never an issue- always friendly no matter which location. Great customer service!Share Your Story