What are CHAMP Loans?

CHAMP stands for Creating Housing-Affordable Mortgage Program and we at First Financial Bank can help first time home buyers finance a home with this program. Buying a home for the first time can be quite the overwhelming process but we can assist you through each step of the way.

How Much Do I Need For A Down Payment?

Many first time home buyers don’t have a large down payment, so they may think that means they have limited options to buy a home, or that they may not be able to buy a home at all. Of course the larger the down payment, the less the monthly payment will be. However, saving for that large down payment takes times, and that means mortgage rates and the market can change as well. But there are still options for those that don’t have that 20% down they think that is required.

Many people think you need a large down payment in order to buy a home, but we can provide down payment assistance and a five percent down payment with our program to help you get into your first home.

We are a private lender so we have the ability to be flexible in our underwriting process and don’t require private mortgage insurance. We also can assist buyers that are looking to purchase one to two unit properties in lower income areas. These purchases can help communities provide rehabilitation and create affordable housing in those neighborhoods.

We can provide low interest rates that you won’t be able to find at a typical lender as well as flexible credit options. We can discuss the specific terms with you, but we do have the ability to help many first time buyers in a multitude of financial situations.

Consider The Costs

Financing is a fairly big part of the home buying process but another thing many first time home buyers don’t fair to consider is the cost of repairs to the home. Most homes are not going to be available turn key, so it’s important to consider home repair costs when discussing your finances and how much is in your budget. Depending on where you are purchasing and how old the home is, some of these repairs can come at a high cost and have to be weighed in when you decide to purchase. These costs can be calculated into the cost of the loan as well so it’s important to get a good estimate on your home before deciding to purchase.

Call Us Today

We know that being a first time home buyer somes with many choices and lots of ups and downs but the process itself can be truly rewarding and very educational as well. Bill Lavelle at First Financial Bank wants to make sure you are provided with guidance from the first step to the last, so don’t hesitate to reach out today.