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First Time Homebuyer

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Buying your first home is an important landmark in your life. Here at Farmers and Merchants Bank, we understand that finding the right financing plan is as important as finding a home that fits your lifestyle. 



FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so we can offer you a better deal.


203b Home Mortgage Loan

·       Low Down payment, 3.5% of the purchase price. Available on 1-4 unit properties.

·       Gifts and Seller Help Acceptable.

·       1st Time Homebuyer NOT REQUIRED



The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist Rural homebuyers achieve their dream of homeownership!


Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located.


·         100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included

·        Gifts and Seller Help Acceptable.

·    1st Time Homebuyer NOT REQUIRED




The costs of downpayment and settlement can overwhelm first-time homebuyers and is listed as the number one barrier to homeownership. Our downpayment and closing cost assistance product is DSELP.


Downpayment and Settlement Expense Loan Program.  This program helps eligible borrowers by funding a portion of their closing costs.  A deferred loan that is repayable when you payoff, refinance, sell or transfer the home.


·         Low Downpayment, 3% of Purchase Price

·         Provides up to $5,000.00

·         0% interest rate

·         Homebuyer Education Required

·         Must be 1st Time Homebuyer




To help you get started on solid footing, Farmers and Merchants Bank can assist first-time homebuyers in accessing matching funds for the down payment and closing costs incurred when purchasing a home.  For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $5,000.


In addition to meeting income eligibility requirements, the homebuyer must:


·       Contribute at least $1,000 toward the purchase of the home

·       Occupy the home as a primary residence for at least five years

·       Complete a homebuyer education and financial literacy course

·       Must be 1st Time Homebuyer

FHLBank Grant Money  


Farmers and Merchants Bank prides itself on providing accessible and feasible financial resources and mortgage products to first-time homebuyers. Please contact one of our loan officers to determine if you are eligible for First-time Homebuyer funding and to begin your application process.

Mortgage Officer and Operations located in our Hampstead Branch.

Mortgage Specialists located in the following branches:

N/A at this time