Down Payment Assistance

It's easy to bank with Merchants Bank™

Down Payment Assistance

It's easy to bank with Merchants Bank™

First Place Program

First Place is an affordable low down payment mortgage product designed for creditworthy low- to moderate-income First-time Homebuyers, with expanded eligibility when financing homes in low-income communities.*

First-time homebuyer benefits

Up to 6% down payment and closing cost assistance
First-time homebuyer is defined as no homeownership in the last 3 years
Free homeownership education and advising options empower borrowers to become successful homeowners
Low Lender closing costs
Minimum qualifying credit score 640 with Debt-to-Income ratio less than 45%
Local processing and underwriting
Borrower income limits apply

*All applications subject to credit approval.

NMLS #554119