Flexible family-backed mortgages for first-time homebuyers
So, you're ready to buy your first home. You have a good credit score, but you're struggling to save enough for a down payment.
Down payments can be tough. That's why Norry Bank offers a unique and flexible family-backed mortgage to help first-time homebuyers purchase a home with little to no money down - and with just one loan.
How it works
Family members who own residential real estate with no mortgage or have a substantial amount of equity in their home, can pledge their property as additional collateral to cover the down payment.
Once the loan has been paid down over time, Norry Bank can review the loan and consider releasing the family member’s property as collateral.
Additional options
Maybe a family-backed mortgage doesn't work for you. We also have other options for first-time home buyers.
Pennsylvania Housing Finance Agency (PHFA) is a state-funded mortgage program with competitive interest rates and lower fees. You may also qualify for down payment and/or closing cost assistance.
U.S. Department of Agriculture (USDA) Rural Housing is a mortgage that offers a 0% down payment option and a monthly guarantee to buyers that meet income eligibility and are purchasing in an eligible area.
Don't worry, you've got Norry Bank
Our loan officers are ready to help you find the best mortgage option to fit your needs.
Check out our current rates, or connect with a lender near you.
The Northumberland National Bank is an equal housing lender. NMLS # 421475.