A home is more than just a house— it's the foundation of long-term financial and emotional security. Owning a home is a big step, and it can seem overwhelming. Choosing Summit means that we'll help you every step of the way--with easy to understand information, knowledgeable advice, and the personal service you need to feel comfortable and confident about your decisions.

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Community Home Loan
Summit's Community Home Loan program offers low to moderate-income individuals and families a competitive rate on a fixed term of 15 to 30 years. This program is for first time homebuyers who are purchasing a primary residence.

Stimulus Mortgage Program
The Stimulus Mortgage Program was created specifically for first-time homebuyers — giving you more options to get into your first home. First-timers who don't have the down payment needed to qualify for a mortgage loan can take advantage of these program options:

• An interest free advance on the First-Time Homebuyers Stimulus Tax Credit refund — up to $8000 that can be used for a down payment on your first mortgage
• An affordable 7-Year Adjustable Rate Mortgage with:
• Record low first mortgage rates
• No restrictions on borrowed funds for down payment
• No private mortgage insurance required
• No pre-pay penalties — pay any amount at any time without penalty
• Local servicing— from pre-approval to after closing— our neighborhood mortgage experts are always right next door

First-Time Homebuyer's Credit
A tax credit of up to $8,000 is available to first-time home buyers. To qualify homebuyers must sign a purchase agreement by April 30, 2010 and close by June 30, 2010. This credit does not need to be repaid, as long as the house isn’t sold within three years. If any credit amount is not used, the unused amount will be refunded.

To find out more about the First-Time Homebuyers Credit contact a Mortgage Consultant or visit FederalHousingTaxCredit.com.

Summit is here to help you make the most educated decision regarding your mortgage. Our door is always open to answer any questions. Feel free to contact a Mortgage Consultant at any time about Summit's First-Time Homebuyer programs or visit our online Mortgage Center.