First Merchants Bank is here to help and will support you all along the way!
The First Merchants Next Horizon Home Loan offers you affordable housing.
- Up to 100% financing
- Lower monthly payment – no private mortgage insurance required
- Credit score of 600 or above
- Rent and utility payments considered as alternative credit sources
- Up to $7,500 Community Home Grant to cover closing costs or principal reduction for qualified applicants1
Ask us about Financial Assistance¹ and low or no down payment*
You may qualify for a grant from First Merchants of up to $7,500 to be used for closing costs and/or down payment funds
More accessible loan terms
You may find it easier to qualify for a First Merchants Next Horizon Home Buyer Mortgage than a traditional mortgage. We support non-traditional methods of credit history documentation such as rent verification, insurance payments, mobile phone payments
Lower monthly payments
Since private mortgage insurance (PMI) is not required for a First Merchants Next Horizon Home Buyer Mortgage, you avoid this expense. PMI is commonly required for traditional mortgages when making a down payment of less than 20%.
*See a Community Home Lending Officer for complete details. Eligibility requirements apply.
Eligibility Requirements and important information
- Eligible for first-time home buyers and those looking to refinance, across the First Merchants footprint.
- May be eligible for repeat home buyers in certain areas.
- FICO scores starting at 600 with 12 months of on-time payments (medical collections excluded).
- Home buyer counseling required.2
- Subject to all underwriting requirements and credit approval.
- Total debt to income ≤ 47%.
- Full interior and exterior appraisal required.
- 24 months of continuous employment.
- Hazard insurance and escrows required.
- Gift funds are allowed from borrower's relative, employer, guardian, charitable organization, government or public program for homeownership.
- You may have out-of-pocket closing costs.
- Home loan is limited to single family residences and warrantable condominiums only.
Your Community Home Lending Officer can help determine if a Next Horizon loan is right for you. Take the first step and contact us.
1Eligibility requirements apply. First Merchants Down Payment Assistance Grants may be available
for purchases in specific areas and/or for applicants meeting certain income and other eligibility guidelines. If eligible, grant amount may vary based on applicant qualifications. See a Community Home Lending Officer for full details.
2See a Community Home Lending Officer for additional information. Subject to credit approval.