Next Horizon Mortgage

First Merchants Bank is here to help and will support you all along the way!

The First Merchants Next Horizon Mortgage makes affordable homeownership possible.

• Low or no down payment - up to 100% financing
• Lower monthly payment – no private mortgage insurance (PMI)
• Down payment assistance - up to $7,500 Community Home Grant to cover closing costs, down payment funds or principal reduction for qualified applicants¹

CONTACT A COMMUNITY HOME LENDER

More accessible loan terms

We support non-traditional methods of credit history documentation such as rent verification, insurance payments, mobile phone payments and others.

Lower monthly payments

Since private mortgage insurance (PMI) is not required for a First Merchants Next Horizon Mortgage, you avoid this expense. PMI is commonly required for traditional mortgages when making a down payment of less than 20%.

Down payment assistance

First Merchants is proud to offer up to $7,500 in grant funds to help with down payment and closing costs for qualifying borrowers. Applicants who purchase their home in a qualifying geographic area and/or meet certain income and other eligibility requirements may qualify¹. To view general maps of qualifying geographic areas, please see the ‘grant qualification maps’ below.

Grant qualification maps

Wondering if the home you are buying is located in a geographic area that could qualify for a grant? Use the tabs below to search by State and County. Please note that maps should not be solely relied upon to determine eligibility. To determine if you qualify, contact a Community Home Lending Officer.

• Eligible for first-time home buyers and those looking to refinance across the First Merchants footprint. Repeat home buyers may be eligible in certain areas.
• Single family homes, 2-unit homes, and warrantable condos only. Manufactured homes and mobile homes are ineligible.
• Credit history must include three trade lines with 12 or more months of payment history (medical collections excluded).
• 24 months of continuous employment required.
• Home buyer counseling required.²

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 requirements. See a Loan Officer for details. ²See a Loan Officer for additional information. Applicants with multiple bankruptcies are not eligible. Subject to all underwriting requirements and credit approval. Out-of-pocket closing costs may apply.