NEXT HORIZON MORTGAGE
Dreaming of buying a home?
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 $5,000 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 $5,000 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 requirements may qualify1.
Eligibility Requirements and important information
- Must be purchasing or refinancing a primary residence
- Property must be located in designated counties across our footprint in Indiana, Kentucky, Michigan, and Ohio
- Property must be a single-family home, 2-unit home, or condo. 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). Alternative trade lines may be acceptable
- Employment must reflect 24 months of continuous history
- Borrowers with multiple bankruptcies are not eligible
- Home buyer counseling is required
Out-of-pocket closing costs may apply. All loans are subject to credit approval. Underwriting terms and conditions apply. Some restrictions may apply. Program is available to qualified borrowers. Not all borrowers will qualify for all program benefits. Program is subject to change at any time. Contact us to learn more about program benefits and eligibility requirements.
1Eligibility requirements apply. First Merchants Down Payment Assistance Grants may be available for purchases in specific areas and/or for applicants meeting certain income requirements. Contact us for details.
