FDIC-Insured - Backed by the full faith and credit of the U.S. Government

First-Time Homebuyer

Buying a home can feel overwhelming. That’s why choosing Park Bank as a guide for your first home loan has so much value.

Access to Special Programs
Potential for a Lower Down Payment
Potential for Closing Cost Assistance
Experienced, Local Mortgage Advisors

As a first-time homebuyer, why should you choose Park Bank?

Our team has helped countless individuals purchase their first or subsequent homes. We believe that the advantages for first-time homebuyers are currently more significant than ever before. Low-rate benefits and down payment assistance programs may be available to first-time homebuyers, making it simpler and more economical to realize your dream of homeownership. However, navigating the housing market requires a customized loan strategy like those provided by our experienced mortgage advisors.

How can our first-time homebuyer’s program help you?
Buying your first home is exciting but can quickly become overwhelming. Our resources help first-time homebuyers realize their dreams from the first questions about home buying basics to a successful home shopping experience all the way to that day you close and collect the keys to your new home.
How can our first-time homebuyer’s program help you?
Buying your first home is exciting but can quickly become overwhelming. Our resources help first-time homebuyers realize their dreams from the first questions about home buying basics to a successful home shopping experience all the way to that day you close and collect the keys to your new home.

Our Current Rates and Terms*

5% Down First-Time Homebuyer**

30-Year Fixed 100% AMI First-Time Homebuyer***

WHEDA First-Time Homebuyer Program****

First-Time Homebuyer FAQs

A: A pre-approval is a request for a loan to buy or build a home that is a comprehensive, underwritten review of the creditworthiness (income, assets, debts, and credit) of your application. Based on this information, Park Bank issues a written commitment to you that is valid for a designated period of time.

A: Affording a down payment can be challenging for first-time homebuyers. The amount you need for a down payment on a house can vary depending on several factors, such as the price of the house, the type of mortgage you are seeking, and your credit score.

A: Any time you have less than a 20% down payment, you will pay what’s called Mortgage Insurance. This is separate from your house/fire/flood insurance, and it’s a premium you pay for providing a smaller down payment. Mortgage Insurance, (MI), or PMI (private mortgage insurance), is tiered based on down payment percentage and the borrower’s credit score.

A: Shopping for rates can be a challenging aspect for borrowers to comprehend. Your loan and credit profile can affect the rate you may qualify for. To ensure you get the best rate possible, our mortgage advisors recommend the following approach:

  • Review the information in our first-time homebuyer’s guide,
  • Contact and interview a Park Bank Mortgage Advisor,
  • Get pre-approved – it’s the best way to know what programs you qualify for, and
  • Review your homebuying strategy with a Park Bank Mortgage Advisor.

Explore smart financial resources to empower your home buying journey!

Mortgage Calculator
Home Rent vs. Buy Calculator
Worried about having enough down payment for a new home? We have options!
Start saving for your next with a flexible savings account. Explore our options and find the best fit for you!

*Rates and fees are subject to change without notice. Loans are subject to credit approval and property. First-time homebuyers are defined as not having had ownership in the previous three years. Income limits may apply. 

**These payments are based on a $175,000 loan on a $185,000 property in Dane County, WI. The payments shown include an estimate of the monthly mortgage insurance premium when borrowing more than 80% of the value or purchase price of the property. The approximate first month's total payment includes $1,164.00 of principal and interest and an estimated $55.42 mortgage insurance premium. Both the principal and interest payment and the mortgage insurance premium can vary based on your final loan terms. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 780 or higher.

***AMI = Alternative Mortgage Instrument. These payments are based on a $175,000 loan on a $185,000 property in Dane County, WI. The payments shown include an estimate of the monthly mortgage insurance premium when borrowing more than 80% of the value or purchase price of the property. The approximate first month's total payment includes $1,150.00 of principal and interest and an estimated $77.29 mortgage insurance premium. Both the principal and interest payment and the mortgage insurance premium can vary based on your final loan terms. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

****WHEDA = Wisconsin Housing & Economic Development Authority. These payments are based on a $300,000 loan on a $375,000 property in Dane County, WI. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 780 or higher.

Loan terms and conditions may vary based on the loan product and program. Adequate property insurance is required. If collateral is in a Special Flood Hazard Area, adequate flood insurance is required.