Home
Owning a home is the dream of a lifetime. We can help you make your dream come true with our specialized programs. Both products are available on fixed or adjustable rate mortgages and qualify for a reduced interest rate. First-Time Home Buyers - This program does not have any income limitations, you simply have to be a first time homebuyer. New Beginning Program - Franklin's first-time home buyer program for low and moderate income borrowers. If your combined income does not exceed the income limitations below you will also be eligible for a reduced application fee. The total income of the applicant may not exceed 115% of the median income for each Metropolitan Statistical Area (MSA) which encompasses the counties in which Franklin offers mortgage loans. The following chart outlines income limitations: A minimum of 5% down is required however 2% can be a gift, seller concession or grant. Property must be your primary residence First time homebuyer - A buyer who has not owned a home for a minimum of three years. Private Mortgage Insurance (PMI) required on all mortgages with less than 20% down. Call your local branch office or Thomas B. Clarke for more information on all our loan products at (609) 202-3140
First Time Home Buyer Programs
2009 HUD Median Income
County
Median Income
Income Limitations
Salem
$78,300
$90,045
Gloucester
$78,300
$90,045
Cumberland
$60,000
$69,000
Cape May
$68,100
$78,315
Atlantic
$69,200
$79,580
