Meridian offers a wide variety of loan options, including special government and state programs that can make homeownership more affordable. In fact, we’ve helped over 22,000 of our neighbors achieve the American Dream since 2010.
With dozens of locations and hundreds of team members across the Pennsylvania, Delaware, Maryland, and New Jersey region, it’s easy to get prequalified for one of our many loan options.
Monthly principal and interest payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for borrowers who plan to stay in their home for several years. Loan terms typically range from 10 to 30 years.
HomeReady® is a special type of conventional home loan intended to help low- and moderate-income homebuyers purchase a home with a down payment of as little as 3% of the purchase price. HomeReady® mortgage can also come with rates and mortgage insurance premiums that are more favorable, especially at a loan-to-value above 90%.
Single premium and lender-paid PMI can allow a homebuyer to obtain conventional fixed-rate mortgages with as little as 3% down and avoid no monthly mortgage insurance making their monthly mortgage obligation more affordable.
Federal Housing Administration (FHA) loans offer lower down payment options, reduced closing costs, and easier credit qualifying to first-time and repeat homebuyers without maximum household income or geographic restrictions.
VA financing is a benefit for those who’ve served our county. Qualified active-duty military and veterans can purchase a 1-4 family home with no down payment, limited closing costs, flexible credit criteria, and no monthly PMI using their VA home loan benefit.
USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. USDA loans are available to homebuyers in designated rural areas with low-to-average income and offer 100% financing with reduced mortgage insurance premiums, and feature below-market mortgage rates.
A move-up/downsize homebuyer is a buyer who currently owns a home and is looking to purchase a bigger or smaller property. Meridian Bank can offer a variety of solutions for homebuyers, even if you own an existing primary home.
A vacation or secondary home is a property occupied by the owner at least part of the year and is typically located in a vacation or resort area. Vacation home financing requires a down payment of only 10% and will generally have better terms than an investment property mortgage.
Meridian Bank Residential Mortgage can assist you in financing a 1-4 unit residential investment property up to $510,400. For more complex transactions, ask your Mortgage Consultant to put you in touch with someone from our Commercial Lending team.
First Front Door (FFD) can help qualified first-time homebuyers with closing costs and down payment. For every $1 you contribute, FFD will provide $3 in assistance, up to $5,000.
When buying in the city of Philadelphia, Philly First down payment assistance grants can help you obtain up to $10,000 (or 6% of the home’s purchase price, whichever is lower) to assist with the cost of buying a first home.
When buying in the State of Delaware, DSHA’s Preferred Plus Homeownership Loan Program provides affordable financing to low and moderate-income Delawareans with down payment assistance up to 5% of the first mortgage balance.
Pennsylvania Housing Finance Agency (PHFA) offers down payment assistance loans to homebuyers in the Commonwealth of Pennsylvania up to $6,000.
The NJHMFA state-wide Down Payment Assistance Program (DPA) provides $10,000 for qualified first-time homebuyers to use as down payment and closing cost assistance when purchasing a home in New Jersey. The DPA is an interest-free, five-year forgivable second loan with no monthly payment.
The Maryland Mortgage Program is provided by the Maryland Department of Housing and Community Development (DHCD) through participation lenders like Meridian Bank and provides down payment assistance to Maryland Homebuyers.
New Castle County Down Payment Assistance Program is a program available to First Time Home Buyers in unincorporated New Castle County to help with down payment and/or closing costs up to $5,000. The New Castle County DPS Program loan is an 8-year loan at 0% interest, but payments are deferred for the first three years.
The Mortgage Credit Certificate (MCC) program is a homebuyer assistance program designed to help lower‐income families afford homeownership. The program allows homebuyers to claim a dollar‐for‐dollar federal tax credit for a portion of mortgage interest paid per year, up to $2,000 per year for the life of the loan.
