The Internet is much more than a tool for casual browsing. It’s ingrained in everything we do—from paying bills to shopping for a home. Among all generations of home buyers, the first step taken in the home search process was to look online for properties, according to the National Association of Realtors’ 2022 Home Buyer and Seller Generation Trends report.

With so much information available at your fingertips, it can be hard to make sense of it all, especially for a process that can be as drawn-out and complicated as the purchase of a home.

The report also found that first-time home buying among younger generations is on the rise, with over 4 out of 5 younger millennial home buyers (81%) purchasing for the first time. Just under half (48%) of older millennial buyers were first-time buyers, making it even more imperative to have a firm understanding of the factors involved in purchasing a home.

The Consumer Financial Protection Bureau (https://www.consumerfinance.gov/) and the Federal Deposit Insurance Corp. (https://www.fdic.gov/) both have resources to help demystify the home buying process. However, having a working knowledge of the process and available programs to assist first-time homebuyers is very different from determining the right loan to meet a consumer’s unique financial needs and budget considerations.

That is where a community bank like First Community Bank and Trust comes in. Our expert lenders can help explain not only what you can afford and what to expect during the process, but also help in ways that other lenders can’t.

For those who are ready, there are several options available in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans only require a 3.5 percent down payment and typically have higher debit-to-income ratio allowances and accepts some credit blemishes in ways that conventional loans will not allow.

The U.S. Department of Veterans Affairs offers generous borrowing terms to service members, veterans and surviving spouses, often requiring no down payment or mortgage insurance. While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add their own requirements.

In addition to available federal homeownership and home-buying assistance programs, there are numerous programs sponsored by state and local governments, as well as other organizations, that make homeownership more affordable.

First Community Bank and Trust wants to remind you to contact us for help with the home buying process. And if you are not ready to take the plunge just yet, we can help you to establish a budget and set financial targets, so that when the time is right, you’ll have the know-how and the confidence to secure the keys to a home of your own.

About First Community Bank and Trust

First Community Bank and Trust is a privately-owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 106 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

Press Contact:
Steve Koehn, Senior Vice President
First Community Bank and Trust
(708) 946-2246

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

# # #