Many people dream of one day having a home to call their own. But the process can be intimidating to some. Others may be confused on how to begin. That’s where Peoples National Bank.
Joy Schroeder, Mortgage Specialist in our Mt. Vernon location since 2004 has spent the last 25 years working with mortgages and helping people live that dream. She says she loves what she does on a daily basis.
“Owning your own home, after all, is the American dream for most people. It’s an exciting time. I like working with people to make that dream come true,” said Joy.
Joy says a common misconception in the home buying process is that the buyer has to have a 20% down payment. There are many loan programs and all have different down payment requirements. Conventional fixed rate loans require a minimum of 3% down, anything less than 20% requires PMI. We also offer income-based programs, like USDA Rural Development, that require zero down payment. The IHDA Access program has a down payment assistance feature that gives you money to help with down payment and closing costs.
Homeowners must also think about expenses related to homeownership, like property taxes and home insurance. These expenses can be escrowed (included) with your monthly payment. Joy encourages homeowners to have savings in place for anything unexpected that comes along the way. One idea she shares with customers is to save a little from each paycheck in order to build up that emergency fund.
Approval for a home loan is easy and Peoples National Bank has no application fee. Factors that are considered in the process are the buyer’s credit score, credit history, debt ratio and length of employment. Joy says don’t let a low credit score discourage you from applying for a loan. She says a score as low as 620 could still result in a loan. Joy says for people who have ‘dings’ on their credit, keep making payments on those bills.
She says while not every application results in a loan, there are plenty of success stories for those who stay the course. There have been instances where a loan was denied and the person came back to PNB six months to a year later and the results were much different. “I had a young lady in here the other day. She was in here last summer and had some dings on her credit. She’s worked hard, made sure there were no late payments and sure enough, she was approved,” said Joy.
It’s those stories that Joy likes to share to remind people to keep working toward that dream of homeownership. We want to work with you. If you have questions, call Peoples National Bank at (877) 378-1909 or you can fill out an application online right here.