First-Time Homebuyers Program

Piedmont Federal strives to make home ownership as easy and affordable as possible for qualified, credit-approved first-time homebuyers.

The first-time homebuyer program provides the benefit of a lower down payment requirement as well as minimal fees at closing.

First-Time Homebuyer Features

Available to all first-time homebuyers who have not previously owned a residence. Applicants must have a record of paying their bills on time. If little or no credit has been established, payments made on time for insurance, power, cable, telephone, etc., will be considered for credit purposes. A verification of rent is required for applicant(s) currently renting. No prior bankruptcies will be allowed.

No loan origination fee. Appraisal fee will be refunded at loan closing.

This loan must be for a primary residence and may be used for a single-family detached home, condominium or townhouse. (Manufactured homes and mobile homes are not eligible.) Areas of Service »

The maximum loan amount is $250,000 at 85% loan-to-value and $200,000 at 90% loan-to-value.

This program accepts loan requests up to 90% loan to value with no PMI (private mortgage insurance).

A minimum down payment of 10% must come directly from the buyer, which may come from a gift.

Borrower income requirements:

  • The borrower’s total monthly payments (home loan, auto loan, credit card payments, etc.) should not be more than 36% of the borrower’s gross monthly income.
  • Borrower must provide proof of employment and income. Income sources include:
    • Full- and part-time salary
    • Bonuses and commissions
    • Social security, retirement, pension
    • Alimony, child support

Applicants are required to have a home, radon, and pest inspection report plus an escrow account.

  • First-time homebuyers qualify for a free PFPinnacle account, from which you can have your loan payments automatically deducted.

Since this program is designed for first-time home buyers, each applicant will need to complete a short program on home ownership which will be arranged through Piedmont Federal. The program covers many important topics such as budgeting, maintaining good credit, home maintenance and other aspects of home ownership.


We don’t sell our loans, which means your mortgage won’t bounce around between banks all over the country and you’ll always know who to talk to with questions. We keep your mortgage close to home where it’s not only secure, but stays here in the community. More reasons »


It’s as easy as 1-2-3.

Apply for a loan with Piedmont Federal in as little as 20 minutes using your smartphone, tablet or computer.

Start or finish your online
application today.

Today’s featured rates:

Straightforward, commonsense banking

By clicking the Secured Site link you will leave Piedmont Federal’s website and be subject to Network Solutions’ privacy policy.