Making homeownership possible for first-time homebuyers
Are you dreaming of buying your first home, but wonder how
to take the first step? You may be asking yourself: Can I qualify for a home loan? Can I handle a monthly payment along with other expenses? The Home Manager Program at Old National Bank can help make the dream of owning a home a reality. It starts with an affordable Home Manager Mortgage,1 and provides additional tools you need to succeed as a new homeowner.
What makes the Home Manager Mortgage different?
You can purchase your home with as little as 3% down.2
You’ll enjoy a lower monthly payment with no Private Mortgage Insurance (PMI) requirements.
It’s a fixed-rate mortgage with a set payment, making it easier for you to budget and keep track of spending.
The seller can help pay closing costs and prepaid items.
A special account called Home Manager Checking is set up to help you save what you need for real estate taxes
and homeowners insurance.3
Help with the responsibilities of owning a home
Home ownership comes with a lot of responsibility—much of it financially related. In addition to the Home Manager
Mortgage, the Home Manager Program helps you manage important financial aspects of home ownership by using
the following two types of accounts:
Home Manager Account
This account helps you manage home-related expenses. A fixed portion of your income like your paycheck or Social Security is directly deposited into your Home Manager Account. Payments such as mortgage payments, utility bills and other home expenses are made automatically from your Home Manager Account, giving you peace-of-mind.4
Old National Checking Account
The remainder of your income can be deposited into an Old National checking account, so you can pay the rest of your expenses such as groceries, clothing, car insurance and more. You can use an Old National debit card5 or checks to pay for these expenses from your checking account.
Home Manager Program participants are also asked to prepare for responsibilities of owning a home, through successful completion of a Home Buyer Education Program certified by the Dept. of Housing and Urban Development (HUD).
Is the Home Manager Program right for you?
For a list of qualifications and to learn if you are eligible, please submit our information request form or contact your nearest Old National mortgage expert.
Financial Insights
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Additional qualifications may apply. Home Manager Program available only for first-time homebuyers.
Subject to credit approval. Property insurance required. Home
Manager Mortgage requires an Old National Home Manager Account. $50 minimum deposit required. $25 fee assessed if account is closed within 180 days.
All funds will
be verified.
First year’s insurance paid at closing.
Some providers of home-related services may not provide an automatic payment option. Talk to the service provider for details.
