How Opening More Doors to Homeownership is Possible
By Jamie Hermann, Mortgage Sales Manager, Old National Bank
As the home buying season reaches its peak, Old National is proud to support the communities we serve by turning the dream of homeownership into a reality for more families. Contrary to common myth, homebuying is not a one-size-fits-all process. From downpayments to financial solutions, connecting with a mortgage representative is essential to unlocking life-changing resources and expert guidance.
The Biggest Myth
One of the biggest myths about buying a home is that you need a 20% down payment—but that is not quite true. There are loan options that require little to no money out of pocket. With a variety of mortgage products and down payment assistance programs available, buyers may find themselves surprised to learn how accessible homeownership is.
What an Experienced Mortgage Representative Can Do for You
Finding the right mortgage representative for you can make all the difference in securing a home, especially for first-time homebuyers. It’s not just about securing a loan or working with the first mortgage representative you meet, or applying online where you receive little help. It’s about working with someone who understands you and your situation and has connections with down payment assistance programs.
A knowledgeable lender will help you navigate every available option. Make sure your lender is comfortable asking, “What’s the next step and how can we still get you into that house?” Consider prioritizing a lender that knows the answers to the following questions:
- What is your goal?
- What do you have? What don’t you have?
- What do you need?
- What is your income level?
- What can you afford?
- Which plan fits your needs best to get you into that house?
Mortgage representatives are set apart by their ability to understand their client. When they take time to understand your goals, challenges, and financial situation, they can identify the best opportunities to tailor their services specifically to you. And while maximizing your lending options is certainty about the numbers, it’s also about the relationship throughout the process.
The support you receive during the lending process makes all the difference when you start with the right mortgage representative. While you explore your options, be comfortable saying, “Hey, Jamie, I don’t understand this,” or “Hey, can you clarify this?” Having a mortgage representative that you can approach and be comfortable with will enhance your experience and confidence through this life-changing experience.
ONB Products 1
At Old National, we offer a variety of solutions designed to meet the needs of today’s homebuyers. Whether you're seeking down payment assistance, working to build or repair your credit, or exploring other support programs available in our markets, we're here to guide you every step of the way.
Home Manager 2
For first-time homebuyers, the Home Manager Program is designed as an accessible option to make homeownership more attainable. This program allows buyers to purchase a home with as little as 3% down and removes the added cost of a Private Mortgage Insurance (PMI) rate. With a fixed-rate mortgage and predictable monthly payments, our program is built to ease the financial burden and stresses of buying a home.
Down Payment Assistance 3
Old National’s Down Payment Assistance Program is intended to reduce the upfront costs that come with homeownership. Eligible buyers could receive up to 3% of the purchase price, with a maximum of $10,000 to your down payment. Additionally, if the property is within certain communities, the amount could increase up to $15,000. Pairing mortgage options like the Home Manager and Down Payment Assistance Programs help buyers bridge financial gaps in homebuying.
Credit Support
Are you asking, “What if my credit isn’t strong enough?” Whether you're looking to build or repair your credit, Old National offers tools designed to help you take positive steps toward improving your credit score—for some, an important part of the homebuying process. See ways you can boost your credit score below with our Certificate of Deposit Believer Loan and Secured Credit Card.
Certificate of Deposit Believer Loan
The Old National CD Believer Loan is designed to help you build your credit rating by making on-time-payments — all while building a savings balance.
- No minimum credit score required.
- Build a strong payment history while you save up to $2,500 in the process.
- Payments: Make monthly payments on time to build your credit.
- Savings: Once the loan is fully repaid, you receive the CD amount plus interest.
Secured Credit Card
When you apply for an ONB Secured Credit Card, you are also required to open a savings account that is pledged as a security deposit for your credit card limit.4
- Security Deposit Required: A refundable deposit is required to open the account as a security for your card amount.
- Reportable to Credit Bureaus: On-time payments will build your credit.
- Normal Functionality: Can be used where major cards are accepted.
Improving your credit and finding mortgage assistance are a few of the ways Old National is here to support you in the path to homeownership. In addition to our offerings, your mortgage representative can connect you with city and local organizations with other valuable resources like grants, down payment assistance and homebuyer education courses that can further ease the homebuying process.
Whether you’re needing to build credit, explore down payment assistance, or navigate the many programs available through local organizations, you don’t need to do it alone. With the right mortgage representative by your side, you can have a trusted partner in your journey, guiding you to the right resources to accomplish your unique journey and dreams.
Click here to explore a directory of Old National’s mortgage representatives across our footprint and to schedule an appointment.
1 All ONB loans are subject to credit review and approval. Property insurance required for all loans secured by real estate. Rates are subject to change daily. Contact your Old National Banker or Mortgage Lender for current loan rates. Bank NMLS #459308
2 Additional qualifications may apply. Home Manager Program available only for first-time homebuyers. All downpayment funds will be verified.
3 Down payment assistance programs are subject to availability. Some restrictions may apply and program conditions are subject to change without notice. State programs are not owned/managed by Old National Bank. Additional qualifications and limitations may apply.
4 A minimum refundable security deposit of $300 ($5,000 maximum) is required to open this account.
