Because buying a home is one of the biggest decisions most consumers will make in their lifetime, First Keystone Community Bank (FKCB) is proud to offer a new option for home buyers with a different type of mortgage loan that can provide assistance with the daunting process and make home ownership a possibility sooner rather than later. By meeting certain income limits, the Turn Key Mortgage provides an affordable lending alternative for creditworthy borrowers.

What is a Turn Key Mortgage?

The First Keystone Community Bank Turn Key Mortgage is a flexible loan program that helps buyers save on both the upfront and long-term costs of buying a home. Features like low down payments and loan term flexibility can provide a new option for home buyers for people who can’t afford the standard 20% down payment or high monthly mortgage payments.

What are the benefits of First Keystone’s Turn Key Mortgage?

• Low down payment—Three percent (3%) down payment for single family home purchases (Refinance transactions do not qualify.)
• No purchase price limits—Loan will be based on income limits only
• Fixed rate loan—The interest rate of the loan will not change throughout the term of the loan

What are the merits of a fixed rate mortgage loan?

The Turn Key Mortgage is a fixed rate mortgage loan. Fixed rates benefit the borrowers by allowing them to budget the mortgage payment portion of their cashflow monthly. The principal and interest portion of the payment will never change once you close on the loan. Typically, the portion of the monthly mortgage payment for taxes and insurance (or “escrow”) may change over time, as the cost of these items changes over time.

Are there income eligibility requirements for the Turn Key Mortgage?

The Turn Key Mortgage is available when purchasing a single-family home, provided the borrower meets the income limits based on the property location. The mortgage professionals at First Keystone Community Bank can provide borrowers with specific income eligibility requirements that meet each unique circumstance.

Is the Turn Key Mortgage for first time homebuyers only?

No, the Turn Key Mortgage is an income-based loan product that can be used for any eligible borrower looking to purchase a single-family home.

What advantages does the Turn Key Mortgage hold for FKCB customers?

At First Keystone Community Bank, we want to help our customers achieve the ultimate American dream of homeownership. We feel this loan will provide a new option for homebuyers to achieve that goal by eliminating the time required to save a large down payment. At a time when a lot of people are cash-strapped, saving for a 20% down payment can be very difficult and take a much longer time to accomplish. The Turn Key Mortgage removes both of these barriers.

Is there value in doing business with a local bank for a specific product like the Turn Key Mortgage?

In addition to the low down payment rate of 3%, the largest value for the Turn Key Mortgage is that it will be processed, underwritten, closed and serviced locally at First Keystone Community Bank. That means the customer never needs to worry about the loan being sold to a third party. If questions arise during the course of their loan term, customers can call or visit any of our 19 branches.

How do I know if a Turn Key Mortgage is right for me?

The mortgage professionals at First Keystone Community Bank can provide you with the information necessary to determine your eligibility for the Turn Key product. For more information, visit www.fkc.bank/personal/loans/mortgages/mortgage-options or call 570.752.3671.