HOLIDAY NOTICE: All Franklin Savings Bank offices will be closed on Monday, October 14th in observance of Columbus Day.

NOTICE: Due to inclement weather, all Franklin Savings Bank locations will be closed on Thursday, April 4th. Feel free to check back here, or on our Facebook and Instagram pages, for udpates. Our Online and Mobile Banking services are available 24/7 so you can bank anytime.

NOTICE: Beginning April 8th, our Central Street entrance at our Main Office in Franklin will be temporarily inaccessible. Our parking lot entrance and lobby will remain open. We invite you to use the ATM machine at our 933 Central Street, Franklin location. Or you may access cash from over 55,000 fee-free ATMs using the Allpoint Network. The Allpoint app is available for download in the Apple or Google Play Stores. https://www.fsbnh.bank/personal-banking/allpoint-atms/ 

Financing Options for Homebuyers

The Internet is much more than a tool for casual browsing. It’s ingrained in everything we do—from paying bills to shopping for a home. In fact, 95 percent of homebuyers used online tools as part of their search process and nearly a third of homes (3 out of 8) were viewed only online, according to the National Association of Realtors’ 2021 Home Buyer and Seller Generation Trends report.

 

With so much information available at your fingertips it can be hard to make sense of it all—especially for a process that can be as protracted and complicated as the purchase of a home. The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. both have resources to help demystify the homebuying process. But having a working knowledge of the process and available programs to assist first-time homebuyers is a far cry from determining the right loan to meet your unique financial needs and budget considerations.

 

The personal finance website NerdWallet found most consumers under 36 would prefer owning to renting, but postponed the purchase of a home because of real or perceived difficulties in affording it. That’s where a community bank like Franklin Savings Bank comes in. Our expert lenders can help explain not only what you can afford and what to expect during the process, but other factors to consider when determining the right time to buy a home.

 

For those who are ready, there are several options available in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans only require a 3.5 percent down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans.

 

The U.S. Department of Veterans Affairs offers generous borrowing terms to servicemembers, veterans and surviving spouses, often requiring no down payment or mortgage insurance. While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add their own requirements.

 

In addition to available federal homeownership and home-buying assistance programs, there are numerous programs sponsored by state and local governments, as well as other organizations that make homeownership more affordable.

 

Since 1869, Franklin Savings Bank has helped home buyers realize their dream of owning a home. However, if you are not ready to make a move just yet, our lending team can help you establish a budget as well as set financial targets, so that when the time is right, you’ll have the know-how and the confidence to secure the keys to your new home.

Switching Banks

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