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First-Time Home Buyers

Dearborn Federal Savings Bank was founded in 1936 to promote the American Dream of Home Ownership.  To help first time home buyers realize that dream, the Bank offers a First-Time Home Buyer Program with the following features:

  • Processing Fee Waived
  • Free Pre-Qualification Letters for Use When Shopping for Your New Home
  • No Minimum Loan Amount
  • A Minimum 5% Down-Payment (Borrower Must be Approved for Mortgage Insurance)
  • Minimum Median Credit Score of 660 Per Borrower
  • Flexible Underwriting Standards
  • Very Low Closing Costs
  • Low Interest Rates - Not Determined by Credit Score
  • Mortgage and Servicing Retained by Dearborn Federal Savings Bank
  • Interest Rate is Locked at Application and Can Only Go Lower on Date of Closing
  • Mortgage Tool Calculator and Answers to FAQs Available on This Website - see "Tools and Resources"
  • Personalized Service from a True Community Bank

     

Contact one of our Loan Officers:

 

 

Scott Biers at sbiers@dfsb.net or 313-203-5343

 

Bryan Laabs at blaabs@dfsb.net or 313-203-5345