Mortgages

Looking to build the home of your dreams? Construction loans offer you the flexibilty you need.

A fixed-rate or adjustable-rate mortgage (ARM).

A fixed-rate mortgage offers the same rate over the life of the loan and are available in terms of 10, 15, 20, or 30 years.

An adjustable-rate mortgage sets a predefined time for an initial rate, after which that rate could be raised or lowered at set intervals based on economic factors.

With greater flexibility than ever before, FHA is making homeownership happen. FHA-insured home loans are available to borrowers with less-than-perfect credit - even after bankruptcy, you can be considered after two years of discharge and once good credit has been established*. Interest rates tend to be lower than conventional mortgage rates.

*First Commonwealth will review qualifications and other program requirements with you.

Get up to $5,000 in cash for the down payment and closing costs through FFD, a first-time home-buyer grant program funded by FHLBank Pittsburgh. If you qualify,* we will match your contribution 3-to-1. For every $1 you contribute, you can receive $3 in grant assistance, up to a maximum of $5,000.

Funding is closed for 2023. Look for the next round in March 2024.
*First Front Door funds are available on a first-come, first-served basis. Restrictions may apply.

Learn more about First Front Door

A HomeReady^® mortgage is a great option for first-time home buyers and other borrowers who may not qualify for traditional financing.

• Down payment as low as 3%
• Flexible sources of funds
• Homeownership education required via an easy-to-use online format
• Income eligibility requirements apply*

*First Commonwealth will review qualifications and other program requirements with you.

A conventional mortgage for amounts in excess $726,200 and up to $1,000,000. A 20% down payment is required for a Jumbo Mortgage.

We have mortgage options for commercial property purchase, residential rental properties/investment properties as well as refinance options.

The Professional Mortgage Loan (PML) was designed to empower young qualified professionals burdened with significant college debt and limited savings to acquire a home. This unique loan allows for home financing with fewer restrictions than our conventional mortgage offerings. 

If you’re a PA or NJ Professional with a credit score greater than 699*, you could take advantage of up to $1 million in financing to purchase a primary residence in either PA or NJ.

Program Features: 

• As little as 3% down
• No mortgage insurance required
• Fixed and adjustable rates
• Deferred student loan payments may be excluded from debt to income

Eligible Professions Include: 

*First Commonwealth will review qualifications and other program requirements with you.

Military members may be eligible for a VA loan, which provides affordable, government-backed mortgage financing with unique benefits including no down payment (100% financing) or PMI.