Mortgage Loans

Whether you’re a first time home buyer, looking to build, or in need of refinancing, our bankers will work one-on-one with you to answer your questions, simplify the process, and guide you through every step of this rewarding experience.
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Different Type of Mortgages

For a diverse range of needs. Visit our Mortgage Center for more information including rates and to get prequalified.

Mortgage Center

  • Conventional Mortgage

    Wayne Bank offers conventional mortgage financing with both fixed and adjustable rates available. We have options that provide financing with as little as 5% down.

  • Construction Loans

    Our exceptional construction loan program offers down payments as low as 10%, with no PMI [Private Mortgage Insurance] required, and one closing. We offer construction periods of up to one year and an interest rate lock* at the time of your application. During the construction phase, you’ll make interest-only payments. After the construction period, the loan will automatically convert into repayment and you’ll make payments as you would with a conventional mortgage loan.

    *An additional fee will apply.

  • Jumbo Mortgage Loan

    A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac—currently $766,500 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $1,149,825). Wayne Bank offers Jumbo Mortgage loans with both fixed and adjustable rates.

  • First Time Home Buyer

    Through our partnership with the Federal Home Loan Bank, Wayne Bank is able to offer a First Time Home Buyer program that provides grant funding. By contributing a minimum of $1,500 toward down payment and closing costs, eligible applicants may receive a maximum First Front Door grant of $15,000.00. See the bottom of this page for more information. Contact us for availability and additional details.

  • FHA Loans

    These loans are government-backed mortgages with minimal down payments, which can provide lending solutions for borrowers with lower credit scores and limited savings.

  • VA Loans

    These loans provide financing of up to 100% for qualified veterans, members of the armed services, and eligible family members.

First Time Home Buyer Program

First Front Door (FFD) can help qualified first-time homebuyers with closing costs and down payment.

By contributing a minimum of $1,500 toward down payment and closing costs, eligible applicants may receive a maximum First Front Door grant of $15,000.00

Do I qualify?

Each prospective homebuyer must:

Be a first-time homebuyer

  • A person who has not owned a single-family home used as their primary residence in the last three years

  • This also includes, if purchasing jointly with other individuals, at least one person has not owned a single-family, primary residence in the last three years, or

  • If an investment property is owned, the person is not living there and has not owned a single-family, primary residence in the last three years

Contribute personal funds as part of the down payment and closing costs.  By contributing a minimum of $1,500 toward down payment and closing costs, eligible applicants may receive a maximum First Front Door grant of $15,000.00 if the homeowner is eligible. Homebuyer contribution can take the form of savings, a gift, a tax refund, an inheritance, or any other funds the homebuyer personally contributes to the purchase. Homebuyer contributions are not other loans, grants or sellers assistance/equity.

Be income eligible. First Front Door reviews the income of the entire household when determining eligibility for the program. The income of the household must be at or below 80 percent of the area median income at the time of FFD program enrollment. Check income limits for all states (use low-income limit).

Not be a student working less than 30 hours per week. Complete at least four hours of homeownership counseling from an approved counseling agency prior to the purchase of the home. Counseling must include the topic of predatory lending.

Not receive cash back at settlement for any reason. Please ensure that your lender provides no more than $250 cash back at loan closing.

Retain the home for five years from the loan closing date in order to keep the full amount of the grant. If the home is sold prior to five years, some of the grant subsidy may need to be repaid. Work with your lender to understand this commitment.

Does My New Home Qualify?

Qualified first-time homebuyers can use FFD grants toward closing costs and down payment assistance on eligible properties that are intended as the primary residence of the homebuyer at the time of program enrollment. These properties include single-family homes, townhomes, condominiums and modular units. Manufactured homes may be eligible if they are permanently affixed to a site. Investment properties are not eligible for FFD assistance.