We understand what it means to own your own home and we’re dedicated to making the process as easy as possible. Whether you’re buying your first house, refinancing an existing one or finally getting your dream home, we will help you navigate the mortgage process so you can start focusing on making your new house, your home.
First-Time Homebuyers Program
5/3 Adjustable-Rate Mortgage
Rate 5.75%
APR 6.325%*
- Discounted Loan Origination Fee
- First-time Homebuyer
- Minimum Down Payment of 5% with PMI Coverage for Qualified Borrowers
- Owner Occupied Primary Residence
- Single Family Homes, Townhomes, Condos and more!
- Income and purchase price limits apply**
*APR effective 12/16/25. Actual APR may change based on loan amount and applicable fees. APR assumes primary residence, 680 credit score, 20% down and a $100,000 loan amount. Property taxes and hazard insurance are not included in the estimate – actual payment obligation will be greater. Based on a $100,000 loan, there will be 60 monthly principal and interest payments of $583.78 at an initial interest rate of 5.75%. The interest rate will change after 60 months and every three years thereafter. Maximum amortization 360 months. The interest rate is the index (weekly average 1-year Treasury) plus margin (3%). The rate will not increase or decrease more than 2% per adjustment. The minimum interest rate is 4.95%, maximum interest rate is 11.75%. Rates/terms subject to change without notice. Subject to qualification. Estimates for comparison purposes only.
**Income limits have been set at $128,110 per loan application and purchase price limits have been set to $544,232.
The program begins on 01/02/2026 – 07/01/2026 or until allocated funds are exhausted.
Conventional
Conventional mortgages are your standard traditional mortgages. They are not insured or guaranteed by the government like FHA, VA and USDA. Fixed and adjustable rates are available, however, fixed rates are the norm in today’s lending environment.
With 20% down you will have no monthly mortgage insurance and unlike government loans, there are no funding fees. However, with a down payment less than 20% you will incur monthly mortgage insurance premiums (you can put as little as 3% down).
Interest rates vary quite a bit on conventional loans because they are not guaranteed by the government. Credit score and down payment play a huge role in determining the interest rate you will receive. We are pleased to offer competitive rates and closing costs.
USDA Rural Housing Loans
The USDA loan program allows buyers to purchase a primary residence without a down payment while obtaining a favorable interest rate, often lower than other loan programs.
USDA borrowers pay an annual fee of 0.35% of the total loan amount. This fee is divided into 12 equal, monthly payments. USDA also charges a one-time, upfront funding fee of 1.0% of the loan amount, which can be rolled into the loan.
This program can be used on primary residences in qualifying rural areas. Annual household income limits apply and unlike other loan programs, daycare and other allowable expenses may be deducted to help you qualify. Our professional staff will help you navigate the eligibility process.
Adjustable-Rate Mortgage Loan Program Disclosure
Citizens Bank currently offers the following adjustable-rate mortgages:
- Owner Occupied 1st Mortgage: 3/1, 5/3, 7/3
- Owner Occupied 2nd Mortgage: 1/1, 3/1
- Non-Owner Occupied 1st Mortgage: 3/1, 5/1
- Non-Residential: 1/1, 3/3
This disclosure describes the features of the adjustable-rate mortgage (ARM) program you are considering. This disclosure statement is not a contract and does not constitute a commitment to make a loan to you. Additional information regarding ARM programs is available upon request.
How Your Interest Rate and Payment Are Determined
- Your interest rate will be based on an index plus a margin.
- Your payment will be based on the interest rate, loan balance, and loan term.
- The interest rate will be based on the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year (index) plus our margin. Ask for our current interest rate and margin.
- Information about the index is published weekly in the Wall Street Journal.
- The initial interest rate is not based on the index used to make later adjustments. Ask us for the amount of current interest rate discounts or premiums.
How Your Interest Rate Can Change
- Each date on which your interest rate can change is called a “Change Date”.
- Your interest can change periodically based on the ARM terms offered.
- Interest Rate Change for 1/1 ARM: Your interest rate will not change for the first 1 year of the loan. The interest rate may change every year after the 1st
- Interest Rate Change for 3/1 ARM: Your interest rate will not change for the first 3 years of the loan. The interest rate may change every year after the 1st
- Interest Rate Change for 3/3 ARM: Your interest rate will not change for the first 3 years of the loan. The interest rate may change every 3 years after the 3rd
- Interest Rate Change for 5/1 ARM: Your interest rate will not change for the first 5 years of the loan. The interest rate may change every year after the 5th
- Interest Rate Change for 5/3 ARM: Your interest rate will not change for the first 5 years of the loan. The interest rate may change every 3 years after the 5th
- Interest Rate Change for 7/3 ARM: Your interest rate will not change for the first 7 years of the loan. The interest rate may change every 3 years after the 7th
- Your interest rate cannot increase or decrease more than 2 percentage points at each adjustment.
- Your interest rate cannot increase or decrease more than 6 percentage points over the term of the loan.
How Your Payment Can Change
- Your payment can change at the first Change Date. For 1/1 or 3/1 ARMs, the monthly payment can change every year after the first change, and for 3/3 ARMs, the monthly payment can change every 3 years after the first change, based on changes in the interest rate.
- Your monthly payments can increase or decrease substantially based on annual changes in the interest rate.
- You will be notified at least 210, but no more than 240, days before first payment at the adjusted level is due after the initial interest rate adjustment of the loan. You will also be notified at least 60, but no more than 120, days before first payment at the adjusted level is due after any interest rate adjustment resulting in a corresponding payment change. These notices will contain information about the adjustment, including the interest rate, payment amount, and loan balance.
Example 1/1 ARM
Loan Amount $10,000
Loan Term 20 years
Initial Interest Rate 8.75%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 14.75%. The monthly payment can increase from the initial payment of $88.37 (for the first year) to a maximum of $129.87 after the 3rd year.
Example 3/1 ARM
Loan Amount $10,000
Loan Term 30 years
Initial Interest Rate 5.95%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 11.95%. The monthly payment can increase from the initial payment of $56.63 (for the first 3 years) to a maximum of $102.48 after the 6th year.
Example 3/3 ARM
Loan Amount $10,000
Loan Term 30 years
Initial Interest Rate 8.50%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 14.50%. The monthly payment can increase from the initial payment of $80.52 (for the first 3 years) to a maximum of $124.22 after the 12th year.
Example 5/1 ARM
Loan Amount $10,000
Loan Term 30 years
Initial Interest Rate 8.50%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 14.50%. The monthly payment can increase from the initial payment of $80.52 (for the first 5 years) to a maximum of $107.70 after the 8th year.
Example 5/3 ARM
Loan Amount $10,000
Loan Term 30 years
Initial Interest Rate 6.25%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 12.25%. The monthly payment can increase from the initial payment of $61.57 (for the first 3 years) to a maximum of $104.79 after the 14th year.
Example 7/3 ARM
Loan Amount $10,000
Loan Term 30 years
Initial Interest Rate 6.50%
Margin 3.00%
Index 4.41%
Caps 2%/6%
The maximum amount that the interest rate can increase is 6 percentage points to 12.50%. The monthly payment can increase from the initial payment of $63.21 (for the first 3 years) to a maximum of $106.73 after the 16th year.
To determine what your payments would be, divide your loan amount by $10,000, then multiple the monthly payment by that amount. For this example, the monthly payment for a loan amount of $60,000 would be ($60,000/$10,000) = 6, and (6x$52.18) = $313.08 per month.
*This is an example on payments based on $10,000 loan amount fixed for 30 years at an initial margin and index in effect at the time this disclosure was created. Your margin and index may be different, as changes in the rate may increase or decrease substantially. Ask for our current margin value and index.