With housing costs in greater Washington continuing to climb, homeownership may seem like a distant dream for many Washingtonians. However, Sandy Spring Bank has taken steps to make home ownership more affordable.

Our Welcome Home Mortgage is a great alternative to an FHA or conventional loan, because the program does not require mortgage insurance. Taking into consideration the realities of the local market, a Welcome Home Mortgage is one of the few loan programs that provides up to 97% financing for loan amounts as high as $625,500.

Sandy Spring Bank is committed to building strong communities and helping people reach their homeownership goals. In addition to the Welcome Home Mortgage, Sandy Spring Bank can extend special terms to First-Time Home-Buyers or Civil Service employees.

The Welcome Home Mortgage features:

• 97% Financing to $625,500.00
• 3% down payment
• Purchases, or Rate and Term Refinances for up to 100% of the property’s appraised value
• 30 Year Fixed¹ Terms or Adjustable Rate Mortgages²
• Loan to value up to 105% in combination with a down payment assistance program
• Seller contributions allowed up to 6% of the purchase price of the home
• Home Buyer Education is required
• The Welcome Home Mortgage is available to applicants with incomes below 80% of the area median income. In addition, the program is also available to all home buyers acquiring a primary residence in a low- or moderate-income area.

Take a look at the side-by-side comparison of the Welcome Home Mortgage to an FHA Loan for the purchase of a condo in Washington, DC. The Welcome Home Mortgage saves a home buyer $303.35 monthly. In addition, a home buyer receives a cost savings of $10,808 since Up-Front FHA Mortgage Insurance (UFMIP) would not be required.

For more information, contact Mortgage Banker Noel Shepherd, NMLS #313280, at 301-617-4245 or nshepherd@SandySpringBank.com.

While the fixed interest rate for the FHA loan is nominally lower, its APR, once monthly mortgage insurance is accounted for, is higher than the APR for the Welcome Home loan (4.35% vs. 3.93%). Taxes, insurance and condo fees are estimates based on a sales price of $640,000. Actual fees will vary. The Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a yearly rate.

¹ Rates as of 4/13/2015. Rates quoted are for 1-4 family, owner occupied residences. Rates and terms subject to change without notice. APR shown may vary from final APR based upon borrower’s qualifications and loan program selected. Monthly payments examples are estimates only and may vary. Adequate property insurance is required. Flood Insurance will be required if the property lies in a Special Flood Hazard Area. ² The Welcome Home Mortgage also has variable-rate programs available. Please contact a Sandy Spring mortgage banker for details.

Offer available for new applications only. This special loan program and terms are available in select communities. Please consult a Sandy Spring Bank mortgage banker for specific loan programs and details.