Thinking about buying a home? Liberty Bank for Savings can help with up to $10,000* in closing costs & down payment assistance that could get you into a new home for what you pay in rent!
Homeownership helps build resilient communities. That’s why we’ve been investing in Chicago families and neighborhoods for more than 120 years. We’re here to help you finance a bright future for you, your family, and your neighborhood.
Liberty bank isn’t some faceless big bank. We were founded by the community in the basement of a local church. Parishioners pooled their money to help each other buy their first home. We are still guided by that same mission 120 years later – to help families save money and buy homes.
“For first-time home owners, it gets kind of stressful. It’s a big commitment.
It helps having a bank you can trust, that has good communication and lets you know that everything’s gonna be taken care of.”
Credit scores. Down payments. Interest rates. Closing costs. We know. The home buying process feels complicated and expensive, especially when you’re doing it for the first time.
Liberty Bank can help. We offer loans tailored to your needs – low down payments, great rates, and personalized service.
Liberty Bank is here to help you achieve the American Dream of homeownership.
Meet Herman Davis, a member of our community outreach team.
You may have seen him hosting educational seminars, meeting with community partners, or attending events in your community. “I’m proud to represent Liberty Bank because we have an impressive track record – over 120 years – of putting customers first,” says Davis.
To speak with Herman about setting up first-time homebuyers seminar in your area, contact him at 773.951.8000.
*Up to $10,000 off down payment & closing cost requirements:
Liberty’s Closing Cost & Down Payment Grant of $4,000, must be used with a Fannie Mae HomeReady® fixed-rate loan, term up to 30 years. All borrowers must not have owned a property in the last three years. Property must be located in a majority-minority census tract. For purchase of an owner-occupied single-unit property (including Condo or PUD). LTV 80.01-97%. Borrower must qualify for Fannie Mae’s HomeReady program including income requirements. Minimum FICO score of 620. 3% down payment – no minimum borrower contribution, flexible source of funds. Cancellable Private Mortgage Insurance (restrictions apply), lower MI coverage compared with other products. Homeownership counseling required for at least one borrower, includes online option. Funds are limited and cannot be reserved until a completed application is made along with a fully executed sales contract.
The HomeReady product can be used with a 30, 20, 15 or 10 year fixed rate term. Maximum loan amount of $548,250. Lock Period 60 days. Sample Repayment Terms: the terms of repayment for a 30 year fixed rate confirming loan of $165,000 for a one unit owner occupied residence are 360 payments at $696.55 with a 3.250% Interest Rate and Annual Percentage Rate (APR) of 3.373%, effective as of June 18, 2021. This rate includes 0 points. The payments do not include amounts for taxes and insurance premiums which will increase the actual payment obligation. Private Mortgage Insurance (PMI) is required, although may be canceled over time. The APR on your specific loan may differ from the sample provided. No FHA loans. This rate is subject to change at any time by Liberty Bank and is not valid with any other offer. NMLS#787575.
Downpayment Plus is a program offering up to $6,000 from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of Federal Home Loan Bank of Chicago.