Tips for first-time home buyers

Buying a home can be confusing and complicated, especially if it’s your first time around the block. But don’t worry, the keys to your dream home can be yours because you’ve got Norry Bank.

“If you’re thinking about buying a home but not sure where to start, give us a call,” says Mary Jo Snyder, loan officer at our Hummels Wharf branch. “We are here to help you figure out what type of loan you may need.” 

Not sure if you have the money for a down payment? As a first-time home buyer, you have access to loans such as a Pennsylvania Housing Finance Agency (PHFA) loan or a USDA Rural Housing loan.

“Some of these types of loans offer a no down payment option, and financing up to 100%,” she said. 

Mary Jo shared some helpful tips for homebuyers, especially for those looking at purchasing their first home:

1. Don’t apply for or open any new credit accounts.

This means credit cards, loans or co-signing on a loan. “Every time you have your credit pulled you may lose points from your credit score,” says Mary Jo.

2. Try not to switch jobs or make career moves or changes.

“It’s not a bad thing to switch jobs when trying to buy a home,” she said, “but if an opportunity arises be sure to keep your lender updated.”

3. Don’t transfer or deposit large amounts of money, if you can avoid it.

Amounts of $1,000 or more outside of normal payroll may require supplying documentation to verify the transactions.

4. Don’t max out current credit cards.

“Using more than 30% of your borrowing limit could impact your credit score, which is reviewed during your mortgage loan process,” said Mary Jo.

5. Do stay current on your existing accounts and make your payments on time.

“Making your payments on time, and paying more than the minimum amount may actually help boost your credit score,” she said.

No matter what type of home you’re looking for, Norry Bank offers personal assistance, can help you get pre-approved and shop with confidence, and works hard so that you can close on your new mortgage quickly.

To learn more about how Norry Bank can help you with your finances when it comes to buying a home and beyond, call us at 888.877.6623 or visit to find a lender near you. 

“It costs nothing to talk with a loan officer. Have a conversation early so that you have enough time to prepare for buying a home – no matter how near or far into the future that may be,” she added.

The information provided is intended for informational purposes only. It should not be considered legal advice and is meant to be a “best practices” guide to help homebuyers.