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Types of Loans

 Fixed Rate Loans

The most popular mortgage solution.  With a constant principal and interest payment, you can rest assured that your rate will not change. There are several repayment options to fit your specific situation.

Adjustable Rate Mortgages

The interest rate on variable-rate (or “adjustable-rate”) loans moves up and down based on the changes of an underlying interest rate index (usually the prime rate). Interest rates on these loans usually have caps or limits on how high it can move in a given period, but the rate can change multiple times during a year. The interest rate on a variable-rate loan may initially be lower than a fixed-rate loan, but it could move higher over time.

Construction Loans

Can't find what you are looking for? Interested in building your dream home?  Our Construction experts will help you as you consider a construction loan with First Commonwealth.  They will answer questions about the process, assist you with the application and stay with you throughout the whole process of building your dream home.  Construction loans are comprised of interest only payments during construction which convert to a permanent loan on an available fixed or adjustable rate basis.

FHA Loans                                                                                                                                           

FHA loans have low down payment requirements which have been helping people become successful homeowners since 1934. This is a very popular product for first-time homebuyers. The Federal Housing Administration (FHA) will insure the loan so your lender can offer you a loan with lower down payment requirements.

PA Housing Finance Agency (PHFA)

PHFA provides affordable mortgage financing to buy a home through a variety of programs such as conventional and FHA loans.  All mortgages are fixed rate loans.  PHFA also may provide assistance with closing costs and down payments.  Income and assets restrictions apply.

VA Loans

VA loans are guaranteed by U.S... Department of Veteran’s Affairs.  The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment.   The Department of Veterans Affairs does not make loans, it guarantees loans made by lenders and allows for 100% financing.  VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.


Designed to assist low and moderate income borrowers in rural communities in the purchase of a new or existing home.  Maximum loan amount is up to 100% of the appraised value.  Not limited to first-time homebuyers.


First Commonwealth Bank, NMLS#479240
1001 Village Run Road, Wexford, PA  15090
Toll Free:  (844) 221-3500
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