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FIRST TIME
HOME BUYERS

For current rates on the following loan programs, please contact your local office today!

First-time buyers are often just getting on their feet financially, so they benefit from borrower-friendly loan features like easier approval and down payment assistance. A first-time homebuyer loan is designed to help qualified people become homeowners. Some of the benefits include:

  • Down payment: the ability for buyers to make a very small down payment (or no down payment at all)
  • Interest Cost: organizations subsidize (or help to pay) interest charges, and they can also help borrowers qualify for a loan with lower interest rate. The result is an easier monthly payment.
  • Help with fees: limits on how much lenders are allowed to charge for closing a loan

Who Qualifies & Financial Need

Most programs are targeted towards individuals who have never owned a home. Additionally, you may have to meet certain financial restrictions as well. For the most part, first-time buyer programs reserve benefits for people with low and moderate incomes. If you earn too much, you won't qualify for the program. Having substantial assets (like cash in the bank or investment accounts) can also reduce your chances.

Loan Restrictions

Expensive Homes? Most programs put a dollar limitation on the property you're buying. You will be limited to less expensive properties that are probably more affordable for people who meet the certain income restrictions.

Owner-occupant: you generally have to live in the home as your primary residence. If you are going to rent the home out, you will need to use a different type of loan – these programs are not for investors.

Health and Safety: the home you buy most likely has to meet some physical requirements. It must be in good condition and free from any safety hazards (such as lead-based paint, for example). If you have a home in mind that you can't buy because it's in bad shape, you can try using an FHA 203K rehabilitation loan instead. 203K loans allow you to purchase the property and fund improvements in with just one loan.

GET FREE PRE-QUALIFIED IN MINUTES! »

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