First-time homebuyer mortgages

Purchasing your first home is an exciting milestone, and a First-Time Homebuyer Mortgage can help make that dream a reality. These special loan programs offer lower down payments, favorable interest rates, and extra support for those looking to take their first steps into the housing market.

As a first-time buyer, you may qualify for loans with great terms, designed to make homeownership more accessible. Here's why these loans are perfect for many newcomers:

• Lower Down Payments: Many first-time homebuyer loans require a smaller down payment than traditional mortgages, making homeownership more achievable.
• Reduced Interest Rates: Enjoy lower interest rates that reduce long-term borrowing costs.
• Government Assistance: Take advantage of special programs that may offer additional financial support, including down payment assistance and reduced mortgage insurance rates.

• Financial Help: These loans provide assistance for those with limited savings, making it easier to purchase your first home.
• Lower Monthly Payments: With lower down payments and interest rates, your monthly mortgage payments can be more affordable.
• Access to Special Programs: Many state and federal programs offer extra help, from down payment assistance to grants for first-time buyers.

To qualify for a first-time homebuyer mortgage, you generally must meet the following requirements:

• Not Owned a Home in the Last Three Years: Most programs define a "first-time buyer" as someone who has not owned a home in the past three years.
• Income Limits: Some programs have income limits to ensure the loan is accessible to those who need it most.
• Credit Score: While requirements vary, many first-time homebuyer loans are more flexible with credit scores, often starting at 620 or higher.

While a First-Time Homebuyer Mortgage offers many advantages, it’s important to keep in mind:

• Eligibility Limits: Some programs have strict criteria that may not be available to everyone.
• Property Restrictions: Certain programs may only apply to specific types of properties, such as primary residences.
• Mortgage Insurance: Some loans may require mortgage insurance, adding to monthly costs.

If you’re ready to take the first step toward homeownership, we can help guide you through the process. Here’s what to do next:

• Get a Free, Instant Rate Quote: See what options are available to you with no obligation.
• Learn About Your Options: Our experts are here to help you understand which loan program is best for your situation.
• Start Your Application: It’s simple to begin the process online and take the first step toward purchasing your new home.