How Do I Get a First-Time Homebuyer Loan?
According to The Department of Housing and Urban Development (HUD), a first-time homebuyer is someone who meets any of the following criteria:
* Has not owned a principal residence in the last 3 years
* Has not owned a home jointly as a married couple within the last 3 years
(if you owned a home but your spouse hasn’t, you can still qualify)
* A single parent who has only owned a house with a former spouse while married
The primary barrier to homeownership for first-time home buyers is saving money for a down payment and closing costs. There are programs to help you close the gap with flexible options and low down payment solutions. Contact us for more information on the programs below
HomeOne®
Qualify more first-time homebuyers with this 3% down payment solution.
* Purchases up to 97% LTV
* No income restrictions
* Available in all geographic locations
* Eligible for single family homes, including townhouses and condos
* At least one borrower must be a first time homebuyer
* LPA only
* Available on single- and multi-wide manufactured homes with LTV up to 95%, co-ops* and PUDs
* Lender and seller paid Temporary Rate Buydowns available
HomeReady®
Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Fannie Mae Lookup Tool to see if a subject property meets the county loan limit requirement.
* Purchases up to 97% including FTHB
* Refinances serviced by FNMA eligible up to 97% LTV
* Reduced Mortgage Insurance
* High Balance available
* Income up to 80% of the AMI
* Gift funds eligible for entire down payment
* Available on single- and multi-wide manufactured homes with LTV up to 95%, condos, co-ops* and PUDs
* Lender and seller paid Temporary Rate Buydowns available
Home Possible®
A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Freddie Mac Lookup Tool to see if a subject property meets the county loan limit requirement.
* Up to 97% LTV
* 620+ FICO
* First time homebuyers, move-up borrowers and retirees
* Refinances up to 97% LTV, regardless of current mortgage program
* High Balance available
* Income up to 80% of the AMI
* Available on single- and multi-wide manufactured homes, co-ops*, condos and PUDs
* Lender and seller paid Temporary Rate Buydowns available
Freddie MAC Borrowsmart℠
For a limited time, help qualified buyers get up to $1,500 toward their down payment or closing costs.
* 620+ FICO, up to 97% LTV
* Eligible for primary purchases only
* At least one qualifying borrower will be required to complete homebuyer counseling session through Homeownership Preservation Foundation (HPF) Process for a fee of $99
* Qualified buyers with an income less than or equal to 50% of the AMI receive $1,500
* Qualified buyers with an income between 50% and 80% of the AMI receive $500
* Available on single- and multi-wide manufactured homes, co-ops*, condos and PUDs
* Lender- and seller-paid Temporary Rate Buydowns available
Use Freddie Mac’s Income and Property Eligibility Tool to confirm borrower meets eligibility requirements.
