The Key for First-time Home Buyers: lower down payments, grants, and more.

Navigating the housing market is especially daunting as a first-time homebuyer, but it can lend a key advantage over the homebuyers; that is access to State Mortgage Programs. These programs are designed to help make buying a house easier and more affordable for first time home buyers by providing low down payments, closing assistance, grants, and competitive or flexible mortgage rates. Many states even offer additional perks for Military, Veterans, specific types of housing, and support needs. In addition to being a first-time home buyer, there there is usually criteria that varies between states. Below is a list of the criteria we’ve typically observed between states.

• Purchasing a primary residence and not owning any other properties.
• Meeting the income limits set by the program.
• Completing homebuyer education or counseling.
• Having a minimum credit score, which varies depending on the loan type (e.g., 640-680 for conventional loans).
• Being a first-time homebuyer or meeting specific exemptions.

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If you are a house hunting in the states of Maryland, Virginia, West Virginia, Pennsylvania, Florida, or South Carolina call us or click here to fill out a loan application for a free preliminary evaluation of your eligibility for these programs by a professional loan officer. It’s important to carefully review the eligibility requirements for the program you’re interested in using to ensure you meet all the necessary criteria. If you have any questions or need assistance, don’t hesitate to reach out today.