First Time Buyers
When borrowers purchase their first home they have several low or no down payment loan options.
FHA, HomeReady and Home Possible are great programs that allow for lower than average credit scores and a down payment as low as 3%.
However, contrary to popular belief, you do NOT have to be a first time buyer for many of these programs!
We offer free classes
We offer HomeReady, Home Possible, USDA and FHA loans. Several of these loan programs require that the borrower complete a homebuyer education course to help them better understand the loan process and the financial responsibilities of owning a home.
We offer several free class options that accessible online.
Use the income from a roommate to qualify for a loan
Did you know that you are allowed to use boarder income to qualify?
Up to 30% of your qualifying income can come from boarder income.
You’ll need to document for at least 9 of the most recent 12 months of boarder income. The best (and sometimes only) allowed documentation is from cancelled checks, so if you’re preparing for a future purchase, don’t use cash.
What's the difference between HomeReady, Home Possible and FHA?
FHA requires 3.5% down and the mortgage insurance cannot be cancelled. HomePossible and HomeReady allow for 3% down and you are able to cancel the mortgage insurance once you have reached 20% equity in the home.