New Down Payment and Closing Cost Assistance Loans

New Down Payment and Closing Cost Assistance Loans

First Home Mortgage is excited to roll out a new program to assist first-time homebuyers, community partners, and veterans with down payment and closing cost assistance.

The FHLB program provides loans up to $7,500 to homebuyers that can be used towards the down payment and/or closing costs of their new home. These loans are forgivable after 5 years, meaning no repayment is necessary! There are 3 separate programs available:

First-Time Homebuyer Product– Maximum loan assistance of $5,000, minimum borrower contribution of $1,000.

Community Partners Product– Maximum loan assistance of $7,500, minimum borrower contribution of $1,000, non-first-time homebuyers are eligible, available to law enforcement officers, educators, health care workers, firefighters, and first responders.

Veterans Purchase Product– Maximum loan assistance of $7,500, no minimum borrower contribution, non-first-time homebuyers are eligible, available to homebuyers who are currently serving or have served in the U.S. military, their spouse, or their surviving spouse.

These programs are only available on conventional, fixed-rate purchase loans. Funds are provided on a first-come, first-served basis until funds are depleted. There is mandatory Homebuying Counseling for borrowers.

Reach out to your Loan Officer to learn more!

Related Posts

5 Real Estate Scams to Watch Out For
5 Real Estate Scams to Watch Out For

Whether you’re buying, selling, or refinancing a property for the first time or fifth, you’re going to be balancing lots of information, paperwork, communications, and transactions. It can be easy to get overwhelmed, and unfortunately, there are individuals out there who may try to take advantage of you during real estate transactions. Below are five […]

April 28, 2022
Full Post
Bridge Loan Program
Bridge Loan Program

Buying a new home is always a big undertaking, and the current seller’s market can make the process even more challenging. With limited inventory and frequent bidding wars, buyers can feel a natural uncertainty in landing the house you want. Selling your current home before finding your next one can be even more stressful, since […]

March 24, 2022
Full Post
Pre-Qualification vs. Pre-Approval
Pre-Qualification vs. Pre-Approval

You’ve heard the terms pre-qualification and pre-approval, but what do they mean? They are the same thing, right? Not quite! The terms have been used interchangeably, but their true definitions differ. We’re going to break it down and explain the difference between the two. Pre-qualification The very first step to take if you are ready […]

June 09, 2021
Full Post

Connect With Us