First Time Home Buyers
We have several options for helping you to get into your first home. Below are a few solutions to consider but we would love to connect with you directly to review the best fit for you. Also, check out our 10 Point Checklist for Buying a New Home so that you can buy in confidence.
- Designed to provide you with the confidence you need to own your first home
- Closing cost assistance
- Financial confidence planning
- Down payments as low as 1%
- Credit repair counseling
- FHA loans have low down payment requirements which have been helping people become successful homeowners since 1934.
- This is a very popular product for first-time homebuyers
- The Federal Housing Administration (FHA) will insure the loan so your lender can offer you a loan with lower down payment requirements.
PA Housing Finance Agency (PHFA)
- PHFA provides affordable mortgage financing to buy a home through a variety of programs such as conventional and FHA loans.
- All mortgages are fixed rate loans.
- PHFA also may provide assistance with closing costs and down payments. Income and assets restrictions apply.
Fixed Rate Loans
- The most popular mortgage solution.
- With a constant principal and interest payment, you can rest assured that your rate will not change.
- There are several repayment options to fit your specific situation.
Adjustable Rate Mortgages
- The interest rate on a variable-rate (or "adjustable-rate") loans moves up and down based on the changes of an underlying interest rate index (usually the prime rate).
- Interest rates on these loans usually have caps or limits on how high it can move in a given period, but the rate can change multiple times during a year.
- The interest rate on a variable-rate loan may initally be lower than a fixed-rate loan, but it could move higher over time.
- VA loans are guaranteed by the U.S. Department of Veteran's Affairs.
- The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment.
- The Department of Veterans Affairs does not make loans, it guarantees loans made by lenders and allows for 100% financing.
- VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.
- Designed to assist low and moderate income borrowers in rural communities in the purchase of a new or existing home.
- Maximum loan amount is up to 100% of the appraised value.
- Not limited to first-time homebuyers.
- Income limits apply
1First-time home buyer program (no primary residence ownership within the past three (3) years). Product and eligibility guidelines apply, including credit and household income requirements. Product may not be available for your situation.