Mortgage Programs for First Time Home Buyers
Buying your first home is a big deal, which is why we make a big deal out of helping you buy yours with confidence, so the home you love is the home you can afford.
What matters when you're buying a home for the first time
- Your credit score
- Having a grasp on your monthly income and expenses
- Getting access to down payment assistance programs
- Knowing how much you can afford
Down Payment Assistance
With our First@Home1 program, first time home buyers can get the home of their dreams, even if your budget is tight and building a solid savings account has been tough. First@Home provides:
- Down payment assistance with solutions as low as 1%
- Closing cost assistance
- Financial confidence planning and resources
- Credit repair counseling
Watch the Abbott Story to see how this program helped our customers out of an unsafe apartment and into a home that fit their budget and their family.
FHA Mortgage Loans
Housing Finance Agencies exist to provide affordable housing for eligible families, giving you more options for buying your first home.
- In Pennsylvania, the PHFA provides mortgage options through conventional and FHA loans, including fixed interest rates that won't change, and you may also receive assistance with closing costs and down payments. Income, prior ownership and asset restrictions do apply.
- In Ohio, the OHFA also offers a mortgage tax credit, as well as down payment assistance programs.
FHA vs Conventional Home Mortgages
As a first time home buyer, you may also want to go the conventional route, with as low as a 3% down payment. The best solution depends on your personal situation. FHA loans are insured by the Federal Housing Administration. Conventional mortgages aren't insured by a federal agency. Both types of mortgages have advantages and qualification requirements are different between the two options. Our team would love to talk you through the best options for you.
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.