Buying a home often symbolizes stability, security and the beginning of a new chapter. But as a first-time homebuyer, securing a mortgage may seem like a complicated process. FirstBank Mortgage understands the challenges you face, and that’s why we’re thrilled to offer no down payment loan options that help make home ownership more attainable.
Our no down payment loans are designed to empower first-time homebuyers by providing them with tailored assistance. We believe in meeting your unique needs and ensuring a seamless experience from beginning to end.
Here are some important features of our no down payment loans:
1. Minimum Credit Score Requirement
A good credit history demonstrates an ability to manage your finances and credit responsibly. That’s why our no down payment loans have a minimum credit score requirement.
You can take steps now to boost your credit score. To start, make timely payments while also keeping your credit card balances low. Additionally, regularly monitor your credit report for errors and quickly address any inaccuracies.
2. Limited Out-of-Pocket Costs
Financial constraints are common when buying a home for the first time. To make the process easier, borrowers who take advantage of our no down payment loan programs can purchase with less cash out-of-pocket.
Our no down payment loans require a small borrower contribution. This money must come from your own personal funds, and it can be applied towards closing costs or your appraisal. Once the borrower contribution is paid, there’s the option to use gift funds for other mortgage-related expenses.
Furthermore, this program allows for a 100% loan-to-value ratio, meaning you can finance the entire purchase price of the property without the need for a down payment. Down payments can be a significant obstacle and reducing this financial burden can make homeownership more accessible.
3. Generous Loan Limits
Flexibility is key when it comes to finding your dream home. Our no down payment loans have a generous mortgage loan limit — up to $726,200 for one-unit properties.
This higher loan limit gives you a broader range of options, allowing you to explore different housing solutions and have the flexibility to purchase a home that meets your needs and preferences.
4. HUD-Approved Homebuyer Education Required
Knowledge is power, and as part of our no down payment loan programs, FirstBank Mortgage requires borrowers to complete HUD-approved homebuyer education. The purpose of this course is to help would-be homebuyers navigate the buying process with confidence and equip them with the necessary skills to manage a home loan responsibly.
From credit improvement to securing financing, the homebuyer education can ensure that you’re well-prepared. Other topics covered in the course include homeowner’s insurance, contingencies and homeowner rights and responsibilities.
If you’re a first-time homebuyer looking for an affordable mortgage solution, the next step is to find a loan expert in your area. Our mortgage professionals can provide personalized guidance, addressing any questions or concerns you may have. Contact us today to get a free rate quote and explore the possibilities.
