Why First Time Buyer Programs?

If you’re a first-time home buyer, you have many critical decisions to make. In addition to finding the ideal property that meets your lifestyle needs and budget requirements, you also must endure the arduous process of securing financing.

The good news is that there are several first-time home buyer programs available that can make it easier to get an affordable loan. These programs offer a host of benefits that aren’t necessarily available to current homeowners, such as lower or no down payment requirements, more flexible financing arrangements and assistance with closing costs, to name a few.

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The Process of Obtaining Mortgage Loans for First-Time Home Buyers

Whether you’re brand-new to the home purchasing process or are re-entering the market, the steps involved include:

  1. Get Your Financial House in Order: The rosier your financial picture, the easier it will be to get a first-time home buyer mortgage loan. Pay down your debt — especially those high-interest credit cards — check your credit report for errors and put as much money away as possible for a down payment.
  2. Get Pre-Qualified: Pre-qualification is a non-binding process where prospective home buyers work with lenders, who determine the likelihood of approval and the mortgage loan amount available. Note: Getting pre-qualified is not a firm loan approval.
  3. Find the Ideal Home: Once you know how much house you can afford, enlist the services of a reputable real estate agent to help you find your dream home and make an offer.
  4. Complete the Application: When you’ve located the right home, and the seller accepts your offer, you’ll need to choose a lender and complete the loan application process. Get ready to provide detailed information about your employment history, income, assets and debts.
  5. Close the Deal: Upon final approval of your loan application, you will receive a date for the settlement, which is where you finalize the purchase.

Equity One Lending: We’ll Guide You Home

If you’re a first-time home buyer, Equity One Lending offers a streamlined mortgage process that will remove the burden from your shoulders. You will appreciate our simple pre-qualification process and our easy, secure application — you can even apply for a mortgage loan on your smartphone!

We can also help you determine the right loan type for your specific purchasing requirements.

Our first-time home-buyer programs are designed to help make your home-ownership goals possible. These programs are available for purchase financing anywhere within our lending area. Contact a Equity One Lending Consultant today or get pre-qualified online.

Note: Programs and rates are subject to change without notice.

FTHB Program Advantage Plus FTHB
Terms 30 Year Fixed
7/1 ARM
10/1 ARM
30 Year Fixed
7/1 ARM
10/1 ARM
30 Year Fixed
7/1 ARM
10/1 ARM
Down Payment As low as 3%1 As low as 3%1 As low as 5%1
Rates Check Rates Check Rates Check Rates
Credit Toward Closing Costs $5002 $5002 $5002
Property Types 1-2 Family Homes 1-2 Family Homes 1-2 Family Homes
Maximum Income Limit $38,000

$48,950
$91,200

$117,480
No Income Limit
Other Requirements Homebuyer workshop must be completed Homebuyer workshop must be completed Homebuyer workshop must be completed

Other Loan Programs

VA Loans

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Investor Loans

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Portfolio Products

Many borrowers need flexible products with low-interest rates, flexible terms, and minimal down payments. Affordability is the key to many borrowers being able to buy homes or . . .

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FHA Loans

FHA loans are mortgages that are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

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USDA

People are often overwhelmed by the different kinds of mortgages available today. Are you one of those people thinking of planning a property? If you have an idea of what you are . . .

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Conventional Mortgage

Conventional products provide a wide variety of homebuying and refinancing options for well-qualified borrowers. Government products restrict lending to only primary residences . . .

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Qualify for a mortgage online

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