First Time Homebuyer Loans
Make your dream of owning your first home come true! With our flexible and affordable First Time Homebuyer Loan program, you can take the first step toward homeownership today.
Overview of First Time Homebuyer Loans
Our First Time Homebuyer Loan program offers flexibility and affordability, helping you finance up to 97% of your home’s purchase price1 with just a 3% down payment. This option is perfect for first time buyers looking to achieve homeownership without a large upfront cost. Community Partners (Teachers, Firemen, Police Officers, Nurses and EMT/Paramedics) may qualify for additional financing incentives.
FAQs
Are you required to escrow for property taxes and homeowners insurance?
Any conventional loan with less than a 20% down payment and/or equity in the home is required to escrow for property taxes and homeowners insurance. Also, all government loans require escrow. Escrow will be included in your monthly mortgage payment.
Should I get a loan pre-approval?
What documentation is required for a mortgage loan?
What is the minimum down payment needed when buying a primary residence, second home, or investment property?
Ready to Take the Next Step?
- Subject to the home’s appraised value. Eligible for primary residence purchase only.
- Home must be located within Right By You Mortgage’s lending area to be eligible.
- At least one borrower must be first time home buyer. Income limitations may apply.
For example purposes, a home worth $300,000 obtaining a 5/5 adjustable-rate mortgage with 3% down at a note rate of 7.5% and an APR of 7.578% would have a monthly principal and interest payment of $2,034.71.