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.

 

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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.

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First Time Homebuyer Loan Key Takeaways

Finance up to 97% of your purchase price of a home with only 3% required for a down payment.2 Take advantage of this low down payment and open the door to homeownership.

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Low Down Payment

Make buying your first home a reality with a First Time Homebuyer Loan.3 Enjoy competitive rates with a low 3% down payment, making homeownership accessible and affordable for first time buyers.

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Save Money

Experience the financial freedom of homeownership without the added burden of monthly private mortgage insurance (PMI) payments. Our exclusive First Time Homebuyer Loan helps you save money while building equity in your dream home.

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Flexible Terms

We offer a variety of mortgage options tailored to meet your unique needs. Choose from 5/5, 7/1, and 10/1 adjustable-rate mortgages (ARMs), providing you with flexible terms and competitive rates for your first home purchase.

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Find a Mortgage Loan Officer

Our expert loan officers are here to help you navigate the mortgage process with confidence. Get answers and personalized guidance to pave your path to homeownership today!

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FAQs

Are you required to escrow for property taxes and homeowners insurance?

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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.

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Ready to Take the Next Step?

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  1. Subject to the home’s appraised value. Eligible for primary residence purchase only.
  2. Home must be located within Right By You Mortgage’s lending area to be eligible.
  3. 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.