First-Time Homebuyers

Purchasing a home can be overwhelming, especially if this is the first time you are doing it. Let a professional help guide you through the process vs. navigating everything on your own.

Being a first-time homebuyer (FTHB) can be overwhelming, as there is a whole new set of terminology you need to educate yourself on in order to make the most informed decision possible; BUT you don't have to navigate this process alone. Did you know that a first-time homebuyer is defined as a person who has not purchased a home OR resided in a home they own for the past three years?! 

While many additional programs and products work for first-time homebuyers, below we are breaking down those programs designed specifically for people in your position. While many of these programs look the same, they each have their own set of nuances. If you're a first-time homebuyer, we’re here to break down the different programs we offer so that we can can find the one that works best for you and your wallet! 

BorrowSmart:
  • Freddie Mac's BorrowSmart down payment assistance program offers assistance for borrowers to be used towards their down payment and closing costs
  • The assistance/grant can range from $1,000 to $1,500 and is determined by the borrower’s area median income
  • Homebuyer education is required
  • The grant CAN be used in conjunction with other down payment assistance programs  and/or seller credits
Fannie Mae HomeReady
  • Allows for as little as 3% down payment if the borrower is a FTHB and under the area median income limits established by County
  • Typically has a lower rate and reduced Mortgage Insurance
Fannie Mae Standard 97% 
  • Allows for as little as 3% down payment if the borrower is a FTHB BUT they do not have to meet the area median income limits established by the County
  • Does not offer a reduced rate or reduced Mortgage Insurance
Freddie Mac Home Possible
  • Allows for as little as 3% down payment if the borrower is a FTHB and under the area median income limits established by County
  • Typically has a lower rate and reduced Mortgage Insurance
Freddie Mac Home One
  • Allows for as little as 3% down payment if the borrower is a FTHB BUT they do not have to meet the area median income limits established by the County
  • Does not offer a reduced rate or reduced Mortgage Insurance
State/Local Bond Programs
  • Vary by state
  • Typically offer closing cost and down payment assistance
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My fiancé and I are extremely happy about our experience with Kyle. We had been looking for a house together for over a year and Kyle did an exceptional job throughout the whole process. He gave us excellent advice on our different loan options and went above and beyond to walk us through each document line by line. The online portal that was used made the application easy and convent to track. Kyle was extremely responsive and was helpful throughout our search. We would definitely recommend working with Kyle for your mortgage needs and we will definitely do so in the future!

- Steven H.