Program Overview

The First Time Home Buyer Program is a comprehensive offering tailored for individuals and families purchasing their first primary residence. It integrates competitive mortgage products, down payment assistance options, and pre-purchase counseling so applicants can confidently navigate the path to homeownership. This program focuses on affordability, transparency, and long-term financial stability for new buyers.

Who Is Eligible?

Eligibility is designed to include a broad range of prospective buyers while focusing on those who have not previously owned a principal residence. Typical eligibility criteria include:

• First-time home buyer status, defined according to the program's guidelines.
• Minimum qualifying income and credit requirements that are competitive and designed to accommodate diverse financial situations.
• Completion of an approved home buyer education course or counseling session, which helps prepare applicants for the responsibilities of homeownership.
• Purchase of a primary residence that meets program property standards.

Key Benefits

This program offers several benefits aimed at reducing the barriers many first-time buyers face:

• Low down payment options: Flexible down payment structures help reduce the upfront cash needed to close.
• Competitive interest rates: Pricing designed to give new buyers access to affordable financing over the life of the loan.
• Down payment assistance: Grants or low-interest second mortgages may be available to help cover closing costs or down payment needs.
• Customized loan products: A range of fixed-rate and adjustable-rate mortgage options to suit varying financial profiles and future plans.
• Pre-purchase education: Access to workshops and counseling to build financial literacy and readiness for homeownership.
• Dedicated support: Mortgage specialists and housing counselors dedicated to guiding first-time buyers step by step.

How the Program Works

The process is structured to be straightforward and supportive:

1. Initial consultation: Speak with a FirstBank mortgage specialist to review eligibility, budget, and timelines.
2. Pre-approval: Obtain a pre-approval letter that clarifies borrowing capacity and strengthens offers to sellers.
3. Home buyer education: Complete a required course or counseling session that covers budgeting, mortgage basics, and maintenance planning.
4. Property selection: Find a home within program guidelines and submit an offer with the support of your real estate professional.
5. Application and underwriting: Submit documentation for final loan approval, including income, employment verification, and property appraisal.
6. Closing: Finalize the mortgage, sign documents, and coordinate any down payment assistance or subsidies at closing.
7. Post-purchase support: Access ongoing resources to help manage mortgage payments and maintain the property.

Required Documentation

To streamline the application, applicants should prepare the following documents in advance:

• Proof of identity for all borrowers (government-issued ID).
• Recent pay stubs and employment verification.
• Tax returns and W-2s for the past two years.
• Bank statements and documentation of assets.
• Information on debts and monthly obligations.
• Completed home buyer education certificate when required.

Financial Counseling and Education

Education is a cornerstone of the program. FirstBank offers workshops and one-on-one counseling covering:

• Credit improvement strategies and how credit impacts mortgage pricing.
• Budgeting for homeownership, including ongoing maintenance and insurance costs.
• Understanding mortgage terms, escrow, taxes, and insurance.
• Long-term financial planning to protect the investment in the home.

Advantages for Communities and Families

This program is intended to support stronger communities by enabling stable homeownership. Benefits extend beyond individual families and include:

• Increased neighborhood stability and investment.
• Expanded access to wealth-building opportunities through home equity.
• Improved financial literacy across participating households.
• Support for diverse households, including single buyers, young families, and those transitioning from rental to ownership.

Common Questions

How long does the approval process take? Typical timelines vary by application complexity, but pre-approval can often be completed quickly and full underwriting generally follows once a contract is in place.

Can I combine this program with other assistance? Depending on program rules and local incentives, combining down payment assistance or local housing grants may be possible.

Is there support after closing? Yes, homeowners have access to educational resources and servicing support to help manage mortgage payments and maintain their homes.

Getting Started

Prospective buyers are invited to schedule an initial consultation to learn more about qualifying, available loan products, and assistance options. A mortgage specialist will walk you through next steps, from pre-approval to closing, and help you choose the financing structure that best fits your goals.