First Home Mortgage is excited to roll out a new program to assist first-time homebuyers, community partners and veterans with down payment and closing cost assistance.
The FHLB program provides loans up to $7,500 to homebuyers that can be used towards the down payment and/or closing costs of their new home. These loans are forgivable after 5 years, meaning no repayment is necessary! There are 3 separate programs available:
First-Time Homebuyer Product– Maximum loan assistance of $5,000, minimum borrower contribution of $1,000.
Community Partners Product– Maximum loan assistance of $7,500, minimum borrower contribution of $1,000, non-first-time homebuyers are eligible, available to law enforcement officers, educators, health care workers, firefighters and first responders.
Veterans Purchase Product– Maximum loan assistance of $7,500, no minimum borrower contribution, non-first-time homebuyers are eligible, available to homebuyers who are currently serving, or have served in the U.S. military, their spouse or their surviving spouse.
These programs are only available on conventional, fixed-rate purchase loans. Funds are provided on a first come, first-served basis until funds are depleted. There is mandatory Homebuying Counseling for borrowers.