FIRST-TIME BUYERS

“First-Time Buyers” is not a single loan program. It is a collection of financing options, special features, and assistance programs that may help make purchasing a home more affordable. Depending on income, loan type, and other eligibility requirements, buyers may qualify for reduced rates, lower loan costs, more affordable mortgage insurance, down payment assistance, or a down payment as low as 3%.
 
Who Are First-Time Buyer Programs Best For?
 
These options may be a great fit for buyers purchasing their first home or anyone who could benefit from flexible down payment and closing-cost solutions. Some programs require first-time buyer status or have income limits, while others are available even when the borrower has owned a home before.
 
Available options may include:
 

• First-time buyer conventional financing with potentially improved interest rates, loan costs, and mortgage insurance premiums when applicable income limits are met.

• Conventional financing with as little as 3% down, which may remain available even when the buyer exceeds certain income limits.

• TSAHC down payment assistance, which may be combined with an eligible conventional or FHA loan.

• Rosebud, our in-house assistance program that is paired with FHA financing and may be available even when the borrower is not a first-time homebuyer.

• Outside grants and community assistance programs, which may be permitted in combination with certain financing options.
   

Down payment assistance may be offered as either a repayable or forgivable option. Program availability, income limits, repayment terms, grant compatibility, rates, mortgage insurance, and qualification requirements vary by program and borrower profile.