A “First-Generation Homebuyer” is any individual whose parents or guardians never owned a home during the homebuyer's lifetime (excluding heir property) and whose spouse has not owned a home in the last three years.
The program will provide a loan of up to 20% of the purchase price of a home or a maximum amount of up to $150,000. The money can be used to help finance a down payment, closing costs or a first-time mortgage.
"Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the U.S. Department of Agriculture), you may not need any down payment at all.
Please feel free to contact us if you have any additional questions, comments or concerns.
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