First Time Homebuyer Loans
Owning your own home may be a lot easier than you imagined
Mortgages For First Time Homebuyers
Homebuyer Resources
Features and Eligibility Guidelines
| Features and Eligibility Guidelines | ||
|---|---|---|
| Homeownership: | To be eligible, you must not have owned a home in the past three years. | |
| Minimum Down Payment: | 5% | |
| Maximum Term: | 30 years | |
| Interest Rates: | Call for more information | |
Debt-to-Income Ratios:
The percentage of your monthly payments for the mortgage (including taxes and insurance) may not exceed 33% of your monthly gross (before tax) income. All monthly debt including mortgage-related payments plus consumer debt payments (i.e., credit cards, car loans/leases, student loans, personal loans) may not exceed 38% of your monthly gross income.
Am I Eligible for a First Time Homebuyer Mortgage?
Answer these simple questions!
- If you owned a home in the past three years, you are not eligible.
- Is the purchase in Bucks County?
- Does your family annual income fall within the following guidelines?
If you answered Yes to all of the above questions: Congratulations! You are eligible for the First-Time Homebuyer Program. Your next step should be to contact Missy Byrne for an appointment to apply.
If you answered No to any of the above questions, we are sorry, but you are not eligible for the First-Time Home Buyer Program. You may, however, qualify for one of The First’s other attractive mortgage programs; call 215-579-3409 to find out.
Credit Counseling Center:
Because buying a home is one of the most important decisions you will ever make, The First requires all First-Time Homebuyer Program applicants to attend a credit counseling program. The program is conducted by the Credit Counseling Center located in Richboro, PA and is designed to make you a more informed consumer so that you are better prepared to handle the financial responsibility of owning a home. For more information, call the Credit Counseling Center at 215-348-8003.
What Should I Bring with Me When I Apply?
Although each application may differ slightly, it will speed up your application process if you bring the following items with you when you apply:
- Copy of the real estate agreement of sale signed by both the buyer and seller.
- Income verification for the past three years (ie. IRS 1040 forms) and a recent paystub. If you own your own business, please bring your complete personal and corporate tax returns for the three most recent years.
- Information for all credit cards and installment debt including the creditors’ names and your account numbers, current balances and monthly payments.
- Past two bank statements from an outside financial institution.
Loan is subject to credit approval.
Find A Local Branch
The First is here to help you reach your financial goals. Find the nearest local branch near you. We’re here for all your banking needs.
