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First Time Homebuyer illustration

First Time Homebuyer

The First, with locations throughout Bucks County, has great rates and knowledgeable mortgage officers to guide you along the way. Owning your own home may be a lot easier than you imagined thanks to our First-Time Homebuyer Program. With the First-Time Homebuyer Program from The First, qualified individuals and families with a limited income can purchase a home with as little as 5% down!

Thinking about putting down some roots? Our Considering Homeownership Learning Module Can Help!

Talk to home loan specialist Missy Byrne by email or by calling her at 215-579-3409, or visit your nearest branch in Newtown, Doylestown, Warminster, Richboro, Jamison, Langhorne, Levittown, Fairless Hills, Solebury, Washington Crossing, or Wrightstown to learn more about our first-time homebuyer program from the bank that generations of Bucks County families have counted on since 1864.
Features and Eligibility Guidelines
Homeownership: To be eligible, you must not have owned a home in the past three years.
Maximum House Price: $292,685
Minimum Down Payment: 5%
Maximum Term: 30 years
Interest Rates: Call for more information
Maximum Income: Number of Family Members Eligible Income
1 $62,692 or less
2 $71,614 or less
3 or more $80,656 or less

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.

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.

Private Mortgage Insurance: illustration

Private Mortgage Insurance:

Private Mortgage Insurance (PMI) enables The First to lower its down payment requirement. By including PMI premium in the monthly mortgage payment, you can buy your home with a very low down payment!

Am I Eligible for a First Time Homebuyer Mortgage?

Answer these simple questions!

  1. If you owned a home in the past three years, you are not eligible.
  2. Is the purchase price of the home $292,685 or less?
  3. Is the purchase in Bucks County or do you work in Bucks County?
  4. Does your family annual income fall within the following guidelines?
    • One family member with an income of $62,692 or less
    • Two family members with an income of $71,614 or less
    • Three or more family members with an income of $80,656 or less
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.

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.

Additional Resources

The First National Bank’s SAFE Act/NMLS ID Numbers

Learn More

Personal Financial Statement Form

Learn More

Related Blog Articles

Want to learn more about first-time homebuyer mortgage loans? Read some of these helpful articles from our blog or contact us today!

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