First-Time Homebuyer

Achieve homeownership with Trusted American Mortgage's First-Time Homebuyer programs. Our team helps new buyers navigate the process with flexible, affordable mortgage solutions.

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Understanding First-Time Homebuyer Programs

As a first-time homebuyer, you can access special mortgage programs to make homeownership more accessible and affordable. These programs typically offer lower down payment requirements, flexible credit guidelines, and other benefits to help you achieve your homeownership goals.

Our Featured First Time Homebuyer Programs

HomeReady® Program

Fannie Mae’s flexible mortgage solution is designed for low to moderate-income homebuyers.

Key Benefits:

  • Low down payment options
  • Flexible credit requirements
  • Available for 1-4 unit properties
  • Competitive interest rates
  • Can be combined with renovation loans

 

Property Eligibility:

  • Single-family homes
  • Manufactured Housing
  • Condominiums
  • Planned Unit Developments (PUDs)
  • Cooperative units (with proper approval)

Home Possible® Program

Freddie Mac’s accessible mortgage option offers maximum financing with minimum down payments.

Key Benefits:

  • Designed for low/moderate income borrowers
  • Primary residence only
  • Available for 1-4 unit properties
  • Secondary financing options
  • Down payment assistance is available

Special Features:

  • Affordable Seconds financing available
  • Down payment assistance up to $15,000
  • No monthly payments on assistance
  • Income limits based on property location
  • Educational support provided

Program Requirements

Income and Property Requirements

  • Income limits based on property location
  • Property must be the primary residence
  • Available for single-family to four-unit properties
  • Area Median Income (AMI) restrictions apply
  • Special considerations for multi-unit properties

Educational Requirements

  • Homebuyer education courses required
  • Additional training for multi-unit purchases
  • Free online course options available
  • Certificate of completion needed
  • Resources provided by Trusted American

Benefits of First-Time Homebuyer Programs​

Lower Upfront Costs

  • Minimal down payment requirements
  • Flexible funding sources
  • Down payment assistance options
  • Reduced PMI options
  • Competitive closing costs

Flexible Qualification

  • Multiple income sources considered
  • Rental income potential
  • Non-occupant co-borrowers allowed
  • Various credit profiles accepted
  • Employment history flexibility

Educational Support

  • First-time buyer guidance
  • Property maintenance advice
  • Budgeting assistance
  • Homeownership counseling
  • Ongoing support resources

Low Rate. Zero Hassles.

Get Additional Information On The Type Of Loan You're Interested In

The Home Buying Process

Step 1

Pre-Qualification

  • Review your financial situation
  • Determine program eligibility
  • Estimate purchasing power
  • Explore down payment options

Program Selection

  • Compare available programs
  • Review requirements
  • Choose the best fit
  • Complete required education

Application & Documentation

  • Submit formal application
  • Provide required documents
  • Complete program requirements
  • Process verification requests

Approval & Purchase

  • Receive loan approval
  • Find your perfect home
  • Complete final requirements
  • Close on your new home
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Why Choose Trusted American Mortgage?

  • Competitive rates and terms
  • Transparent process
  • Personal guidance
  • Quick closings
  • No hidden fees
Every Step Of The Way

From application to closing, our dedicated team provides clear communication and expert guidance, ensuring you understand each phase of the mortgage process.

Dedicated Loan Concierge

Your personal loan concierge manages all aspects of your mortgage journey, providing a single point of contact for questions and updates throughout the process.

Flexible Rates & Low Fees

We're committed to transparency in our pricing. Enjoy competitive rates and understand all costs upfront, with no hidden fees or surprise charges.

A+ Rating With The better Business Bureau

We are proud to deliver excellent service for our customers as is reflected in our Better Business Bureau rating and our excellent reviews.

Talk with a Salary-Based Lending Specialist.

Ready to start your homeownership journey? Schedule a consultation with one of our experienced lending specialists to explore your mortgage options.

FAQs About First-Time Homebuyer Programs


Q: What defines a first-time homebuyer?

A: Generally, you’re considered a first-time buyer if you have not owned a home in the past three years.

Q: How much down payment do I need? 

A: Programs vary, but many first-time buyer programs offer down payments as low as 3%, with some options for 0% down through down payment assistance.

Q: Do I need perfect credit?

A: No, these programs are designed to be flexible. While better credit scores typically mean better rates, many options exist for various credit profiles.

Q: Can I use gift funds for my down payment? 

A: Yes, most first-time buyer programs allow gift funds from family members or approved sources for down payment and closing costs.

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