Buying your first home can be an overwhelming and stressful process. Here at Flat Branch Home Loans, we strive in making this process easy and efficient for you and your family. We understand every homebuyer has different financial and familial needs, and we’ve catered to your eligibility with many of our home loan programs. Our team of loan officers are ready to help you as a first-time homebuyer settle into the home you’ve always dreamed of as quickly and affordable as possible.

As you read about some our first time homebuyer programs, if you find one that interest you, please reference the navigation to the left to learn more about that specific program!

Qualifications

Which Loan Programs Do You Qualify with Flat Branch Home Loans as a First-time Homebuyer?

*In addition to being a first-time homebuyer, other qualifications for these programs are still required to purchase the home loan

VA Home Loans

VA loans are available to eligible veterans who are interested in purchasing a home loan. This program offers zero down payment and no monthly mortgage insurance. VA guaranteed loans have no prepayment penalties, low credit score requirement, counseling and assistance available and the potential to have TWO VA loans at the same time that can be applied over and over.

FHA Home Loans

The biggest benefit to purchasing a home utilizing an FHA loan is the low down payment requirement. FHA loans requires as little as 3.5% down towards the home purchase. Borrowers are charged a 1.75% upfront mortgage insurance fee that can be rolled into the loan. FHA loans allow for flexible underwriting guidelines, less than perfect credit and varying avenues when it comes to down payment funds.

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HomeReady Mortgages

HomeReady loans were designed to allow a diverse group of potential homebuyers access to a conventional loan product without a large down payment. This program requires a minimal down payment of as little as 3%, and gifts, grants and cash-on-hand payments are permitted. Several different types of income sources are allowed to be listed in the form of your income. HomeReady mortgages have affordable and cancellable monthly mortgage insurance (MI) and allow for more underwriting flexibility than typically allowed under standard conventional financing.

Home Possible Mortgages

The Home Possible Mortgages is Freddie Mac’s response to Fannie Mae’s HomeReady. Home Possible and Home Possible Advantage are two types mortgages to help meet the needs of low- to moderate-income homebuyers or buyers who live in high-cost or underserved communities. It allows for a bit more flexibility as it relates to down payment, mortgage insurance and underwriting guidelines.

USDA Loans

USDA Loans allows rural homebuyers to purchase a home loan at an affordable price. There is no down payment necessary. A low minimum credit score of 600 is required. USDA charges an upfront funding fee of 1.0% of the loan amount, which is a one-time fee that can be rolled into the loan. In addition, an annual service fee of 0.35% of the total loan amount is expected (paid monthly, with the monthly payment amount equating to 1/12th of the annual fee).

Down Payment Assistance Programs - MHDC Loans

MHDC loans are backed by a true grant program, so you don’t have to pay it back! The down payment options vary by the loan program used in conjunction with other loan programs. Gifts are allowed for both programs, First Place Loans and Next Step. A low minimum credit score of 640 is required for a borrower. The monthly mortgage insurance varies by credit score and loan program used. In addition, local grants can be allocated in certain locations to borrowers who qualify under the requirements. Please contact your loan officer for more information on the local grants.

Conventional Loans

Conventional Loans are the most basic and traditional home loans. With a 20% down payment, no monthly mortgage insurance is required. Gifts are allowed to assistance with the down payment necessary. The minimum credit score needed to qualify is 620. These home loans typically range from 10 to 30 years in regards to terms on the loan. These loans pretty well stick to the current guidelines and conform to the lender and to the size of the loan you are interested in purchasing.

Community Champions Program

Community Champions Program was developed by Flat Branch Home Loans to show appreciation to those who serve the community. This program can be used in conjunction with VA, FHA, USDA and Conventional loans. Community Champions Program features a free appraisal and in some instances, waiving of the Flat Branch Home Loans processing fee.