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First Time Home Buyer Loan Program

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First Time Home Buyer Loan Program

couple applying for the first time home buyer loan programLife is filled with milestones that we all look forward to, from your wedding day to the birth of your first child. These moments of significance open doors to new possibilities you never had before and can be simultaneously exciting and terrifying. For these special moments, having the right people surrounding and supporting you through the uncertainties of the future is invaluable.

At Fairfax Mortgage Investments, we know the home buying process inside and out. We’ve helped hundreds of first time home buyers navigate the financing process and secure the home of their dreams since our founding over 30 years ago. There are a variety of programs, grants, and incentives available to you when buying your first home, but there’s only one loan package with the best fit for you and your goals.

man with key to house after obtaining a first time home buyer loanContact Fairfax Mortgage Investments today to leave the uncertainty and nerves behind. Our team will work tirelessly to find your perfect package and walk you through the process from beginning to closing day.

First Time Home Buyer Programs and Grants

Credit Enhancement and Rescoring (Exclusive Offering for FMI Clients)

  • Valuable for clients with limited credit history or sub-optimal credit history
  • Opens new avenues to different pricing levels and types of homes’

FHA Loans

  • Insured by the Federal Housing Administration, offering lenders a layer of protection so they don’t experience a loss if you default on your loan
  • Offers competitive interest rates, smaller down payments, and lower closing costs that conventional loans

USDA Loans

  • Available for families and individuals in rural areas
  • Low interest, fixed-rate homeownership loans with no down payment available to qualified candidate

VA Home Loans

  • Federal program designed to help active servicemen, veterans, and military spouses become first time homeowners
  • Loan guaranteed by Department of Veterans Affairs, with no down payment, lower interest rates, and no requirement for mortgage insurance

Good Neighbor Next Door

  • Program offered by the US Department of Housing and Urban Development (HUD) for law enforcement officers, Pre-K through 12th grade teachers, firefighters, and emergency medical technicians
  • Up to a 50% discount from the list price of homes located in targeted revitalization areas

Fannie Mae HomePath Loans

  • Federal Program that provides savings on closing costs for first time home buyers
  • Gives first time home buyers the opportunity to save up to 3% of their closing costs on any designated HomePath property

Energy-Efficient Mortgage

  • Program by the Federal Housing Administration that helps people eligible for an FHA loan to finance energy efficient home improvements with their insured mortgage
  • Improvements can include cost-effective energy-saving equipment and both active and passive solar and wind technologies

FHA section 203(k)

  • Program for first time home buyers interested in purchasing a home that needs repairs or renovations
  • Allows participants to include the cost of anticipated home repairs through their single mortgage with loan down payments as low as 3 percent

Native American Veteran Direct Loan

  • Program administered by the VA providing direct home loans to eligible native american veterans to finance the purchase, construction, or improvement of homes on Federal Trust Land

States and city programs

  • Many states, counties, and cities offer programs and assistance packages to first-time home buyers. Contact Fairfax Mortgage Investments today for more information on the specific incentives available in your area

First Time Home Buyer Assistance

mortgage broker explaining first time home buyer assistanceWith so many programs, grants, and incentives to consider, the home buying process can seem daunting to a first time buyer. Although the process usually takes anywhere from 30-45 days, our loan officers will work with you for as long as it takes to build a loan package that works best for you and close on your new home. From credit rescoring and credit enhancement to program applications, we can get first time buyers into their new home ahead of schedule and headache-free.

How it Works – Step by Step

  • Estimate the price of your desired new home, housing costs (including taxes and home insurance), and expected closing costs
  • Develop your budget based on the criteria above
  • Find a realtor
  • Prepare your documentation for our first consultation
    • Pay stubs, bank account statements, W-2s, tax returns for the last two years, statements from current loans and credit lines, and names and addresses of landlords for the past two years
    • Don’t worry about getting it perfect – we can fill in the gaps!
  • Let the FMI team do the rest

Have a question that wasn’t answered above? Check our blog or Ask a Question to get a 100% commitment-free, non-binding answer from one of our experienced loan officers.

If you’re ready to get started, Apply Now with our easy-to-use form and we’ll take it from there!