Loan Expert Team
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What is a First-Time Homebuyer Program?
First-time homebuyer program is a gov-sponsored program designed to help individuals who have never owned a home before to purchase their first home.
You must meet certain income requirements.
You must have a credit score of at least 620.
You must attend homebuyer education courses.
You must be a first-time homebuyer, meaning you have not owned a home in the past three years.
Own Your Dream
Exploring First-Time Buyer Programs
Ameritrust-Mortgage is your trusted partner in the journey to homeownership. Our mission is to provide you with exceptional service and guidance as you embark on this exciting milestone.
Simplified Process
We understand that buying your first home can feel overwhelming. That’s why we’ve simplified the process to make it as straightforward as possible. With our user-friendly tools and expert guidance, you’ll navigate the home-buying journey with confidence.
Expert Guidance
Our team of mortgage experts is here to support you every step of the way. From explaining complex terms to helping you choose the right loan option; we’ll ensure you feel informed and empowered throughout the process.
Transparent Communication:
At Ameritrust-Mortgage, transparency is key. We believe in open and honest communication, so you'll always know exactly where you stand. No hidden fees or surprises—just clear and straightforward guidance.
Customized Solutions
We understand that every home buyer is unique. That's why we offer personalized solutions tailored to your specific needs and goals. Whether you're a first-time buyer or looking to refinance, we'll find the right mortgage option for you.
Streamlined Application Process
Our online application process is quick and easy. With just a few simple steps, you can complete your application from the comfort of your own home. Plus, our team is available to answer any questions you may have along the way.
Trusted Partner
When you choose Ameritrust-Mortgage, you're choosing a trusted partner who is committed to your success. We'll work tirelessly to help you achieve your homeownership dreams and provide the support you need at every turn.
Start Your Journey Today
Ready to take the first step towards homeownership? Fill out our lead form or step loan application to get started. We can't wait to help you turn your dream of owning a home into a reality.
Program Perks
Benefits of a First-Time Home Buyer Program
There are several advantages to participating in a first time home buyer program, including:
Reduced Down Payment
First-time home buyer programs often offer lower down payment requirements, making it easier for individuals to purchase their first home.
Flexible Credit Requirements
These programs may have more lenient credit score requirements, allowing individuals with less-than-perfect credit to qualify for a mortgage.
Reduced Interest Rates
Some programs offer lower interest rates, helping to make homeownership more affordable over the life of the loan.
Closing Cost Assistance
First-time home buyer programs may provide assistance with closing costs, alleviating some of the financial burden associated with purchasing a home.
Financial Assistance
In addition to down payment and closing cost assistance, these programs may offer financial incentives or grants to help first-time buyers achieve their homeownership goals.
Dream Within Reach
Down Payment Assistance for First-Time Home Buyers
One of the biggest obstacles to buying a home for many people is coming up with a down payment. Fortunately, there are several down payment assistance programs available that can help first time home buyers overcome this obstacle. These programs provide financial assistance in the form of grants or loans that can be used to cover all or part of the down payment.
Some of the most popular down payment assistance programs include:
The Americans Dream Down Payment Initiative
Provides grants specifically for first-time buyers.
The good neighbor next door program
Offers a 50% discount on homes for eligible responders and educators.
The national homebuyers fund
Offers grants of up to 5% for down payment or closing costs.
Loan Types
Different Types of First Time Home Buyer Programs
FHA loans
An FHA loan is a type of loan that is insured by the Federal Housing Administration (FHA). These loans are popular among first-time homebuyers because they typically have lower credit score requirements and lower down payment requirements than traditional loans.
VA loans
A VA loan is a loan that is guaranteed by the Department of Veterans Affairs (VA). These loans are available to eligible veterans, active-duty service members, and surviving spouses. VA loans often have lower interest rates and lower down payment requirements than traditional loans.
USDA loans
A USDA loan is a loan that is guaranteed by the United States Department of Agriculture (USDA). These loans are available to individuals who are looking to purchase a home in a rural area. USDA loans often
Conventional loans
Conventional loans are not backed by the government, but they are still an option for first-time homebuyers. These loans often require higher credit scores and down payments than other programs, but they can also offer lower interest rates and more flexible terms.
Down payment assistance programs
Down payment assistance programs are available through many First Time Home Buyer Programs. These programs offer financial assistance to help buyers cover their down payment and closing costs. They may be funded by the government, non-profit organizations, or private lenders.
The Right Choice
Qualifying for First-Time Home Buyer Programs
Be a first-time homebuyer (not owned a home in the past three years).
Meet income requirements set by the program.
Have a minimum credit score of at least 620, although requirements may vary depending on the program.
Attend homebuyer education courses, which may be required by some programs to ensure buyers are well-informed about the home buying process.
Budgeting Basics
Understand your financial situation, including saving for a down payment, factoring in closing costs, and budgeting for ongoing homeownership expenses like mortgage payments, insurance, and maintenance
Mortgage Options
Explore various mortgage options available to first-time home buyers, including FHA loans, VA loans, USDA loans, and conventional loans, to find the best fit for your financial situation and needs.
Home Buying Process
Familiarize yourself with the steps involved in the home buying process, from pre-approval and house hunting to making an offer, home inspection, and closing, to ensure a smooth and successful experience.
Have Questions?
Curious about anything?
Below you can find the answers to frequently asked questions.
Anything Unclear or Need Some Help? Relax, We Are Here for You 24/7
Relax and take comfort in knowing that our 24/7 support ensures you're never alone on your financial journey.
Customer Service
Please provide your query, and we will assist you as quickly as we can.
AmeriTrust Mortgage Corporation
NMLS# 217229
888-499-9060
17341 Irvine Blvd., Suite 285Tustin, California. 92780
info@ameritrust-mortgage.com
Business Hours Monday - Friday 8:00 AM to 5:00 PM PST
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