First Time Home Buyer

First Time Home Buyer Loans Are Good For:

These loans are ideal for first time homebuyers, whether you’re currently renting, living with others, or in a transitional housing situation. They’re a strong option for anyone with limited credit history or down payment savings, and they pair well with assistance programs or low-interest, fixed-rate financing.

Let’s Face it! Buying your first home can be challenging and confusing. But know that there is help. There are down payment assistance, loan programs, State/County tax breaks designed around First time Home buyers. Generally a person is considered a First time Home Buyer if he/she has not owned a home for past 3 years. Fidelity Direct Mortgage, LLC (FDM) offers

• FHLB (Federal Home Loan Bank) Grant
• Most county Grants
• FDM FHA 100% Financing
• Dreamhouse Grant
• Credit Counseling
• Home Possible/Homeready loan programs that reduce Mortgage Insurance and offer better interest rates
• Community Lending Agency loans through our partners/investors
• And many other resources

Most important thing is to discuss your options with a Licensed mortgage professional. Decide what payment you are comfortable with, generally if the mortgage payment is close or slightly higher than rent – purchase is a better financial decision. Location matters! What are your long term plans? School, access to highways, Community, Shopping, walking trails, parks – what is important to you? Always check with County zoning as to what may be in store for next phase of city/county planning.

Key Considerations

• Credit Score: Most loans have minimum credit score requirements. FHA loans may accept scores as low as 580.
• Income Limits: Many assistance programs have income limits based on the area’s median income.
• Homebuyer Education: Some programs require completion of a homebuyer education course before closing.