First Time Home Buyers
Pauling Homes Team is not a financial institution, but we work closely with First Class Mortgage as a trusted partner and lender.
These loans offer the ideal resources to help first time homebuyers with down payments, closing costs and more.
Eligibility Requirements
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Credit score of 640+
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Must meet certain income limits
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Borrowers must attend a home buyer education course
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Programs available differ based on financial circumstance and location, so give us a call to see what's available in your area.
What is a First-Time Homebuyer Loan?
These programs vary depending on where you live and what's available. Some of which are described below.
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Down Payment: The ability for buyers to make a very small down payment (or no down payment at all).
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Interest Cost: Organizations subsidize (or help to pay) interest charges, and they can also help borrowers qualify for a loan with a lower interest rate. The result is an easier monthly payment.
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Grants: "Free money" that can be put towards closing costs, a down payment and improvements to the home after purchase.
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Loan Forgiveness: Cancellation of the mortgage debt (or at least some portion of the debt). This typically happens over a long period of time to encourage buyers to stay in the home long-term.
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Help with Fees: Limits on how much lenders are allowed to charge for closing a loan.
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Deferred Payments: Loans that don't need to be rapid (and don't charge interest) until you pay off the house - usually by selling the home and moving. These loans sometimes serve as your down payment.
