First Time Homebuyer
The First, with locations throughout Bucks County, has great rates and knowledgeable mortgage officers to guide you along the way. Owning your own home may be a lot easier than you imagined thanks to our First-Time Homebuyer Program. With the First-Time Homebuyer Program from The First, qualified individuals and families with a limited income can purchase a home with as little as 5% down!
| Features and Eligibility Guidelines | ||
|---|---|---|
| Homeownership: | To be eligible, you must not have owned a home in the past three years. | |
| Maximum House Price: | $292,685 | |
| Minimum Down Payment: | 5% | |
| Maximum Term: | 30 years | |
| Interest Rates: | Call for more information | |
| Maximum Income: | Number of Family Members | Eligible Income |
| 1 | $62,692 or less | |
| 2 | $71,614 or less | |
| 3 or more | $80,656 or less | |
Debt-to-Income Ratios:
The percentage of your monthly payments for the mortgage (including taxes and insurance) may not exceed 33% of your monthly gross (before tax) income. All monthly debt including mortgage-related payments plus consumer debt payments (i.e., credit cards, car loans/leases, student loans, personal loans) may not exceed 38% of your monthly gross income.
Credit Counseling Center:
Because buying a home is one of the most important decisions you will ever make, The First requires all First-Time Homebuyer Program applicants to attend a credit counseling program. The program is conducted by the Credit Counseling Center located in Richboro, PA and is designed to make you a more informed consumer so that you are better prepared to handle the financial responsibility of owning a home. For more information, call the Credit Counseling Center at 215-348-8003.
Private Mortgage Insurance:
Private Mortgage Insurance (PMI) enables The First to lower its down payment requirement. By including PMI premium in the monthly mortgage payment, you can buy your home with a very low down payment!
Am I Eligible for a First Time Homebuyer Mortgage?
Answer these simple questions!
- If you owned a home in the past three years, you are not eligible.
- Is the purchase price of the home $292,685 or less?
- Is the purchase in Bucks County or do you work in Bucks County?
- Does your family annual income fall within the following guidelines?
- One family member with an income of $62,692 or less
- Two family members with an income of $71,614 or less
- Three or more family members with an income of $80,656 or less
If you answered No to any of the above questions, we are sorry, but you are not eligible for the First-Time Home Buyer Program. You may, however, qualify for one of The First’s other attractive mortgage programs; call 215-579-3409 to find out.
What Should I Bring with Me When I Apply?
Although each application may differ slightly, it will speed up your application process if you bring the following items with you when you apply:
- Copy of the real estate agreement of sale signed by both the buyer and seller.
- Income verification for the past three years (ie. IRS 1040 forms) and a recent paystub. If you own your own business, please bring your complete personal and corporate tax returns for the three most recent years.
- Information for all credit cards and installment debt including the creditors’ names and your account numbers, current balances and monthly payments.
- Past two bank statements from an outside financial institution.
Loan is subject to credit approval.
Additional Resources
The First National Bank’s SAFE Act/NMLS ID Numbers
Personal Financial Statement Form
Related Blog Articles
Want to learn more about first-time homebuyer mortgage loans? Read some of these helpful articles from our blog or contact us today!
