First-time homebuyers are generally people who have not bought a home within the last three years. Buying a home for the first time can be an intimidating process for some, but Finance of America Mortgage is here to help! Our services can definitely provide assistance to first-time homebuyers looking to purchase a home in the Maine areas of Portland, South Portland and Falmouth in Cumberland County.
At Finance of America Mortgage, we can gladly present a first-time homebuyer with a variety of assistance options to help them realize their dream of owning a home. We have experience using several loan programs available for first-time homebuyers to choose from.
Our process typically begins with a pre-approval meeting that can be done in person or over the phone. This is a simple step that lays the foundation of the process for the first-time homebuyer, as we gather information such as address history, employment history, income sources, liquid assets, funds received, a credit report and other supporting documents. We’ll review all of your information and credit report before preparing a loan file for you detailing each loan program you qualify for.
Among the first prominent loan options for first-time homebuyers are FHA loans. This loan program features low down payment and credit-score requirements, plus it even has an option for approved condominiums. Multi-unit properties are eligible, and closing costs can be financed. First-time homebuyers in Maine can also take advantage of the USDA 100% Financing Program. It typically requires a 620 credit score, while consisting of 0% down payment and affordable private mortgage insurance requirement. We advise first-time homebuyers using this loan program to check their property’s eligibility, as certain property restrictions do apply.
Veterans looking to acquire a home in Cumberland County as first-time homebuyers are likely to be inclined to use a VA loan. This program is great for single-family, VA-approved homes and condos. It consists of a 0% down payment, has no technical maximum loan limit and usually only requires a 580 credit score, among other Military duty-status criteria. The FHA Streamline 203(k) Renovation Loan is good for first-time homebuyers purchasing a fixer-upper.
Cumberland County first-time homebuyers who are teachers, EMT personnel, law enforcement officers, firefighters, nurses or healthcare professionals may qualify for the Home Possible Neighborhood Solution Program. This program consists of lower mortgage payments via reduced mortgage insurances, along with less rigorous qualifying criteria. The Good Neighbor Next Door program may also be an alternative.
First-time homebuyers can also take advantage of our offering of conventional loans. We can also help with the Maine State Housing program, which features lower fixed-rate mortgages that can be used by first-timers to obtain a home in Cumberland County with small or even no down payment.
After surveying all of your loan options, you can choose the right program that best fits all of your needs. Then, it’s time to go shopping for a home, and Finance of America Mortgage can even provide you with a list of referred real estate agents to help you find your first home!
We absolutely love helping first-time homebuyers and relish at making the process as simple as possible. Contact us today to get started at (207) 321-5307!