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Firstrust has programs and resources available to first time homebuyers that makes home buying more affordable. From low down payment options to closing cost assistance programs, we are committed to making homeownership as affordable as we can.
Offers options for qualified borrowers. Benefits include:
✓ Low down payments
✓ No private mortgage insurance required
✓ Fixed rate
✓ Purchase or refinance
Learn More
Offers purchasing options for qualified borrowers. Benefits include:
✓ No down payments
✓ No private mortgage insurance required
✓ Fixed rate
✓ Maximum loan amount $225,000
Learn More
Could provide up to $15,000 to help with down payment and closing costs. Benefit requirements include:
✓ Must be a first-time homebuyer
✓ Contribute $1,500 towards down payment and closing costs to be eligible for up to a $15,000 grant
✓ Household income must be less than or equal to 80% of the area’s median income*
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There are many down payment options for first time home buyers, that allow for a lower down payment than 20%. When you speak with one for our mortgage loan officers they can help you determine which program would be best for you.
We will check your credit score and history, your debt-to-income ratio, which is a measurement of the amount of debt you have compared to your income, and take a general look at how much money you have in checking and savings accounts in order to be confident you’ll be able to pay for your mortgage, taxes, and other costs associated with buying a home.
Your credit score will be pulled in order to pre-qualify you for a mortgage. The higher your credit score is the more buying options you will have.
It is helpful to get pre-qualified before you start your search. A pre-qualification will allow you know where to start and how much you can afford.
A pre-qualification can result in a hard inquiry on your credit if you authorize a credit inquiry, which may affect your credit score.
No, a pre-qualification is not a guaranteed loan approval. You will need to submit a mortgage loan application once you find a property you would like to purchase.
No, for the first time homebuyer programs Firstrust does not charge for a mortgage pre-qualification.
Founded here, and family-owned, we know this region best and are committed to meeting the needs of our customers for generations to come.
Find the right mortgage with personalized guidance from your local mortgage officer. Contact a specialist today at 833-962-HOME.
Our mortgage team will ensure your mortgage experience goes smoothly and the closing process is easy and efficient.
† DISCLOSURES:
First Front Door Program - income limits are for the Philadelphia-Camden-Wilmington-PA-NJ-DE-MD MSA and contain the following areas: New Castle County, DE; Cecil County, MD; Burlington Country, NJ; Camden County, NJ; Gloucester County, NJ; Salem County, NJ; Bucks County, PA; Chester County, PA; Delaware County, PA; Montgomery County, PA and Philadelphia County, PA. The Federal Home Loan Bank of Pittsburgh administers the First Front Door Program. In addition to the requirements above, borrowers must contribute personal funds toward the down payment and closing costs, must not be a student working less than 30 hours per week, must complete at least 4 hours of homeownership counseling from an approved provider prior to purchase and may not receive more than $250 cash back at loan closing. In addition, the borrower must retain the home for 5 years from the loan closing date to keep the full amount of the grant.
HomeFirst - to be eligible for a HomeFirst mortgage the loan must be for the purchase or refinance of an owner-occupied home, the property must be located in a Firstrust Bank Assessment Area (Philadelphia, Bucks, Montgomery, Chester, Delaware or Lehigh Counties in PA; Camden County in NJ; or Baltimore County in MD). Also, either the property must be located within a low-to-moderate income census tract within these counties as designated by the US Census Bureau or the applicant's income must be no higher than the area median income where the property is located.
HomeFirst Plus - based on a $225,000 max loan amount for a 30-year fixed-rate mortgage with an APR of 7.132%, there would be 360 monthly payments of $1,496.93. Payments shown do not include taxes or insurance. Your payment may be greater. To be eligible for a HomeFirst Plus mortgage the loan must be for the purchase of an owner-occupied home, the property must be located in a Firstrust Bank Assessment Area (Philadelphia, Bucks, Montgomery, Chester, Delaware or Lehigh Counties in PA; Camden County in NJ; or Baltimore County in MD) and the applicant’s income must fall within the low-to-moderate income level for the area where the property is located.
Mortgage loans are offered by Firstrust Bank NMLS # 424205. All loans are subject to individual credit approval. Pre-qualification is not a commitment to lend. Offer may not be combined with any other offer and may be revised or rescinded at any time without notice.
Firstrust National Licensing Service (NMLS Representatives)
FT-1502-2024-04-17
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