Union Bank
first time home buyers

First Time Home Buyer Programs

Union Bank is proud to serve our first-time home buyers of Vermont and New Hampshire. We offer a variety of first-time home buyer programs, including FHA, Rural Development (RD), Conventional, VHFA, NHHFA, and various down payment assistance programs. Government-insured loans like an FHA Mortgage and RD come with full or partial backing from a federal government agency, enabling mortgage lenders to cater to the needs of first-time home buyers. Conventional first-time home buyer programs can offer down payments as low as 3% while, FHA offers as low as 3.5%, and RD may offer up to 100% financing to qualified customers. In addition to our first-time home buyer loans, Union Bank provides access to state and community sponsored first time homebuyer down payment assistance programs.

Our first-time homebuyer loans are designed to make your dream of owning a home a reality, with lower down payment requirements, flexible credit criteria, and competitive interest rates.

Start your journey by applying online with our secure and easy-to-use platform. If you prefer personalized guidance, feel free to contact our dedicated lending team for expert advice.

Frequently Asked Questions About FHA loans

  1. What are First-Time Home Buyer Loan Programs?

    First-Time Home Buyer Loan Programs are designed to assist individuals who are purchasing a home for the first time. These programs offer various benefits such as lower down payment requirements, reduced interest rates, and can be combined with downpayment assistance options. These programs aim to make homeownership more accessible to those who may not have the means to afford a traditional mortgage.

  2. Who is eligible for a First Time Home Buyer Loan?

    First-time home buyers are usually the first requirement in first time home buyer loan programs, but in some cases it’s not required.  Eligibility for these loans typically varies depending on the lender and the specific loan program but generally have minimum credit scores, debt to income ratio requirements, and may have restrictions on total household or borrower income, as well as limits on loan amounts. See a Union Bank loan officer for details.

  3. What are the benefits of a First Time Home Buyer loans?

    The benefits of these programs include: Lower down payment requirements – as low as 0% for borrowers, more lenient credit score criteria – borrowers with lower credit scores may still qualify. Potentially lower interest rates depending on the loan program.  The option to receive financial assistance from family members, employers, or non-profit organizations for down payments and closing costs, such as affordable housing programs.

  4. What is the minimum credit score for First Time Home Buyer Loans?

    The drawbacks of an FHA loan include: Mandatory mortgage insurance premiums – both an upfront premium and an annual premium, increasing the overall cost of the loan. Limits on the loan amount you can borrow, based on the area’s median home price. Stricter property standards – the home must pass an FHA appraisal and meet certain safety and habitability requirements. Limited loan options – only available for primary residences, not investment properties or vacation homes, unlike second home mortgages.

  5. What is the minimum credit score for an FHA loan?

    Minimum credit scores can range from 580 to higher depending on the loan program and eligibility requirements. Please contact a Union Bank loan officer for details. contact our dedicated lending team

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