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      Bennett Capital Partners understands the value of homeownership and offers some of the best First-Time homebuyer programs available on the market today. Buying a home is often considered the American dream and is a standard many families strive for. 

    One of the most significant advantages of owning a home is that you save money on rent every month. That money is lost to you forever when you pay rent every month. If you put that money toward your mortgage, you’re building your net worth. There are numerous perks that come along with just the house itself; financial stability, financial strength, tax deductions, a permanent home, and a sense of belonging in your community. 

    If you have questions about first-time homebuyer programs, do not hesitate to get in touch with us. We would love to help. We offer same-day pre-approval letters and, in most cases, can generate loan commitments in 24 hours or less. 

FIRST-TIME HOMEBUYER PROGRAMS

  • Fannie Mae HomeReady®

    • 3% Down for purchase and refinance

    • 620 Mininum FICO

    • Non-Occupant Co-Borrowers Allowed 

    • Additional Income Sources (Boarder Income Allowed)

    • Lower Private Mortgage Insuance (PMI)

    • Flexible sources of funds - Gift Funds Allowed for entire downpayment

    • No requirement to be a first-time homebuyer, but homeownership education is required prior to close for at least one borrower if all occupying borrowers are first-time homebuyers. 

    • Income Restrictions

      • No income limits in low-income census tracts.

      • 80% of area median income (AMI).

    • View Fannie Mae Income Lookup too

    • View Census Tract Lookup

    • 2-1 and 1-0 buydowns offered on 1 unit purchases

    • Homeownership edication required

    • Average close time 2-3 weeks

  • Freddie Mac Home Possible®  

    • 3% Down for purchase and refinance

    • 620 Mininum FICO

    • Non-Occupant Co-Borrowers Allowed for 1 unit properties

    • Purchases and no cash-out refinances.

    • Reduced Private Mortgage Insurance (PMI)

    • Borrower required to have 3% mininum contribution

    • Borrowers can have additional financed properties

    • First-time and repeat homebuyers allowed

    • All borrowers allowed that meet the income restrictions outlined below

    • Income Restrictions

      • Income limits determined by Loan Prospector limitations for subject property area.

      • Additional allowances above 80% of the AMI for certain high-cost areas (see below) as determined by Loan Prospector (LPA).

      • No income limits apply if subject property is located in an underserved census tract area as determined by Loan Prospector (LPA).

    • View Freddie Mac Income Lookup tool

    • View Census Tract Lookup

    • 2-1 and 1-0 buydowns offered on 1 unit purchases

    • Homeownership education required 

    • Average close time 2-3 weeks

  • Freddie Mac HomeOne 3% Down

    • 3% Down for purchase and refinance

    • 620 Mininum FICO

    • No income restrictions

    • Purchases and no cash-out refinances.

    • Standard Mortgage Insurance Rates

    • At least one borrower must be a first-time homebuyer

    • First Time homebuyer is defined as havingh no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the mortgaged premises

    • Homeownership education required for First-Time homebuyer only

    • Average close time 2-3 weeks

  • FHA 100% DPA Program

    • 100% Financing 

    • 580 Mininum FICO

    • High Debt Ratios up to 56.99 per AUS

    • Loan Amounts per county limits

    • First Timehomebuyers Ok

    • Homeowner Education (Atleast one borrower) required

    • Follows FHA guidelines

    • Non Occupying Co-Borrowers Allowed

    • DACA Borrower Eligible

    • Average close time 2-3 weeks

  • Veteran Affairs (VA) 100% Financing

    • 100% Financing

    • 580 Mininum FICO

    • No Private Mortgage Insurance

    • Borrower be a qulified Veteran and spouse

    • Primary Residences only

    • Jumbo loan option starting from $1 over the county loan limit up to $4M

    • 2-1 and 1-0 buydowns offered on 1 unit purchases

    • Average close time 2-3 weeks

All loans are subject to credit approval. Interest rates are subject to change daily and without notice. Actual terms and conditions will depend on the details of each application and will vary upon the loan type, purpose, lock-in period, credit score and loan to value. This advertisement shall not be deemed to be an offer to extend credit and subject to final credit approval. Call or email us today with the details of your real estate needs for a customized quote.


* Terms may vary based on your particular situation, purchase, cash-out or rate/term transaction. Rate adjustments and prepayment penalties may apply.


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