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First-Time Homebuyer Programs:
Your Path to Homeownership

At First USA Mortgage Solutions, we simplify the journey of buying your first home with a variety of assistance programs designed to make homeownership more accessible. From down payment assistance to low-interest loans, we’re here to guide you through the options and help you secure your dream home.

Programs for First-Time Homebuyers

Several programs are available to assist first-time homebuyers, offering down payment and closing cost assistance, low-interest rates, and grants to make purchasing a home more affordable. Here are some of the key options available to you.

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Keystone Advantage Assistance Loan Program

The Keystone Advantage Assistance Loan Program offers a second mortgage to help with down payment and closing costs. Qualified buyers can receive up to 4% of the purchase price, with a maximum of $6,000. Repayment is spread over 10 years with zero interest, making it easier for first-time buyers to afford a home.

Key Details:

    •    Borrow up to 4% of the home’s purchase price or $6,000, whichever is less.

    •    Zero percent interest, repayable over 10 years.

    •    Minimum credit score of 660 required.

    •    Liquid assets after closing must not exceed $50,000.

This loan can be used alongside conventional, FHA, VA, or RD loans but cannot be combined with other assistance programs from the same provider.*

Additional Assistance Programs

Other programs offer further assistance for first-time homebuyers:

  • Keystone Forgivable in Ten Years Loan Program (K-FIT): This program provides up to 5% of the home’s purchase price with no maximum dollar limit. The loan is forgiven at 10% annually, meaning the loan is entirely forgiven after 10 years.

  • HOMEstead Down Payment and Closing Cost Assistance Loan: Offers up to $10,000 in interest-free loans for down payments and closing costs. This loan is forgiven at a rate of 20% per year, completely forgiven after five years  .

Income and Purchase Price Limits for 2024

Eligibility for these programs is based on household income and purchase price limits, which vary depending on household size. For example:

 

  • For 1-2 member households, income limits range from $76,900 to $108,100.

  • For households with 3 or more members, the income limits range from $88,400 to $126,100 depending on the county.

 

Check with us for the most up-to-date income and purchase price limits relevant to your specific location.

How to Apply

Applying for a first-time homebuyer program involves working with an approved lender like First USA Mortgage Solutions, who will assist you through the entire process, from discussing eligibility to completing the application.

 

Steps include:

  1. Find an approved lender to help determine eligibility.

  2. Complete any required homebuyer education courses.

  3. Submit your application through your lender.

  4. Navigate the approval process with support from our team.

Start Your Homeownership Journey Today

At First USA Mortgage Solutions, we are committed to helping you explore and take advantage of first-time homebuyer assistance programs. Contact us today for expert guidance through the entire mortgage process.

Get Started with Your Prequalification Now

No obligation. We’ll help you explore your best options.

  • What is a first-time homebuyer program?
    First-time homebuyer programs are designed to make homeownership more accessible by offering benefits such as down payment assistance, lower interest rates, and special loan options. These programs can reduce the financial barriers to buying a home.
  • How do I qualify for first-time homebuyer assistance?
    To qualify, you typically need to meet certain income limits, have a minimum credit score (often around 660), and be purchasing a home for the first time. Eligibility requirements can vary by state and program.
  • What kind of assistance can I get as a first-time homebuyer?
    First-time homebuyers may receive down payment assistance, closing cost help, or low-interest loans. Some programs offer grants or forgivable loans that don’t need to be repaid if certain conditions are met.
  • Can I combine different homebuyer assistance programs?
    In most cases, assistance programs like Keystone Advantage cannot be combined with other PHFA programs, except for specific situations such as pairing with the Access Modification Loan Program for buyers with disabilities.
  • How much can I borrow for down payment assistance?
    Qualified borrowers can typically receive up to 4% of the purchase price or a maximum of $6,000 through programs like the Keystone Advantage Assistance Loan.

How It Works:

 

  1. Schedule Your Free Consultation
    Fill out the form to start your journey. One of our experienced advisors will reach out to discuss your needs.
     

  2. Get Pre-Approved
    We’ll walk you through a quick and easy pre-approval process tailored to your situation.
     

  3. Close on Your Dream Home
    With our expert guidance, you’ll secure the right mortgage and move in with confidence!

Get a Free Mortgage Consultation!

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