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Learn About Franklin Bank’s First Time Home Buyer’s Program

Learn About Franklin Bank’s First Time Home Buyer’s Program

From Franklin Bank

Buying your first home is an exciting experience. We also know, however, that it is the most significant financial investment you will make. The competitive housing market, rising interest rates and price increases can create an overwhelming situation for anyone looking to make the dream of home ownership a reality. Although it seems challenging, there are various first-time home programs which provide homebuyers with affordable ways to finance their home purchase.

First-time homebuyers are typically defined as someone who has not owned a home in the last three years. Being this type of homebuyer can open the doors to programs that offer lower down payments, decreased interest rates, and down payment and/or closing cost assistance programs. Down payment assistance and closing cost programs are usually reserved for buyers who are acquiring a loan for their primary home. These programs help reduce the cost of buying a home.

It is important to have all your documents in order. Proof of income, asset values such as savings account balances, employment status, and identification are necessary. The down payment amount, your credit score, debt-to-income ratio, and home value are factored into the loan approval as well. The lender needs to have a good understanding of the applicant’s financial situation before a decision can be made. Consider getting pre-qualified so you have a clear picture of how much you may be able to afford. It’s free!

Our lenders will guide you through the process and will determine the best mortgage product for your situation. Keep in mind, local banks offer unique lending programs with personalized service to make your dreams come true!

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