FIRST-TIME HOMEBUYERS

You have a steady job. You pay your bills. You're ready to stop renting and start building something of your own.

But there's one problem.

You think you need thousands and thousands of dollars saved before you can buy a home.

That may not be true.

Today's mortgage market offers financing and down payment assistance options that may make homeownership possible sooner than you expected.

Many first-time buyers believe they need a 20% down payment. In reality, eligible borrowers may qualify for financing with much less.

Depending on your qualifications, options may include:

• Conventional mortgages: As little as 3% down for eligible buyers.
• FHA mortgages: Down payments as low as 3.5% for qualifying borrowers.
• VA mortgages: Potentially no down payment for eligible veterans and military borrowers.
• USDA mortgages: Potentially no down payment for eligible buyers purchasing in qualifying areas.
• Down payment assistance: Grants or additional financing that may help cover some of the upfront costs of purchasing a home.

Saving for a down payment and closing costs can be one of the biggest obstacles to buying a home.

The good news? Depending on your qualifications, several types of assistance may be available.

Down Payment Assistance Loans

Some programs help cover a portion of your down payment or closing costs through a second mortgage. Repayment terms vary.

Grants

Certain programs provide eligible buyers with funds that do not require repayment.

Forgivable Assistance

Some programs offer assistance that may be forgiven after you meet specific requirements, such as occupying the home for a designated period.

Not all assistance programs work the same way. Some must be repaid, some may be forgiven, and others are structured as grants.

My job is to help you understand the difference before you make a decision.

Buying your first home isn't just about your credit score.

A lender also considers your income, employment, existing debts, available funds, and the property you're purchasing.

And if one mortgage program doesn't fit your circumstances, another may offer a different path.

You don't have to figure that out alone.

With 23 years of mortgage experience, I've worked in lending operations, servicing, sales, and management.

I understand what happens behind the scenes when a mortgage application is reviewed—and what can cause problems along the way.

I'll help you understand your financing options, prepare for the process, and identify potential obstacles before they become expensive surprises.

You bring the dream. I'll help you explore the financing.

Before you spend another year assuming you can't afford to buy, let's have a conversation.

You may be closer to homeownership than you think.

Vickie Bouffard

1st American Residential Lending, LLC

602-922-3501

All mortgage programs and down payment assistance are subject to eligibility, credit approval, underwriting requirements, funding availability, and applicable program terms. Low or zero down payment financing may still require funds for closing costs and other expenses. Not all applicants will qualify.