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4 First Time Home Buyer Programs to Consider

4 First Time Home Buyer Programs to Consider
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Written By: Kelly Jaunet Jones
 
Did you know that 86% of renters want to become homebuyers but don't think they can afford it. Yes, 86%. That's staggering! 
 
Potential first-time homebuyers say that saving for a down payment is the number one challenge. With inflation and the rising cost of many essential parts of living and caring for a family, it's no wonder saving thousands for a down payment can seem impossible!
 
As a credit union loan officer, I see community members come into our branch all the time, just trying to understand if homeownership is even possible for them. These people work hard and do what they can to save when they can. Luckily, we get to use our experience with all kinds of programs to help first-time homebuyers daily.
 
Here are a few…
 

1. Low Down Payment Government Loans

Most people think they have to have 20% for a mortgage. This simply isn't true. Low downpayment loans like FHA, VA, and USDA can be only lower percentages.

[ Download Free Mortgage Pre-Qualification Guide ]

2. Low Down Payment Conventional Loans

These loans are like regular conventional loans but only require a 3% downpayment. The most common are Fannie Mae Home Ready and Freddie Mac Home Possible. These often have:

  • Income limits
  • Homebuyer Education requirements
  • Credit score min (620/660)
  • The best part is that they can come with a lower interest rate.

3. Tennessee Housing Development Agency (THDA)

This state organization offers two different ways to help a first-time home buyer!

  1. Great Choice Mortgage: A 30-year fixed-rate mortgage with a (typically) lower and more stable interest rate than you can get through the traditional market.
  2. Great Choice Plus: Down payment assistance of up to a $15,000 second mortgage to cover downpayment and/or closing costs on top of your Great Choice Mortgage.

These often have:

Real estate agent showing floor plans to a couple with a text overlay promoting a "Step-by-Step Guide to Get Pre-Approved for Your Mortgage" and a "Download Now" button.

4. Local Programs - City of Memphis Down Payment Assistance

Like the THDA downpayment assistance, this is a second mortgage up to $25,000 to help with downpayment and closing costs for a first-time homebuyer citizen or any home buyer who is a uniformed police officer for the Memphis Police Department, first responder with the Memphis Fire Department, or any employee of the Memphis Shelby County Schools.

These programs have:

Navigate Home Loan Programs with Leaders Credit Union

There are many ways Leaders can help if you are a first-time homebuyer. 
The best thing you can do is take the first step and talk to a mortgage loan officer to see where you are in the process. It may not be today, but it could be sooner than you think.

Call a Loan Officer, get a plan, and work towards becoming a homeowner. Don't miss out on reading our free Get Pre-Approved for Mortgage Guide.

Leaders Credit Union is federally insured by the NCUA and an equal housing lender.
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