First Time Homebuyers

Purchasing a home is one of the most important decisions you will make in your lifetime. When the time comes, it is important to work with professionals who can guide you through the process and provide you with information on all of the options that are available to you. At Senné, we strongly encourage you to work with a REALTOR® and a Certified Mortgage Planning Specialist that have the industry credentials to provide you with the expertise you deserve. There are federal and local programs that are specific to first-time homebuyers. Here is a list of some of the best options that are available:

USDA Rural Housing Guaranteed Loan

• No down-payment required.
• No monthly Private Mortgage Insurance premium
• Flexible credit guidelines
• Not limited to first-time home buyers
• Gift funds may be used for closing costs
• Seller can contribute up to 6% toward closing costs
• 100% financing based on the APPRAISED value

FHA (Federal Housing Administration)

• Low down-payment required, minimum 3.5%
• Both fixed and adjustable interest rate programs
• Down-payment may be from gift funds
• Loans for 1-4 units allowed
• Seller may contribute up to 6% toward closing costs
• Flexible approval guidelines

VA (Veterans Administration)

• 100% financing with full VA entitlement
• Limited closing costs
• No prepayment penalties
• Both fixed and adjustable interest rate programs
• VA financing fees can be “rolled” into the loan amount

NHHFA (New Hampshire Housing Finance Authority)

• Low down-payment required, from 1% to 3%
• At least 1% of the down-payment must come from borrowers own funds
• 4% Cash Assistance Program available to assist with down-payment and closing costs; this is a gift as long as you own the property for 4 years
• Home Advantage Program available up to $10,000; no interest and no monthly payments
• Recapture Tax may apply, ask your lender for details
• Purchase Rehab Program available for needed repairs
• Home Buyer Education programs are required

MSHA (Maine State Housing Authority)

• Low down-payment required, from 1% to 3%
• At least 1% of the down-payment must come from borrowers own funds
• 4% Gift of Green Program available to assist with down-payment and closing costs
• Home Buyer Education programs are required
• Recapture Tax may apply, ask your lender for details

Don’t just dream of a home... embark on the journey to homeownership today!