Equity Bank is here to guide you through this exciting but daunting process. Learn more about the variety of federal, regional, state, and local programs available to first-time home buyers, and see if you may be eligible to benefit from them.
The Federal Housing Administration (FHA) offers government-backed loans designed with first-time home buyers in mind. The FHA acts as an insurer, which means you receive a better rate and a down payment as low as 3.5%, even if you have a lower credit score. This loan is available in all 50 states.
VA, USDA, and Other Loans
The Department of Veterans Affairs (VA) and Department of Agriculture (USDA) both offer loans with great incentives, such as 0% down payments or reduced mortgage insurance requirements.
State and Local Programs
These programs help to subsidize part of your down payment and closing costs, or offer lower interest rates. Make sure to check your local government and state websites to see if you qualify, or contact your Equity Bank Lending Specialist for more information.