Flat Branch Home LoansFirst-Time Homebuyers

Buying your first home can be an overwhelming process. At Flat Branch Home Loans, we strive to make this process easy and efficient for you and your family. We understand every homebuyer has different financial and familial needs and we’ve catered to different eligibilities with our range of home loan programs. Our team of loan officers love working with first-time homebuyers and are ready to help you settle into the home you’ve always dreamed of as quickly and as affordably as possible.

Programs

There are countless loan programs made specially for first-time homebuyers, but which one is ideal for you? Each of these programs offer unique solutions to common concerns for first-timers. If you're curious about a particular program and its eligibility requirements, please reach out to one of our experienced loan officers. Our experts can help determine the best program for you!

Traditional Loan Programs

VA Home Loans

Veterans Affairs (VA) loans are available to eligible veterans who are interested in purchasing a home loan. The perks include:

• Zero down payment and no monthly mortgage insurance
• No prepayment penalties
• Allows lower credit scores
• Counseling and assistance available
• Potential to have two VA loans at the same time

FHA Home Loans

The biggest benefit to purchasing a home utilizing a Federal Housing Administration (FHA) loan is the low down payment requirement. Some of the specs include:

• 3.5% down payment
• 1.75% upfront mortgage insurance fee that can be rolled into the loan
• Flexible guidelines, allows less-than-perfect credit and varying avenues for down payment funds

USDA Home Loans

United States Department of Agriculture (USDA) loans allow rural homebuyers to purchase a home loan at an affordable price. Some of the perks and guidelines include:

• Zero down payment
• Low minimum credit score requirement
• One-time upfront funding fee of 1.0% of the loan amount which can be rolled into the loan
• Annual service fee of 0.35% of the total loan amount paid monthly, the monthly payment amount equating to 1/12th of the annual fee

Nontraditional Loan Programs

HomeReady Mortgages

HomeReady loans are designed to allow a diverse group of potential home buyers access to a conventional loan product without a large down payment. The specs include:

• A down payment of as little as 3%
• Gifts, grants and cash-on-hand payments permitted
• Several different types of income sources are allowed to be listed in the form of your income
• Affordable and cancellable monthly mortgage insurance

Home Possible Mortgages

The Home Possible Mortgages meets the needs of low- to moderate-income homebuyers or homebuyers who live in high-cost or underserved areas. The perks include:

• 3-5% down payment, depending on chosen program
• Flexible sources of funding for down payment
• Reduced mortgage insurance coverage levels

Grants and Loan Assistance Programs

Community Champions Program

The Community Champions program was developed by Flat Branch Home Loans to show appreciation to those who serve the community. This program can be used in conjunction with VA, FHA, USDA and conventional loans. The Community Champions program features a free appraisal and, in some instances, a waived processing fee.

MHDC Loans

Missouri Housing Development Commission (MHDC) loans are down payment assistance programs allocated in the form of a forgivable second mortgage. Their First Place program was created specifically for first-time homebuyers. The specs include:

• Cash assistance is 4% of the first mortgage amount
• Allows gifts
• Low minimum credit score requirement
   

Please contact your loan officer for more information on the local assistance programs available to you!