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If you’re a first time home buyer special lending programs can help, and the My Community Lending Program is ideal for first time home buyers to access better mortgage rates and lower fees.
With the recent Federal Reserve interest rate cut and potential future cuts and lower mortgage rates, it’s important for buyers to know their lending options and programs that can help them, in order to take advantage of the right lending conditions.
The My Community Lending Program offers better rates and lower fees for qualifying homebuyers in neighborhoods across the country. You can check The Community Lending Program Eligible Markets here. The Moreira Team connects you with access to and knowledge about the My Community Lending Program and other lending incentives that can benefit you, whether you’re a first-time homebuyer or looking to refinance your loan.
Here’s what you should know about these programs as a first time homebuyer.
What is the My Community Lending Program?
The My Community Lending Program is a mortgage lending initiative targeting underserved low- and moderate-income communities, making housing more affordable for families and helping facilitate more development for affordable housing in those neighborhoods.
The My Community Lending Program is geography-based with no income limits, except for Homeready and Home Possible loans. It is focused on making it more affordable to purchase single-family home, 1-4 unit home, condo, or co-op properties as primary residences. The program offers incentives for lending in these areas, such as lower rates and underwriting queue priority, meaning loans can be secured more quickly.
The program focuses on community-based initiatives to help homebuyers. Here are a few key components of the program.
See what you can afford. Start Here! (Dec 24th, 2024)Homebuyer Assistance
The program provides mortgage products to help low- and moderate-income families purchase homes in underserved communities. These products are especially impactful in urban areas where USDA loans are unavailable to borrowers. The best mortgage companies and local lenders, like the Moreira Team, have access to this program, helping you better understand your options and access the most favorable rates available to you. The program gives lenders the ability to offer options like reduced down payments and closing costs, flexible credit qualifications, and lower interest rates. Mortgage products the program offers include:
- Non-delegated agency loans
- 30-, 20-, and 15-year fixed-rate mortgages, including high balance
- 30-year fixed-rate HomeReady and Home Possible loans
- 7 year/6 month and 10 year/6 month Secured Overnight Financing Rate (SOFR) Adjustable Rate Mortgages (ARMs) including high balance
Down Payment and Closing Cost Assistance
For eligible borrowers, the My Community Lending Program may offer assistance such as helping to reduce down payments and closing costs, as well as helping reduce the financial burden for first-time homebuyers in lower-income communities.
Check all your down payment options. Start Here! (Dec 24th, 2024)Prioritizing the First Time Home Buyer
Many of the program’s offerings are focused on first-time homebuyers, which is especially important for families who might not have a history of homeownership or the savings needed for a large down payment.
Financial Education and Support
Alongside providing favorable lending terms, some types of loans and grants provide homebuyer education and financial counseling. These services help families navigate the home-buying process with improved financial literacy, helping them overcome obstacles in obtaining and maintaining a mortgage.
Neighborhood Revitalization
The mortgage products focus on communities by helping residents purchase homes in areas that are being revitalized or have potential for growth, helping to stabilize neighborhoods and boost local economies. Neighborhood revitalization has long been part of the strategy for helping stabilize and promote growth in inclusive neighborhoods.
Start Your Buying Journey with the Best Mortgage Companies
Once you’ve decided to seek a home loan through the My Community Lending Program, the best mortgage companies can help you with the process. There are several steps you can take to get started.
- Search for eligible properties using the collateral analytics tool.
- Talk to one of the qualified My Community Program lenders at Moreira team to lock in a great rate.
- Submit all necessary documents to your lender for program approval.
- Move in.
It’s critical for buyers to connect with the best mortgage companies, so their brokers can secure the best possible loan terms and pricing incentives in competitive markets. Looking to buy in a non-USDA area but still want better mortgage rates? Learn how to leverage the My Community Program with the Moreira Team.
Check custom rates in less than a minute. Start Here! (Dec 24th, 2024)The Moreira Team is ready to help you navigate the home-buying and loan process so you can start the next chapter of your life. It’s our mission to maintain transparency so you understand each step. Our team has the experience and resources to find a loan that suits your needs at a competitive rate. Get your custom rate quote today and take the first step toward homeownership.