Hi, First name / friend!

 

Purchasing a home is a major milestone for anyone, let alone a first-time homebuyer.

 

It can be overwhelming to know where to start and which program can help you if this is your first time purchasing a home.

 

Fortunately, there are several programs available at both the local and national level designed to help first-time buyers get into a home sooner — even if you don’t have 20% saved.

 

Here are a few worth knowing about… ⤵️

 

🏡 Fannie Mae HomeReady® Mortgage

 

This loan is geared toward low- to moderate-income buyers and allows you to put down as little as 3%.

 

✅ Just 3% down required
✅ Reduced mortgage insurance
✅ Flexible income guidelines — you can even count income from others living in the home

 

Bonus: You don’t have to be a first-time buyer to qualify — but if you are, this can make the process much more affordable.

 

🏡 Federal Housing Administration (FHA) Loans

 

FHA loans are a popular choice for first-time buyers who need down payment assistance or don’t qualify for conventional mortgages.

 

✅ Credit scores as low as 500 accepted
✅ 3.5% down if your score is 580+ (10% down if lower)
✅ Easier qualification, even with limited credit history

 

Keep in mind: FHA loans require Mortgage Insurance Premiums (MIP) for the life of the loan, which can add to your monthly cost.

 

🏡 VA Loans (U.S. Department of Veterans Affairs)

 

If you’re a veteran, active-duty service member, or eligible surviving spouse, VA loans offer unbeatable benefits:

 

✅ 0% down payment required

✅ No private mortgage insurance (PMI)

✅ Competitive interest rates

✅ More flexible credit requirements

 

This is one of the most affordable paths to homeownership if you qualify.

 

🏡 Illinois Housing Development Authority (IHDA)

 

If you’re buying in Illinois, IHDA offers valuable down payment and closing cost assistance:

 

✅ $6,000 forgivable grant
✅ $7,500 deferred loan
✅ $10,000 0% interest loan (paid over 10 years)

 

IHDA can be a game-changer if savings are holding you back from homeownership.

 

🛑 Note: Some programs you may have heard of — like Proper Rate’s HomeReady SPCP and FirstHome+ — were discontinued in 2024 due to new FHFA guidelines. But don’t worry — other great options remain, and new ones continue to emerge.

 

Knowing your options is a great place to start — but figuring out which program fits your unique situation best? That’s where I come in.

 

I’d love to connect you with one of my trusted mortgage lenders to explore your options and take the next step toward owning your first home.

 

Let’s make it happen this year.

This email was created by Erin DeCuir, LLC.

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