Lending a hand, too.
My mortgage is just $20 more a month than what my rent was.
“It's really neat that [First Federal Bank] could meet me on a personal level, seeing where I'm coming from as a single parent, or even a person.”
As a single parent with limited credit, Carey was renting to provide for her family. With First Federal Bank, Carey was able to qualify for a low down payment mortgage program that allowed her to buy a home with $500 down, while staying within $20 of what she was paying monthly renting.
When Carey was referred to First Federal Bank by her realtor, she didn’t know she would be approved for a down payment assistance program. Carey’s options were limited as a single parent with limited credit. But remarkably, this program offered a mortgage with only $500 down and no private mortgage insurance. So once she met the criteria to qualify, her lender at First Federal Bank knew this incredible program would be for her.
With preapproval ready to go, Carey searched for her new home. That’s when an interesting prospect arrived. She discovered a house that was for sale by the owner, not through a realtor. “I had never done this before,” Carey says. “My lender did the same steps, and he just gradually walked me through the necessary things that needed to be done.”
First Federal Bank assured her that she could rely on their expertise for guidance should she decide to close on this house. So she did. Thanks to the one-on-one involvement with the lender and only a $500 down payment, she moved into the space with her two kids and a puppy and has truly turned her new house into a home.
“It was really cool how it worked out,” Carey says. “The people that were selling the house, how we all just came to be. My lender worked with them and me through each of the steps that we needed to take to make it all happen.”
First-Time Homebuyer Tips
Explore these helpful tips when getting ready to buy a home for the first time.
The Homebuying Process
This infographic will walk you through the ten steps to buying your first house and getting a mortgage.
Here’s a handy mortgage checklist to help you and your co-borrower prepare to file your mortgage application.
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