First Time Homebuyer Programs

Buying a Home with Bluecastle Lending May Be More Affordable Than You Think

Coming up with the cash for a down payment and/or closing costs on a house may seem challenging, or even impossible, to some homebuyers, but it doesn’t have to be. There are a number of programs that can help make homeownership more affordable, many with low- and no-down payment options; and some connected to popular government-backed loans:

  • CCAP – Closing Cost Assistance Program – exclusively offered by Bluecastle Lending, this program offers up to $10,000 in closing cost assistance for qualified homebuyers in Florida purchasing with a government loan such as FHA, VA or USDA.
  • HomeReady® – this Fannie Mae-backed program allows for a 3% down payment and offers discounts on mortgage rates and private mortgage insurance; it’s targeted at anyone with an income below the average for the area.
  • Home Possible® – a Freddie Mac mortgage option that is a great option for first-time homebuyers; it requires a down payment of only 3%.
  • FHA Loan Program – allows for down payments of just 3.5% and can be used for primary residences with 1-4 units; a big advantage is that FHA mortgage rates are much lower than conventional rates, especially if your credit is below 700. Combine it with CCAP and you could buy a $300,000.00 Florida home with as little as $12,500.00 total out of pocket for both down payment and closing costs.
  • VA Loan Guaranty – this program is available to veteran or active duty military borrowers; there is no down payment requirement and no mortgage insurance charge, regardless of how little you choose to put down. Combine it with CCAP and you could purchase a $400,000.00 Florida home with as little as $4,000.00
  • USDA Home Loan – is available to buyers in less dense parts of the country, including rural areas and many U.S. suburbs as well; it allows for 100% financing and offers reduced mortgage insurance costs as compared to other low- and no-down-payment loans. It can also be combined with CCAP.
  • 203K Renovation Loan – a great solution if your first home is a fixer-upper; if your purchase requires repairs, there’s a low minimum down payment requirement of only 3.5% and the loan covers the value of the property plus the repair costs.

Wonder if You Qualify for Assistance? Give us a call.

We’ve only listed some of the many options available here. Before you give up on your dream of owning a home because you think the cash required at closing is insurmountable, do an InstantPQ prequalification without a credit check to find out how much do you need and if you qualify for CCAP.