Loans for First-Time Home Buyers
Shopping for the right mortgage
Key Features of a 30 Year Fixed Rate Mortgage
- Fixed rates so you know what you’re paying every month
- Lower monthly payments than 15 year mortgages
- Get a mortgage with only 5% down payment
- Put down 20% or more and you won’t pay mortgage insurance
Requirements
| Down Payment | 5% of the final loan amount |
| Terms | 30 years, fixed rate |
| Credit Score | 620 minimum |
| Mortgage Insurance | No, if under 80% loan-to-value |
| Maximum Loan Limit | Yes* |
| *Some “high balance” areas have loan limits above the standard level. | |
Key Features of a 15 Year Fixed Rate Mortgage
- Commit to a slightly higher monthly payment and pay off your mortgage in less time
- Keep your fixed rate so you can budget confidently
- Get a mortgage with only 5% down payment
- Put down 20% or more and you won’t pay mortgage insurance
Requirements
| Down Payment | 5% of the final loan amount |
| Terms | 15 years, fixed rate |
| Credit Score | 620 minimum |
| Mortgage Insurance | No, if under 80% loan-to-value |
| Maximum Loan Limit | Yes* |
| *Some “high balance” areas have loan limits above the standard level. | |