There’s a wide range of programs and grants available, many of them government-supported, that are specifically designed to help first-time homebuyers overcome the financial hurdles that can come with purchasing a primary residence. These benefits can be especially helpful for lower-income homebuyers who are looking to break out of the rental cycle.

Among the most popular federal resources—all of which can help lower down payments and closing costs for buyers who meet program requirements—are:

In addition, many local programs and grants can provide additional help. To learn more about the local resources that might be available in your area, refer to the Department of Housing and Urban Development (HUD).

With such a wide range of programs and grants available, it’s wise to discuss your specific situation and needs with a knowledgeable professional, such as your real estate agent or a member of the United Bank mortgage team, to make sure you’re not overlooking any options that could help with your purchase.

The best mortgage option for your home purchase can vary widely, based on your specific situation and needs. For example, while the consistency of a fixed-rate mortgage might be best for a relatively rooted homebuyer with school-aged children, a single person who is likely to be moving in the near future might benefit from the lower initial rate offered with an adjustable-rate mortgage. 

Likewise, while a USDA Rural Housing Loan may be available to a qualified buyer of a home in a rural area, the qualified buyer of an urban property might be better served by seeking out an FHA Loan.

Lenders will need a variety of information from you to begin the loan-approval process, most of it related to your employment and income. You can get a jump-start on the process by collecting documents such as your recent bank statements, pay stubs, W-2 forms, and tax returns, so that they’re readily available when requested. 

If you’re still in the earliest stages of the home-shopping process, you also can take steps to improve your credit score, which can increase your chances of being approved for a loan.

At United Bank, we strive to make the mortgage-application process as simple and straightforward as possible. It all starts with reaching out to our mortgage team, or filling out our easy online application form. From there, one of our knowledgeable mortgage loan officers can help you find the best loan option for your needs, then continue to work with you every step of the way on your home-buying journey—through closing day and beyond.