Buying your first home is the most important purchase you may ever make. How do you determine the amount you can afford? How to choose the loan that’s right for you? How to know what to expect in closing costs? Beacon Federal can take the mystery out of the home-buying process. Let our experienced mortgage team help.

A first-time home buyer is defined as a household of borrowers who have not owned real estate within the preceding three-year period. Our skilled professionals will walk you through the process of financing and helping you choose the precise program that best meets your needs. We offer simple financing terms to make the process easy. (See our Mortgage Term Definitions for more information.)

Benefits:

• Free Pre-approval
• No Prepayment Penalties
• No Application Fee
• First-time Home buyer Discount *
• Online mortgage tools and planning
• Flexible terms available

* Borrower(s) eligibility for the First Time Homebuyer Discount toward closing costs is based on meeting lender’s qualifying criteria.

First-time Home Buyer Discount:

First-time home buyers who meet the following qualification criteria will receive a $500.00 lender discount on their closing costs at the time of the loan closing. The home buyer must meet the criteria listed below:

• The household must not have owned real estate in the preceding three years.
• The total household income must be below 80% of the HUD median income for the county in which the property is located.

Free Pre-approval:

Pre-qualification vs. Pre-approval

Your realtor may ask that you be pre-qualified or pre-approved for a mortgage before you begin house hunting. A pre-qualification will determine the amount of mortgage you can afford, but should not be confused with a pre-approval, which is of more value to the seller. A pre-approval means you have already been reviewed by a lender and have been determined to be credit worthy.

Pre-qualification: A pre-qualification is a calculated value of what you might reasonably afford in a mortgage based on a short analysis of your income and debts and the lender’s ratios of affordability. The lender will need your indication of loan program for term and rate, plus the amount of down payment you intend to make. A credit application will not be required.

Pre-approval: A pre-approval is a lender’s determination of credit worthiness after a complete review of your credit application and credit history including but not limited to, affordability and supporting documentation for employment, income, assets and sufficient cash for down payment and closing costs. A pre-approval letter from a lender reassures the seller that you have the ability to meet the financing terms of the purchase contract.

• There is no application fee when requesting a pre-approval.