The initiative aims to help buyers overcome down payment barrier
First Home Mortgage Corporation has rolled out First Home's Dream Program, a new initiative designed to assist low- to moderate-income homebuyers struggling to pay for a down payment.
The Dream Program provides first-time buyers with down payment assistance on conventional 30-year mortgages. Eligible homebuyers can receive $3,000 in assistance to help cover some of the upfront costs. To qualify, applicants' income levels must be at or below 80% of the area median income (AMI), which is the median household income of that region.
"We understand that for many prospective homebuyers – especially those seeking to purchase their first home – coming up with a down payment can be one of the biggest barriers to homeownership," First Home Mortgage president Steve Lagana said in the company's press release. "First Home's Dream Program is just one of the many ways we're working to make the dream of homeownership a reality for more buyers looking to enter the market. We are committed to supporting our local communities, and this program is a major step towards that goal."
In addition to the Dream Program, the residential lender recently launched two other efforts aimed at helping homebuyers achieve their dreams, including the First Home Advantage program and the First Heroes program.
"At First Home Mortgage, we believe in the values of community, trust, and commitment," Lagana added. "Our new First Home's Dream Program is a further demonstration of our commitment to these values and our ongoing efforts to make homeownership more affordable and accessible to everyone."
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