First-time Home Buyers

Borrowing with a HOME POSSIBLE® mortgage

United Bank mortgage supports first-time homebuyers through the Freddie Mac Home Possible program.  These loans offer the flexibility and options that many new borrowers need when buying their first home.  With low down payments and flexible sources of funds, this loan is perfect to make home ownership a reality.

Key features of the program:

  • Funding for a variety of property types, including planned unit developments and manufactured homes
  • A down payment as low as 3%, based on loan amount (manufactured homes as low as 5%)
  • Credit scores as low as 620 may qualify
  • Primary residences only
  • New purchase or refinance (no cash out)
  • A non-occupant can be considered as a co-borrower
There are limitations on income to qualify for this mortgage program - borrower income must be at or below 80% of the median income where you are looking to buy or refinance.

If you do not qualify for the Home Possible mortgage, be sure to discuss other options with your United Bank mortgage lender.  The mortgage process can be intimidating.  Our lenders will guide you through the entire journey, from application to closing. 
Once we receive your completed loan application we will provide you with a Loan Estimate. Upon receipt of your Notice of Intent to Proceed we will let you know what additional information is needed. This checklist is a compilation of frequently needed copies of documents. 

Resources for First Time Homebuyers:

Homeownership Education - in both English and Spanish
Freddie Mac's Borrower Support Network - live support from financial experts
Eight Steps to Home Ownership - Freddie Mac's interactive guide to navigate first time home ownership

Have questions?

Connect with a United Bank mortgage lender to learn more or start your application today.