First Time Homebuyers

Prospective Home buyer Requirements:

You have not owned a home within the past three years, or owned a home only while married but not as a single person within the last three years – this includes a married couple if either has not owned a home in the past three years.

Contribute personal funds as part of the down payment and closing costs.

Have an income at or below 80 percent of the area median income at the time of program enrollment and not have assets in excess of $50,000. Income limits vary for all states, please contact a Mortgage Banker to verify that you qualify.

Not be a student working less than 30 hours per week.Complete at least four hours of homeownership counseling from an approved counseling agency prior to the purchase of the home. Approved counseling agencies have received accreditation from one of the following organizations:

  • The U.S. Department of Housing and Urban Development (HUD)
  • National Industry Standards
  • Your State or State’s Housing Finance Agency
  • Online counseling provided by eHome America Home buyer Education and Certification

Pay at least 15 percent of monthly household income for principal, interest, taxes and insurance (PITI).

NOT receive more than $250 cash back at loan closing.

Obtain a first mortgage

Retain the home for five years from the loan closing date in order to keep the full amount of the grant. A second mortgage and note are made part of the original mortgage documentation. If the home buyer moves or sells the home before the five-year retention period expires, a prorated portion of the grant may need to be repaid.

Funds are Limited!

Quaint Oak Mortgage made a conscious effort to help first time homebuyers by participating in the First Front Door program. In 2018, we gave 84 first time homebuyers a total of $420,000 in grant money! Through First Front Door (FFD), Quaint Oak Bank can assist with closing cost and down payment costs by matching a qualified homebuyer’s contribution 3-to-1. For every $1 of contribution the homebuyer makes, Quaint Oak Bank will provide $3 in grant assistance, up to a maximum of $5,000.

Homebuyer contributions can take the form of savings, a gift, a tax refund, an inheritance or any other funds accumulated by the homebuyer.

Funds are available on a first-come, first-served basis until all funds are exhausted.

Outlined below are the program details.

Eligible Properties

Eligible properties are intended as the primary residence of the homebuyer at the time of program enrollment. These properties include single-family homes, townhomes, condominiums and modular units. Manufactured homes may be eligible if they are permanently affixed to a site.

Three Ways to Apply


Find your Quaint Oak Mortgage Banker and let them guide you through the process.


Visit one of our office locations to speak with a Mortgage Banker about the mortgage process and ask for a First Front Door grant.