First Time Home Buyer Assistance: The First Front Door Keys to Equity Fund
Funding for the First Front Door Keys to Equity Program and First Front Door Program has closed. To learn more, contact our team.
If you are like many buyers dreaming of homeownership, the journey to purchasing a home feels complicated – especially when facing the challenge of meeting down payments and closing costs.
You may have heard the adage – that to purchase a home, you need to have 20% of the home’s purchase price saved up for the down payment. At Quaint Oak Mortgage, our team understands that everyone’s circumstances are unique. That’s why we are committed to helping individuals and families achieve their goal of homeownership by providing a few options for first time home buyer assistance.
Finding a Solution for First Time Home Buyer Assistance
There are a variety of first time home buyer assistance options available, making homeownership more accessible than ever before. When getting ready to purchase a home, your mortgage banker can go over down payment options as low as 3%, 3.5%, or 5%.
For many first time buyers, however, even after reducing down payment requirements, the additional costs associated with closing on a home can still present a large barrier. To make homeownership a reality for more people, down payment assistance (DPA) programs play a crucial role.
What is the First Front Door Keys to Equity Fund?
The First Front Door Keys to Equity Fund, established by the Federal Home Loan Bank (FHLB) of Pittsburgh, stands out among first time home buyer assistance programs thanks to its generosity and inclusivity.
The First Front Door Keys to Equity Fund is designed specifically for minority and first-generation first-time homebuyers. Recognizing the importance of homeownership in building personal and generational wealth, this program aims to provide financial assistance to those who qualify.
Through this program, eligible borrowers can receive up to $20,000 in grant funds to be used towards closing costs and down payment, with a minimal required investment of $1,000. This opportunity can make all the difference for individuals and families striving to achieve their homeownership dreams.
How to Qualify for the First Front Door Keys to Equity Fund
While the First Front Door Keys to Equity Fund is available nationwide, applicants must apply through a participating lender, such as Quaint Oak Mortgage. Additionally, there are income limits to qualify for the program. Household income must be at or below 120 percent of the Area Median Income (AMI) at the time of enrollment.
If you’re a first time homebuyer who identifies as a minority or first-generation homebuyer, and your household income falls within the specified limits, you may be eligible for this opportunity through First Front Door. Grants are awarded on a first-come, first-served basis until the funding round is closed.
Learn More About the First Front Door Keys to Equity Fund and Other First Time Home Buyer Assistance Programs
As a future homeowner, don’t let financial barriers stand in the way – a first time home buyer assistance program could be your path to filling your homeownership dreams. Contact one of our Mortgage Bankers today to see if you qualify for the First Front Door Keys to Equity Fund and take the first step towards owning your own home.
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Quaint Oak Mortgage Serves Alabama, California, Delaware, Florida, Idaho, Iowa, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, and Virginia
To be considered a minority under the Keys program individuals must identify as American Indian or Alaskan Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, or Hispanic or Latino. Additionally, first-generation status is determined if the parents and/or legal guardian of at least one borrower does not currently own a home in the US and has not previously owned a home in the US, or, at least one borrower has aged out of foster care, or, at least one borrower has become emancipated.
