First-Time Homebuyer Programs
Leader Bank’s First-Time Homebuyer Programs
Congratulations on taking the initial steps toward becoming a homeowner! We know the process can seem overwhelming, especially if you’re buying a home for the first time. Leader Bank’s first-time homebuyer programs are dedicated to helping you know exactly what to expect and how to navigate the journey to homeownership.
From first time homebuyer seminars to specialized programs designed to make the dream of homeownership a reality, Leader Bank has a range of resources available to help you throughout this process.
Start your journey to homeownership by checking out our first-time homebuyer tips below, reaching out to one of our Loan Officers to set up a no-obligation consultation in 30 seconds, and getting a free rate quote!
- Steps to Buy a House
- First-Time Homebuyer Programs
- First-Time Homebuyer Workshops
- First-Time Homebuyer Resources
Steps to Buy a House
One of the most common questions we get from first time homebuyers is when to get preapproved for a home loan. By getting preapproved early in the process, you’ll be setting yourself up to make the most competitive offer on your dream home while creating a less stressful closing. We’ve laid out all the steps you’ll need to take toward homeownership below to help you better understand.
- Congratulations, you’ve decided to buy a home! Leader Bank has you covered.
- There’s so many factors to think about if you’re considering when to buy a house including annual market trends (which is the best season to buy in?), broader market trends (what does the state of the economy and job market look like?), and your own personal financial outlook.
- A Leader Bank Loan Officer will help you get pre-approved.
- If you’re buying a home in today’s market, it’s important to know what kind of mortgage gives you the biggest bang for your buck. Our dedicated team of experienced Loan Officers are ready to help you find the best solution for your mortgage needs.
- It’s also important to get pre-approved for a loan early in the homebuying process so you know what you can afford, secure financing, and be ready put in an offer and close quickly. Qualified buyers will also be moved into Leader Bank’s Purchase Pass Program at this point, which further helps you present sellers a strong, competitive offer by expediating the closing process. Reach out to our team today!
- Time to find the right real estate agent for you.
- Once you’re pre-approved, finding the right real estate agent will help you navigate the local real estate market by providing insights on sales prices, home inventory, and a range of other points of information that will help you during your home search. We work closely with an array of qualified and experienced real estate agents and would be happy to recommend one!
- Shop for your dream home!
- This is the exciting part! When it’s time to look at houses, it’s important to remember your must-haves or dealbreakers in terms of price, location, and features. Don’t get too focused on minor cosmetic details and be sure to think about each house you tour as a long-term investment.
- Found the right home? It’s time to make an offer.
- Making an offer not only tells the seller how much you’re willing to pay but provides a guarantee that you’re able to pay that amount, establishes a closing date, and states what you expect of the seller leading up to closing. Getting pre-approved early in the process helps expediate this step.
- Make sure the home is in good shape with an inspection.
- After you make an offer and before closing, it’s important for buyers to have the home inspected to determine if there are any issues that could lead you to further negotiate the purchase price or request repairs from the seller.
- Work with your Loan Officer to submit the formal mortgage application.
- The formal mortgage application will be used to verify certain information about you and the property including verification of income and employment, assets, and your credit history. You’ll be asked to provide some of this information while other details, such as your credit history, will be obtained by Leader Bank directly from a credit bureau.
- Almost there! Now it’s time to have the home appraised.
- Once your formal mortgage application is submitted, Leader Bank will schedule an appraisal of the home to assess its value. The appraisal will show the home’s value compared to the listing price.
- Underwriting approval (one final check that your application is good to go).
- After the appraisal, if the information you provided in your formal application regarding income, employment, assets, and credit history checks out you will receive underwriting approval. This is the final approval on your loan application and can sometimes come with conditions that requiring you to provide additional clarification or documentation to Leader Bank.
- You made it! It’s time to close. Congratulations on your new home!
- The final step of the journey to homeownership is closing, which involves obtaining homeowner’s and title insurance, a final walkthrough of the property to ensure the seller has completed any required fixes resulting from the inspection, a review of the Closing Disclosure to make sure you understand the terms of your loan, and the official transfer of property. Congratulations, you’re a homeowner!
Navigating this journey can seem daunting, but our Loan Officers are here every step of the way to answer questions and give recommendations on how to find and finance your dream home.
First-Time Homebuyer Programs
Leader Bank is proud to offer a range of first-time homebuyer programs and resources to help you meet your homeownership goals:
- Specialized products for low- and moderate-income borrowers
- Flexible FICO requirements with free credit service
- Competitive rates with MassHousing, FHA and Mortgage Insurance options
- Flexible underwriting options for non-occupant, co-borrowers and gift funds
Leader Bank’s CRA Affordable Mortgage Program is perfect for creditworthy, low- and moderate-income homebuyers and designed to help meet the credit needs of the communities we serve in accordance with the Community Reinvestment Act.
We work collaboratively with Fannie Mae and Freddie Mac, which were created by Congress to create a supply of affordable mortgage funds across the country, to help ensure that the dream of homeownership is accessible to a greater number of families and individuals. Fannie Mae and Freddie Mac also provide low-down payment mortgages to credit-worthy, low-income borrowers.
To better understand which of these programs best fits your needs, set up a free consultation with one of our Loan Officers today! It may also be helpful to inquire with your respective town or city’s housing board as there may be additional programs offered to you on the local level.
First-Time Homebuyer Workshops
The homebuying process can complex, especially when you’re looking to purchase your first home. The advantage of working with Leader Bank is evident in the level of service provided to our clients, and we are proud to help first time homebuyers make their dream of homeownership a reality.
Leader Bank is dedicated to helping first-time homebuyers understand the ins and outs of applying for a mortgage, and our dedicated Loan Officers frequently offer workshops to walk you through the mortgage process and answer any questions you may have about homeownership. Click the button below to receive updates about upcoming Leader Bank First-Time Homebuyer Workshops!
First-Time Homebuyer Resources
The mortgage application process is complex, and there are many factors impacting your application. Knowing what to expect at every stage of the homebuying journey will help us secure you the best mortgage rate and close on your new home quickly.
We understand that many questions while arise during this process, so we’ve created a library of resources to answer some of the more common ones. See the links below to get up to speed on the mortgage process:
- Explore the Loan Process
- Application Checklist
- Glossary of Homebuying Terms
- What Not to Do When Applying for a Mortgage
- What Mortgage Type Makes Sense For You?
- Debunking Homebuying Myths
- Where Do I Start? A Guide For Buying a Home
Be sure to check out our mortgage blog for more articles on homeownership and helpful tips on everything from budgeting for your mortgage payments to how to maximize the value of your new home.
And for those interested in residing here in Massachusetts, there are a number of locally-focused federal and state governmental resources available for first time homebuyers:
- Department of Housing and Urban Development (HUD) – Massachusetts
- Massachusetts Homeownership Resources – Mass.gov