First time home buyer? Here's a low down payment option with  below market  rates.

If you're a first time home buyer, a veteran, or if you haven't owned a home in over 3 years, this program can make buying a home considerably more affordable with minimal money down, a below market interest rate, and/or some closing cost assistance. For many Pennsylvania buyers, programs like these make the dream of home ownership a reality. If you're thinking of buying a home, please schedule a call with BMC/Keystone Home Mortgage. We have a lot of experience with different loan types and we know how to customize a loan to suit your financial position, from down payment assistance, structuring a seller assist into the offer, and exploring your eligibility for government grants or forgivable loans.

The Absolute Minimum Down Payment

We have loans that require as little as 1% down, which is the absolute minimum amount as far as down payments go. Depending on the loan along with your eligibility, we can combine a low-money-down loan with below market interest rates and government grants to help cover your closing costs.

Below Market Interest Rates

In addition to these low-money-down loans, we have lenders who offer interest rates about .5 point below the market, for those who qualify of course. As with any loan product, there are criteria to meet and limits to respect. There are limits to the allowable household income to qualify for this loan, but if you purchase within certain areas designated for community development*, the income restrictions are waived.

Here are some of the requirements:

• Minimum of $1,000 down payment required
• Household income does not exceed $114,000
• Maximum purchase price applies, which varies by location

There are many factors to consider, but this gives you an idea. If you think you qualify and you'd like to hear more, please schedule a call. We're happy to set up a free mortgage consultation.

Money Towards Closing Costs with a Grant

We have access to different forms of government assistance programs and grants that work with these other programs which can help you cover allowable closing costs and reduce the amount of cash you need to provide at closing. We can compare the impacts of grants that you pay back vs grants that are considered as forgivable loans. Each has its advantages and conditions. We'll talk through how long you plan to stay in the home, as this will help us determine what makes sense for you.

Seller Assist Towards Closing Costs

Why not negotiate money towards your closing costs? The seller may be willing to contribute towards your closing costs as part of your offer, or you might offer more than the asking price in exchange for a seller assist of equal amount. We can explain how this works and help you come up with a plan so that you can buy a house with as little money out of pocket as possible.

Schedule a Call

If this sounds a little overwhelming, you're on the right track. A home mortgage loan can have a lot of moving pieces. Think of a mortgage loan as a product. Each loan has different features, benefits, and costs.  As we narrow down your options, it's also important to consider how we could configure the options, and how we could pair it with other available programs.

*Areas that are eligible for these low-money-down, below market interest rates loans are referred to as targeted census tracks. Please inquire about a specific area or neighborhood, as these areas span the state of PA and are too numerous to list here.