First Time Home Buyer Mortgages & Lending | BCCU

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Your first home is out there, the perfect mortgage is right here! Many people avoid getting pre-approved to buy their first home due to their fear of the expense, of how much they qualify for, or often just fear of the unknown! We know buying a home can be a scary thing, that's why our team is here to walk you through the steps until you're standing outside your new home. Our team of mortgage professionals will be there to keep your mind at ease and help your dream of owning a home become a reality. You'll just need to find someone else to help you move all your things!

Bellwether has been Bringing New Hampshire Home for 100 years, let us bring you home too. Below are the three First Time Homebuyer programs Bellwether offers, pick the one that works best for you or schedule an appointment with one of our mortgage professionals if you need a little help! We have also recently expanded our membership to include anyone living or working in Essex or Middlesex Counties in Massachusetts!



Bellwether's Easy Start Mortgage program was designed to make your home buying process easy, fun, and budget-friendly. Enjoy a down payment as low as 3% for purchase transactions, and don't worry about having to purchase private mortgage insurance (PMI), Bellwether won't make you pay for that. Our quality rates and excellent service make our Easy Start Mortgage one of the best options for first time homebuyer programs in New Hampshire and Essex/Middlesex Counties.



FHA Government loans provide flexible credit guidelines and requirements while offering low down payments.

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 47.5 million properties since its inception in 1934.



Bellwether's Easy Start Mortgage is great for first time homebuyers. Additionally, the government has several federally-insured mortgage loans for first time buyers. Fanny Mae has the HomeReady® program, which offers affordable housing options with low down payment requirements. The Federal Housing Administration loan (FHA loan) is a popular federally-insured loan for first time homebuyers. FHA loans will generally only require a 3.5% down payment and flexible underwriting guidelines. Military veterans can get a federally-insured VA loan from the US Department of Veteran Affairs. If you're buying a home in a rural area, you might qualify for a United States Department of Agriculture rural development loan (USDA loan).

Many loans require you to make a down payment, although you might not have to make a down payment on a USDA or VA loan. It's recommended you make a down payment of 20% to avoid mortgage insurance. However, most first time homebuyers in the United States make less than a 20% down payment with programs like our Easy Start and Fannie Mae's HomeReady®.

A first time homebuyer has a variety of options for down payment, ranging from zero to twenty percent. You should consult with a mortgage professional for the one best for your situation. 

Mortgage loans usually take 10 to 30 years to pay off. You can pay them off sooner, as most loans do not have pre-payment requirements. If you choose to take out a 10-year loan, you'll most likely have higher monthly payments. Conversely, you're more likely to have lower monthly payments on a 30-year loan. But it depends on the price of the house. 

Officially, there's no minimum score, but most lenders prefer you have a credit score of at least 620 to qualify for a mortgage. It's always best to monitor your credit, as the better your score, the better terms you can get, rather than aiming for only the recommended 620. The higher your credit score, the better your chance for a low rate.

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