Pathway to Homeownership
Are You Ready?
Buying your first home is an exciting journey. You dream of your future, imagining how your home will feel, what it will look like. You choose your furniture and plan what each room will be used for. Maybe this room will be the creative space you’ve always wanted, that one will be a nursery.
But the most exciting of times can also bring anxieties. You may be worried about being able to afford the upfront costs of a new home like the down payment, closing costs, and more. At New American Funding, we believe that every person deserves a clear path to achieving their dream of homeownership. So, we created the Pathway to Homeownership initiative to alleviate some of your financial worries.
What is the Pathway to Homeownership Initiative?
The Pathway to Homeownership offers qualified borrowers in select areas up to $8,000 in assistance. These funds are not a loan that needs to be repaid and are available to first-time homebuyers in designated areas.
This program can also potentially be combined with other down payment assistance programs to offer you even more support as you build the life of your dreams.
Pathway Program Highlights
- Up to $8,000 in assistance: Can potentially be used to help with your down payment, closing costs, or other upfront costs, depending on the program you qualify for
- Designed for first-time homebuyers
- No income limitations: No minimum or maximum income limitations
- Down payments as low as 3%
- Can be combined with other DPA programs
Pathway Requirements
There are requirements and restrictions to the NAF Pathway program. Borrowers must have a minimum credit score of 620 and the home must be a 1-unit, single-family home. They must also be first-time homebuyers.
Pathway is available in certain markets and there are eligibility requirements that are unique to the program. The loan officers at New American Funding will be happy to answer any questions you may have about the program.
Pathway Loan Options
30-year Fixed-Rate loan: 30-year Fixed-Rate mortgages are among the most popular home loans available. They offer borrowers the security of stable, affordable monthly payments and protection from market changes. They can be used by borrowers to finance a home or to refinance an existing mortgage.
Seller-Paid 2-1 buydown: A payment rate 2% lower than the note rate for the first year and a payment rate that is 1% lower than the note rate in the second year on a new loan.
Seller-Paid 3-2-1 buydown: A payment rate 3% lower than the note rate for the first year, a payment rate that is 2% lower than the note rate in the second year, and a payment rate that is 1% lower than the note rate in the third year on a new loan.
For more information regarding the different loan types offered by New American Funding, you can visit our website or reach out to one of our loan officers. We also offer a mortgage calculator to help you as you begin to plan your budget.
Pathway is just the most recent program created by New American Funding to help qualified individuals and families of every background find their unique way to homeownership. We truly believe that the American Dream should be accessible, and, with that in mind, we’ve spent years developing tools, educational materials, and products designed for first-time homebuyers in America. Ask your loan officer to find out what assistance may be available to you today.