Realtor to Mom & Back: Mortgage Match

First Time Homebuyers Mortgage Match Program

By Tara Garrett

My husband and I are considered to be “Millennials,” and thus we’re part of the up-and-coming first time home buyer boom.

It is an intimidating thing.

There are so many aspects to think about, starting with funding, but there are also some great programs out there for Buyers like us. One such program that we have decided to take advantage of is a mortgage match program. It will allow us to maximize our down payment and, like most people in their 20s and 30s, we certainly don’t have a ton of cash laying around.

There are a few banks that offer this type of program in our area – a quick Google search for “First Time home buyer programs” will get you started. We chose to use SEFCU, which is one of the few that match $4 for every $1 you save… up to $7,500 of their money (for a duration of 12-24 months).

At first, we thought it was going to be challenging to get everything set up. We procrastinated for quite a few months, to our own disadvantage. When we finally did walk into the bank and sit with a representative, we quickly found out that there wasn’t much work involved at all. We just needed to call a number and arrange for some paperwork to be sent to us, fill it out, and return it, along with:

• 1 months pay stubs,
• consent for a credit report ($16/person),
• and last year’s taxes

Simple.

Now we have a meeting with a representative for our approval and enrollment. What makes me happiest is the length of time we will commit to. You are obligated to be in the program anywhere from 10-24 months, that’s all! With proper planning, we will be in our new house by President’s Week 2016!

If you are thinking of buying your first home, I can assist in researching first time home buyer programs to find the right one for you and your family. They all offer different things, and have different requirements for eligibility – like household income. But these programs are an absolute must to look at. Give me a call today! Or email tkane@roohanrealty.com

About the Author

Tara Garrett (formerly Kane) is a residential real estate salesperson at Roohan Realty specializing in Saratoga Springs and surround areas. Tara is a newlywed, mother of three year old Abiageal, and is expecting her second child in a few months. Her blog series: From Realtor to Mom & Back, explores tips, tricks, and advice on achieving work-life balance with a growing family.