Big Savings for First Time Homebuyers
If you’re ready to buy your first home, we want to help you save money. Suncoast has enhanced our First Time Homebuyer 10/1 Adjustable Rate Mortgage (ARM) program to expand opportunities for new homebuyers.*
Why should first time homebuyers choose our 10/1 ARM program?
- Maintain your interest rate for at least 10 years
- Up to 97% financing available
- Save on your monthly payments since private mortgage insurance isn’t required
- Ask us how you may qualify with as little as 1% of your own funds when combined with a 2% gift from an immediate family member
New and Improved Program for First Time Homebuyers
Make your dream of owning a home come true with our First Time Homebuyer 10/1 ARM program.
- More affordable down payment!
You and your family can work together to provide your down payment! We’ve reduced the down payment requirement to a minimum of 1% from the borrower’s own funds, allowing an immediate family member to gift you the other 2%.
- Reduced origination fee!
To make it easier for you, we’ve reduced the origination fee.
- More borrowing power!
You can now borrow up to 97% of the sale price or the appraisal, whichever is less, thanks to our increased loan-to-value ratio (LTV). For example, if the home sells and appraises for $100,000, your 10/1 ARM mortgage loan amount could be up to $97,000. The other 3% or $3,000 represents your down payment.
- Increased maximum loan amount!
We’ve increased the maximum loan amount to $250,000. This helps new homebuyers have more options to choose from when house hunting for an affordable home.
- No private mortgage insurance requirement!
New homebuyers can save money with our 10/1 ARM program because private mortgage insurance is not required. That helps cut down on monthly payment costs.
To get pre-approved, apply online or call our Mortgage Contact Center at 800.999.5887 extension 86391.
*Please note the maximum household income permitted to qualify for this program is 150% of the HUD Area Median Income in the county in which the property is located.