First Time Home Buyer Program and Resources
Your first home is a big deal. When you’re ready to buy, all of the new information may be overwhelming. We’re here to help you save money and have a stress-free buying experience.
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Big Savings for First Time Home Buyers
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
Get up to $3,000 Toward Closing Costs
Suncoast will pay up to $3,000 toward your qualifying closing costs** when you purchase or refinance your primary residence with our First Time Homebuyer 10/1 Adjustable Rate Mortgage (ARM).
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 member’s own funds, allowing an immediate family member to gift you the other 2%.
- Increased maximum loan amount!
We’ve increased the maximum loan amount to $350,000. This helps new homebuyers have more options to choose from when house hunting for an affordable home.
- 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.
- 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 87008.
Learn More About Buying Your First Home
If you want to learn more about the home-buying process, we have resources to help! Bookmark the articles below to help you every step along the way.
- Mortgage Dictionary: All the Loan Terminology You Need: This resource can help you understand the terminology used during the mortgage process.
- 5 Mortgage Tips for Buying Your First Home: These tips can help make the mortgage process easier for first time home buyers.
- All You Need to Know About Mortgage Preapproval: Learn how mortgage preapproval can determine how much of a loan you can be approved for and help speed up the approval process.
- How Suncoast’s First Time Home Buyer Mortgage Changed a Member’s Life: Watch a video that shows how our First Time Home Buyer Mortgage helped change a member’s life.
*Please note the maximum household income permitted to qualify for this program is 200% of the HUD Area Median Income in the county in which the property is located. You must complete a Suncoast approved First Time Homebuyer class and provide the certificate of completion prior to closing. Visit HUD.gov to locate a local class in the county of the property being purchased or complete an online course offered by Fannie Mae. There is an up-front, non-refundable fee for the online class charged by, and paid directly to Fannie Mae. Visit the Fannie Mae online course website.
**Suncoast will contribute up to $3,000 (Closing Costs Benefit) toward your closing costs when you select our First Time Homebuyer 10/1 ARM product for the purchase or refinance of your primary residence. Suncoast will not pay closing costs for discount points to obtain a lower rate or monies necessary to establish escrow accounts (taxes and insurance). If the mortgage is paid in full during the first 24 monthly payments of the loan, borrowers will be required to repay the Closing Costs Benefit to Suncoast for the amount reflected as “Lenders Credits” on the Closing Disclosure. The 24 month term begins with the first payment due date of the loan. All Sellers paid closing costs will be credited prior to any credits for the Closing Cost Benefit to be provided by Suncoast. Not to be combined with any other offers.
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