First-Time Homebuyer Program Opens the Door to Homeownership

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For many Americans, homeownership means being able to live independently, build wealth and put down roots. But many first-time buyers are apprehensive in today’s market, and for good reason. With interest rates up and prices remaining high, the dream of homeownership can sometimes feel out of reach. 

Recognizing this, we at Compeer Financial launched our First-Time Homebuyer Program designed specifically to meet the challenges first-time buyers face. 

Driven by our mission to champion rural, the program aims to not only help more people achieve their dream of homeownership in the country, but enrich rural communities in the process. 

Homeownership leads to community growth and engagement. By making a rural lifestyle more attainable, Compeer ensures rural communities can continue to thrive.

Eliminating Down Payments

Without equity from a previous home, first-time buyers face a major hurdle in the form of a down payment, which can often range from 5% to 20% of a home’s value. 

According to Bankrate, 29% of first-time homebuyers cite saving for a down payment as the most challenging part of the journey to homeownership. Furthermore, 28% need to ask friends or family for a gift toward a down payment. 

With Compeer’s first-time home buyer program, buyers can access up to $400,000 in financing with a zero percent down payment option. 

Removing this barrier helps buyers who have good credit and cash flow to make their monthly mortgage payment get a loan. It also levels the playing field for buyers who may not be able to rely on family for financial support or who have other debts, like student loans.  

Additionally, buyers won’t have to pay costly private mortgage insurance fees or jump through hoops commonly associated with other low or no money down programs. This could be the difference for sellers looking for sales with minimal contingencies in what continues to be a competitive real estate market. 

Educating First-Time Buyers  

Before any paperwork is signed, Compeer makes sure first-time buyers know what to expect with their First-Time Homebuyer Course. 

Completely online, the self-paced course covers everything from monthly budgets to unique rural property features to how much certain repairs and replacements can cost. For example, a property’s septic system can surprise those who haven’t lived in a rural area before.

Rural homeownership differs from owning a home in a metropolitan setting, so the more prepared homebuyers are the more they can enjoy their new life in the country.

Casting a Wide Net  

The option of remote work has made living in the country a possibility for more people, including younger first-time buyers. Still, buying in a rural market can come with its own set of challenges.

Buyers have limited opportunities to purchase desirable properties and unique property types for sale in these smaller communities. When a property does become available, there's a very short time to secure it, creating an obstacle for any buyer let alone a first-time buyer.

One of the ways Compeer helps first-time buyers around this issue is by making sure they have the widest range of properties to choose from. 

Our expertise in rural areas means we can work on properties traditional lenders can’t, from “barndominium” or shed-style homes to properties with agricultural features such as barns and silos.

With Compeer’s First-Time Homebuyer Program, more people can achieve their dreams of owning a country home and invigorate rural communities in the process. To find out if the program is a good fit for you, learn more about our First-Time Homebuyer Program today!