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First Time Homebuyers

We are experts helping first-time homebuyers

The Bally Team is an expert in the home buying process. We are here to help you get the best closing costs, understand the required down payment, and make the most of your money in any home loan.

If you are a first-time homebuyer and have a 20% down payment, you can get a conventional loan with a low-interest rate. If you do that, you won't have to pay for private mortgage insurance (PMI).

Many borrowers can get into a new home with as little as 3% or even 0% down using low–down–payment mortgage programs.

Depending on the mortgage loan you choose, you could potentially get into your new house with very little money out of pocket.

If you are a first-time home buyer in Michigan and have a 20% down payment, you can get a conventional loan with a low-interest rate. If you do that, you won't have to pay for private mortgage insurance (PMI).

Many borrowers can get into a new home with as little as 3% or even 0% down using low–down–payment mortgage programs.

Depending on the mortgage loan you choose, you could potentially get into your new house with very little money out of pocket.

We are experts helping first-time homebuyers

There are several programs available to borrowers who need help with their down payment. You can use gifted funds or down payment assistance (DPA) to cover the down payment and closing costs in these programs.

If you're not sure which loan program to select for your first mortgage, The Bally Team can help you choose the best fit based on your financial situation and buying goals.

I Want My Free First Home Buyer Loan Fixed Rate Quote

Getting a mortgage credit certificate

You may be eligible for mortgage credit certificates (MCC) that can save you money on your federal taxes, potentially throughout the life of your loan.

The MCC program gives housing help by awarding a federal tax credit to first-time buyers across the state and repeat buyers in select regions.

What are the characteristics of the MCC program?

In this program, homeowners who pay interest on their mortgage can get a tax credit of 20% against their end-of-year tax bill. A tax credit is the equivalent of a dollar reduction in taxes.

Household income limits vary based on household size and property location.

What credit score is needed to buy a house?

If you are interested in getting any mortgages or entering a loan program, you usually must have a FICO® credit score of at least 640 and a debt-to-income ratio of less than 45.

At The Bally Team, we can help you find out your score, and share information on the city's homebuyer assistance fund and the down payment assistance program, so you can get the best of your money when entering a loan program.

Is it hard to get a first-time home buyer's loan?

No, it is not. You have to understand certain aspects of mortgages, insurance, and certain closing costs, but at The Bally Team, we are experts that can be of assistance when you are looking to purchase a home.

We offer down payment assistance, and mortgage insurance, and can connect you with different loan programs that can help you achieve your dream of homeownership.

When it comes to getting your first home, call us!

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