40%* of homebuyers each year are first-time buyers. Regardless of your borrower’s need, M&T likely has a program that will help you get them into their first home.
- Low downpayment
- Closing cost financing
- No max income restrictions
FHA 203(b)
- 2.25% downpayment with 3% borrower contribution
- 31% / 43% ratios
- 6% seller concessions allowed
- Reserves not required on 1-2 unit properties
- No maximum income restrictions
- No first-time homebuyer restrictions
- Moderate loan limits vary by county
- Available to permanent and non-permanent resident aliens
VA Mortgages
- 100% financing
- 41% back-end ratio
- 4% seller concessions allowed
- Less-than-perfect credit flexibility
- Eligible borrowers include reservists, veterans and active-duty personnel
SONYMA Mortgages (available in New York State)
- Below-market interest rates
- Available SONYMA closing cost assistance loans
- LTV’s to 97% (100% for the Construction Incentive Program)
- Options include: Achieving the Dream, Construction Incentive and Low Interest Rate Programs
*Source: US Housing Market Conditions Summary, US Department of Housing and Urban Development. Certain restrictions apply.
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