M&T’S FIRST-TIME HOMEBUYER PROGRAMS

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 / no downpayment
    • Closing cost financing
    • Less-than-perfect credit
    • Non-traditional credit
    • No max income restrictions

FNMA MyCommunityTM

    • Ideal for 1-family homebuyers with little cash savings
    • 100% financing
    • Closing cost financing options available
    • Homeowner education not required
    • No maximum income restrictions in many areas
    • Standard FNMA loan limits apply
    • Available to permanent and non-permanent resident aliens
    • Special options for teachers, police, firefighters, healthcare workers and handicapped persons
    • Options Include:
      • 10 – 40 Year Fixed
      • 35 Year Fixed with 5 Year Interest-Only
      • 5/1 and 7/1 30 Year LIBOR ARM’s
      • 5/1 30 Year LIBOR ARM with 10 Year Interest-Only

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

FNMA Flex 97

    • Up to 97% financing Borrower contributions as low as:
      • 3% from flexible sources including gifts, grants or unsecured loans from non-profit program
    • Standard FNMA loan limits apply No maximum income restrictions
    • No first-time homebuyer restrictions
    • Options include:
      • 10 – 40 Year Fixed
      • 16 – 30 Year Bi-Weekly

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.

 
M&T LOAN PROGRAMS  
 Construction 
 Renovation 
 First-Time Homebuyer 
 Construction Lite
 Agency Sponsored
 Single 90™

   
   
The mortgage programs described herein are for the specific use of mortgage bankers & brokers,  mortgage lenders, and other mortgage professionals and is not intended for use by the general public. The information contained and described herein is not intended as a direct advertisement or offer to extend credit directly to the general public. All information is subject to change without notice. Consumers, please visit M&T Bank.

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