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Single Family
First Home Plus
The First Home Plus mortgage program works just like NIFA’s First Home mortgage program, except it eliminates some of the costs and fees you otherwise would pay in connection with obtaining your mortgage.
Just like a borrower of a First Home mortgage, you must be a first-time homebuyer, meet the income and purchase price limits, live in the residence as your principal residence, and satisfy the other First Home regulations and requirements. Yet unlike a First Home mortgage, which requires a borrower to pay discount points and origination fees equal to 1¾% of the principal amount of the mortgage, you do not pay any discount points or origination fees with a First Home Plus mortgage. You do still pay other standard and required application fees and closing costs relating to your First Home Plus mortgage.
The First Home Plus interest rate will change from time to time. The rate is generally less than non-NIFA mortgage rates, but is slightly higher than the rate for a First Home mortgage.
By eliminating discount points and origination fees, NIFA has developed a program that helps minimize an initial barrier to homeownership. A First Home Plus mortgage consumes less of your available cash and allows you to apply your money towards other important uses and needs. A First Home Plus mortgage may be an option if you can afford a slightly higher monthly mortgage payment but do not have sufficient cash required for closing.
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