When it comes to buying your first home, there are several boxes that must be checked before you can sign the deed. Do you have a pre-qualification letter from a lender to help determine your budget? Great. Have you found the home that’s right for you? Perfect. Do you have enough saved for a down payment and closing costs? That’s the box many qualified buyers struggle to check.
In today’s housing market, buyers need to be aware of the challenges they face. With rising home prices and higher interest rates, many Americans’ dream of buying their first home have become harder to achieve. A recent Pew Research Center analysis found that buying a home has become less affordable for young adults in most U.S. metropolitan areas. In the DMV (D.C., Maryland, and Virginia metro area), where home prices rank among the nation’s highest, the road to homeownership is even steeper. Higher home prices mean buyers must come up with more cash upfront to cover down payments and closing costs. However, saving for a down payment isn’t the only hurdle. Even qualifying for a mortgage can present a barrier as borrowers struggle to meet lender requirements in today’s higher-cost market.
At United Bank, we want to make the dream of buying a home a reality. That’s why we introduced a new program designed specifically to address these financial barriers many first-time homebuyers face today.
United Bank’s HomeBright Program
United Bank’s HomeBright Program was developed to help address one of the biggest obstacles facing today’s homebuyers: the widening gap between rapidly rising home prices and the ability to save for the upfront costs of purchasing a home. HomeBright helps bridge this gap by providing flexible financing solutions designed to reduce initial financial barriers to homeownership. By lowering upfront cost requirements and expanding access to financing for eligible borrowers, the program enables more individuals and families to take the first step toward owning a home. At the same time, HomeBright is structured to support sustainable, long-term homeownership, helping qualified buyers achieve their goals with confidence and financial stability.
How HomeBright can help qualified borrowers:
- Financing of up to 100% loan-to-value (LTV)
- Option to include a qualified non-occupant co-borrower on the loan may help strengthen a borrower’s application
- No mortgage insurance requirement, which may help reduce monthly housing costs
- Gift funds may be used, subject to program guidelines
- Fixed-rate and adjustable-rate options are available
- Program availability may depend on borrower income and/or property location
- Program must be used for the borrower’s primary residence
- Available for home purchases and eligible refinances
- First-time homebuyers must complete a homeownership counseling course before closing
Whether you’re purchasing your first home or exploring financing options, understanding available programs can make a significant difference. Speaking with a United Bank mortgage specialist early in the process can help you better understand your financing options, program eligibility, and the steps involved in preparing for homeownership.
If you are ready to take the next step in your homebuying journey, learn more about the HomeBright Program at BankWithUnited.com.
HomeBright Program Disclaimer:
Subject to Credit Approval. Not all applicants are eligible. HomeBright is not available in all market areas. Loan must be for purchase or eligible refinance of primary residence. Property type and location limitations apply. Loan terms and conditions apply, including but not limited to, maximum loan-to-value of 100%, maximum loan amount, minimum credit score, and maximum income limits. Homebuyer education may be required. Program rates, terms and conditions are subject to change without notice.
United Bank Mortgage Disclaimer:
United Bank NMLS ID 522399 (www.nmlsconsumeraccess.org) Member FDIC. ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting, and program guidelines.
