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Young couple unpacking boxes of their belongings in their new home.

First Time Homebuyer Programs

​From down payment and closing cost assistance to state-specific programs, find the support you need through M&T.

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​​​​​​​M&T can help make purchasing your first home easier.

Buying your first home is exciting, but it can also seem challenging if you’re not sure what to expect.  It doesn’t have to be like that. M&T will work with you every step of the way to help you navigate the process and finance your first home.

​​​​​​​Getting pre-approved is the first step.

A pre-approval is an important first step on the home buying journey as it provides you with the bargaining power you’ll need when working with real estate agents and sellers.

You can start the pre-approval process online, by filling out this form or calling 1-888-253-0799.

Know your options.

M&T offers many affordable mortgage loan options that require little or no down payment in addition to closing cost assistance.

 

​Helpful Tips for First Time Homebuyers

For more details on mortgage programs and other support for eligible first time homebuyers, please contact us today.

Check your credit.

It’s important to know your credit score because your credit history determines what loan programs you qualify for and the interest rate you will pay on the loan.

Get pre-approved.

Getting pre-approved is an important first step on your path to homeownership. Knowing how much you can afford helps you manage your finances and get ready to negotiate with sellers.

Start the pre-approval process >

Gather your documents.

When you’ve found your home and you’re ready to apply for a mortgage, you will be asked for several important documents including but not limited to:

  • W-2s for the last two years
  • Checking, savings, brokerage and investment statements
  • Two most recent paystubs
  • If self-employed, federal tax returns for the last two years

You’ll save time by having your paperwork ready for your discussion with an M&T Mortgage Loan Officer.

Check comparable homes in the area where you’d like to buy.

It’s always good to know the neighborhood you are thinking about living in. What’s the average sales price of homes in the area? What features can you get within your budget? How is the school district? Information is power when it comes to real estate negotiations, and you’ll have a better idea of what you’re getting into if you do some research.

Find a real estate agent.

A real estate agent will help you identify homes in your price range, tour homes, negotiate price, and complete the sales contract. He or she can provide important services and information that are useful to first time homebuyers.

 

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The M&T Home Starter Mortgage features a low downpayment – in some cases as low as 3% of the purchase price – making it a cost-effective option for many first time home buyers.

Other benefits include:

  • No borrower-paid mortgage insurance
  • Interest rates below-market
  • Ability to finance most closing costs
  • Less-than-perfect and non-traditional credit may be accepted
  • Bi-weekly payment options, potentially saving thousands of dollars in interest payments over the life of the loan

The Home Starter Mortgage is available in CT, DC, DE, MD, NJ, NY, PA, VA and WV. There are no income limits for properties located in low-to-moderate income census tracts otherwise the maximum income for the household is 80% of the median income in the area.

For additional information about M&T’s Home Starter Mortgage, contact your M&T mortgage professional 1-800-322-6548

If you would like us to contact you, please complete the Have Us Call You short form and let us know that you are interested in the Home Starter Mortgage.

Available to most homebuyers, FHA mortgages offer a low down payment option – as low as 3.5% – and gift funds are allowed. There are no income limits and credit score requirements are lower than with a conventional loan, so you may qualify even if you have less-than-perfect credit.

Read More About our FHA Mortgages (PDF) ›

VA loans – offered through the U.S. Department of Veterans Affairs – are available to service members, veterans and surviving spouses. These loans include benefits such as no down payment, no mortgage insurance, competitive interest rates and closing cost assistance. Gift funds can be used.

Read More About our VA Mortgages (PDF) ›

Buyers in eligible rural areas may be able to purchase a home with no down payment. USDA Rural Housing Program loans also feature lower-than-market interest rates and flexible credit guidelines which make it easier to qualify.

Read More About the USDA Rural Housing Program (PDF) ›​

The State of New York Mortgage Agency (SONYMA) offers several mortgage programs featuring competitive interest rates, low down payment requirements, flexible underwriting guidelines, down payment assistance and no prepayment penalties. There’s even a RemodelNY program designed for buyers who want to purchase a home in need of improvement.

Read More About SONYMA Programs ›​

​Offered by state housing organizations, these programs provide affordable loans to eligible borrowers. Explore the following websites for details about what is offered in your area.

Connecticut

Connecticut Housing Finance Authority (CHFA) ›

​Delaware

Delaware State Housing Authority (DSHA) ›

District of Columbia

District of Columbia Housing Finance Agency (DCHFA) ›

​Maryland

Maryland Community Development Administration (Maryland CDA) ›

Virginia

Virginia Housing Development Authority >