My First Home Program

Buying your first home is more affordable than ever.

As part of our First Time Homebuyer Initiative, Excel Mortgage Services has created a new program called ‘My First Home.’ Under this program, borrowers are able to finance many of the closing costs associated with purchasing a home, making it easier and more affordable to become a homeowner! This program is available to potential homebuyers who have not owned a property within the past three years.

The program is offered in conjunction with an FHA mortgage. It works by allowing qualifying borrowers to reduce their cash outlay by rolling some of their costs into the rate. Typical fees covered by this program include:

  • Origination Costs
  • Appraisal
  • Credit Reports
  • Flood Insurance
  • Work Number
  • Title Insurance Fees
  • Owner’s Insurance Policy
    • Lender’s Insurance Policy
    • Settlement Fee
    • Notary
    • Title Endorsements
    • Closing Protection Letter
  • Recording Fees
  • Survey

    These fees are the only fees covered by the My First Home program. No pre-paid items (taxes, insurance, etc.) will be covered.

    In order to fully qualify for the benefits of the My First Home program, borrowers must obtain a minimum loan amount of $80,000. Borrowers participating with loan amounts of less than $80,000 may have restrictions and limitations on their closing cost credits. All borrowers on the My First Home transaction will be required to have credit scores of 680 or higher. All participating loans in this program must meet FHA (HUD) guidelines; and borrowers must meet HUD’s statutory down payment requirement.

    A mortgage loan originator can provide you with today’s My First Home mortgage rate; get in touch with an Excel Mortgage Services Loan Officer today!