Buying A Home
First Time Homebuyer Programs
Making the transition from renting to owning a home may seem difficult, but with M&T you can become a homeowner even if you have:
Little money saved - M&T offers low downpayment mortgage options, reducing the amount of cash savings needed to buy a home. We may even be able to help you finance your closing costs.
Less-than-perfect credit or no credit history - Even if your credit isn’t perfect, M&T can often find a mortgage that’s right for you. And, if you lack a credit history, we may be able to use “non-traditional” forms of credit including records of timely utility or rent payments.
Changed jobs recently - When buying a home, a steady income is more important than how long you’ve been in the same job.
M&T’s first time homebuyer programs include:
M&T’s Get Started Mortgage
Buying a home is easier than ever with M&T’s Get Started Mortgage, featuring a low down payment and ability to finance closing costs! M&T’s Get Started Mortgage is available in select counties in New York, Pennsylvania, Maryland, West Virginia, Virginia, Delaware and in Washington D.C.*
A flexible, low downpayment financing solution. And with no maximum income limits, FHA mortgages are available to almost any homebuyer.
FHA 203 (K) MakeOver Mortgage
Buy and improve a home in one easy step. Featuring low downpayments and low closing costs, M&T’s MakeOver Mortgages combine purchase and home improvement financing in a single loan.
With no downpayment required, VA Mortgages offer special advantages to eligible veterans, reservists and active-duty personnel. Plus, sellers can help pay your closing costs.
State Sponsored Mortgage Programs
First-time homebuyers in selected states can also take advantage of a range of state sponsored mortgage programs including:
- DSHA Mortgages (Delaware State Housing Authority)
- Maryland CDA Mortgages (Community Development Administration)
- PHFA Mortgages (Pennsylvania Housing Financing Agency)
- SONYMA Mortgages (State of New York Mortgage Agency)
- VHDA Mortgages (Virginia Housing Development Authority)
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Buying A Larger Home
Are you ready to move-up to a bigger home? M&T offers a range of options to help you keep your monthly payments affordable.
M&T’s mortgage programs include:
Adjustable Rate Mortgages (ARM) - Including 5/1 and 10/1 Arm's
With an ARM, the initial rate is usually much lower than a fixed-rate mortgage. And should rates rise, you’ll be protected with annual and lifetime interest rate caps.
Own your home years sooner and save thousands of dollars in interest. Simply make half of a regular monthly mortgage payment every two weeks and pay off your mortgage faster.
Need a larger loan? M&T’s Jumbo Mortgages offer competitive rate and term options for when you’re ready to buy your dream home.
Buy or refinance a larger property that needs renovation, repair or remodeling and finance both the purchase and the improvements in one easy step.
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Buying A Home In Need Of Improvement
If you’re buying an existing house that’s “almost perfect,” M&T has the perfect solution. M&T’s MakeOver Mortgages – a mortgage and home improvement loan all in one.
M&T’s renovation mortgage programs include:
FHA 203(k) Renovation Mortgage
Features a low downpayment and low closing costs. You can finance a wide variety of home improvements and choose from short- and long-term fixed and adjustable rate mortgages.
Feature larger loan sizes for bigger homes in need of renovation, repair or remodeling.
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*Certain restrictions apply. Maximum income by household size, 80% of area median income unless property is located in a low/moderate income census tract, then no income limit applies. Available in select counties.