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 and in Washington D.C.*
FHA Mortgages
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.
VA Mortgages
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:
- 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)
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.
Bi-Weekly Mortgage
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.
Jumbo Mortgages
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.
HomeStyle or M&T One-Close MakeOver Mortgages
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.
HomeStyle and M&T One-Close MakeOver 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.