
First Time Home Buyer Programs
Owning a home is the dream of a lifetime. We can help you make your dream come true with our specialized programs. Both products are available on fixed or adjustable rate mortgages and qualify for a reduced interest rate.
First-Time Home Buyers - This program does not have any income limitations, you simply have to be a first time homebuyer.
New Beginning Program - Franklin's first-time home buyer program for low and moderate income borrowers.
If your combined income does not exceed the income limitations below you will also be eligible for a reduced application fee.
The total income of the applicant may not exceed 115% of the median income for each Metropolitan Statistical Area (MSA) which encompasses the counties in which Franklin offers mortgage loans. The following chart outlines income limitations:
2011 HUD Median Income
| County | Median Income | Income Limitations |
| Salem | $80,400 | $92,460 |
| Gloucester | $80,400 | $92,460 |
| Cumberland | $62,400 | $71,760 |
| Cape May | $70,100 | $80,615 |
| Atlantic | $71,100 | $81,765 |
A minimum of 5% down is required however 2% can be a gift, seller concession or grant.
Property must be your primary residence
First time homebuyer - A buyer who has not owned a home for a minimum of three years.
Private Mortgage Insurance (PMI) required on all mortgages with less than 20% down.
All loan requests are subject to credit approval.
Call your local branch office or Thomas B. Clarke for more information on all our loan products at (609) 202-3140

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