1st Generation Homebuyer Loan Program: What You Need to Know

At Panorama Mortgage Group (PMG), in addition to creating opportunities for new up and coming minority leaders and their teams in our industry, we are also looking to add and improve loan programs for underserved communities. For first-generation homebuyers, there remain many intrinsic barriers to homeownership. We have designed a loan program specifically to help break down these barriers, the 1st Generation Homebuyer Loan Program (1st Gen).

What Is the 1st Gen Loan Program?

The 1st Gen Loan Program is exclusive to borrowers and whose parents or legal guardians do not own a home (or have not owned a home in the previous three years), ensuring it reaches families who have been historically excluded from homeownership opportunities.

Key Features of 1st Gen

1st Gen offers several advantages to make homeownership more accessible:

• 1% Down Payment: Affordable entry cost to owning your first home.
• Reduced MI (Mortgage Insurance): Improved MI rates over comparable products.
• 140% AMI (Area Median Income): Higher median income allowance as compared to other down payment assistance programs.

• First-Generation Homebuyer Status: All borrowers, including parents, must be first-generation homebuyers or must not have owned a home in the past three years.
• No Geographic Limitations: The program is not limited to certain counties, census tracts or specific geography.

Learn more about PMG and how do to business with us?

Whether through our wholesale or correspondent channel, or joining one of our retail teams, we would love for you to join us in helping more 1st Gen consumers achieve the dream of homeownership.

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Disclaimer: This article is intended for solely informational purposes and is not a commitment to make a loan.