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Finance Department

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First Time Buyers Program

Through our extensive finance connections we are able to offer one of New England's only True First Time Buyer Programs. The program is simple and straight forward. But as with anything else everything is on approved terms. Not all our inventory qualifies for first time buyer program. Read below to see if you pre-qualify.

Who is considered a First Time Buyer?

A first Time buyer is anyone who has no credit good or bad, or has good credit but is "limited".

How much down do I need?

20% down cash or trade combined with a minimum of $500 cash is required as a down payment.

Example

Purchase price: $10,000

Cash Down: $500

Trade Value: $1,500

Total Down: $2,000 (equals 20% of sales price including min $500 Cash)

Finance Amount: $8,000

What size loan can a first time buyer qualify for?

Your max loan is figured by taking your verifiable annual income and divided it by two.

Example

$20,000 annual income/2= $10,000 max loan amount for this income

The lenders max loan for a first time buyer is $15000.

What do you need from me?

  1. Proof of income acceptable to Lender ex. Paystubs (within last 30 days) or Tax returns
  2. Full coverage Insurance in your name (deductibles $500 or less)
  3. 20% down
  4. Drivers Id
  5. Proof of Address (Drivers Id is usually acceptable)

Now what do I do?

If you think you qualify fill out a secure credit application by clicking below. Then call Nate or Steve to get the head start on the pre-approval process.

Credit Application