First time home-buyers: Unlock your Dream with Neighbor First Program
Buyers Joseph Iacovano June 18, 2025
Buyers Joseph Iacovano June 18, 2025
Are you a first-time homebuyer dreaming of owning a home in New Jersey or Philadelphia? The Neighbor First Program could be your key to making that dream a reality—with unbeatable savings. Imagine a lower interest rate, no monthly mortgage insurance, and a $4,000 cash boost to help you get started.
This program is designed to empower first-time buyers, and we’re here to walk you through how it works, why it’s a game-changer, and how you can take advantage of it today. Let’s dive in!
The Neighbor First Program is part of our Community Reinvestment Act (CRA) efforts, using government census data to support homeownership in majority-minority and low-to-moderate income areas. It’s not available for every property—homes must qualify based on specific census tracts—but for those that do, the benefits are incredible.
From discounted rates to zero PMI, Neighbor First makes buying your first home more affordable.
Available Areas:
New Jersey: Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Middlesex, Monmouth, Ocean, and Union Counties
Pennsylvania: Philadelphia County
Curious if a home qualifies? We can check any address on the government site in seconds—just reach out!
Buying your first home can feel overwhelming with high interest rates, down payment hurdles, and extra costs like private mortgage insurance (PMI). Neighbor First breaks down those barriers with benefits tailored for first-time buyers:
Lower Interest Rate
Market rate at 7%? Neighbor First could drop it to 6.25% for a 30-year fixed mortgage, saving you thousands over time.
No Monthly PMI
Put down as little as 5% without the added cost of PMI—this can save you $50–$200 a month.
$4,000 Lender Credit
First-time buyers get a no-strings-attached $4,000 credit—no second lien, just free money to help with closing costs or home upgrades.
Flexible Down Payment
Start with just 5% down, making homeownership more accessible without draining your savings.
These perks aren’t just nice—they’re a lifeline for first-time buyers looking to build wealth and stability.
Here’s a side-by-side comparison of a typical conventional loan versus the Neighbor First Program for a $450,000 home with a 5% down payment:
| Feature | Typical Conventional Loan | Neighbor First Program |
|---|---|---|
| Program | Conventional | Neighbor First |
| Loan Term | 30-Year Fixed | 30-Year Fixed |
| Appraised Value | $450,000 | $450,000 |
| Down Payment (5%) | $22,500 | $22,500 |
| Interest Rate | 6.875% | 6.25% |
| Loan Amount | $427,500 | $427,500 |
| Monthly Payment | ||
| – Principal & Interest | $2,808.37 | $2,632.89 |
| – Homeowners Insurance | $100.00 | $100.00 |
| – Property Taxes | $660.83 | $660.83 |
| – Mortgage Insurance (PMI) | $89.06 | $0.00 |
| – Homeowners Association | $0.00 | $0.00 |
| Total Monthly Payment | $3,658.26 | $3,393.72 |
| Cash to Close | ||
| – Down Payment | $22,500 | $22,500 |
| – Closing Costs | $10,185 | $10,185 |
| – Lender Credit | $0 | ($4,000) |
| Total Cash to Close | $32,685 | $26,685 |
Monthly Savings
Neighbor First cuts your monthly payment by $264.54, thanks to the lower rate and no PMI.
Lower Upfront Costs
The $4,000 lender credit reduces your cash to close, easing the path to homeownership.
Long-Term Savings
A 0.625% rate reduction on a $427,500 loan saves approximately $63,000 in interest over 30 years.
Ready to make your move? Here’s how to tap into the Neighbor First Program:
Verify Property Eligibility
Homes must be in qualifying census tracts. Share the address, and we’ll confirm eligibility in seconds using the government database.
Get Pre-Approved
Already pre-approved? Great—Neighbor First can be applied to your loan. If not, we’ll help you start the process.
Partner with Us
Our team and trusted lenders will guide you step-by-step to maximize your savings.
Close with Confidence
Enjoy your lower rate, no PMI, and $4,000 credit to start your homeownership journey strong.
Know someone house hunting in NJ or Philly?
Send them our way—we’ll check if their dream home qualifies!
The Neighbor First Program isn’t just about getting a mortgage—it’s about building stronger communities.
By focusing on majority-minority and low-to-moderate income areas, it helps first-time buyers invest in their neighborhoods and create lasting wealth. Yes, the property qualification requirement can be a limitation, but for eligible homes, the benefits are unmatched.
If you’re a first-time buyer in New Jersey or Philadelphia, the Neighbor First Program could be your path to owning a home with less stress and more savings.
Don’t wait—contact us today to check if a property qualifies or to apply Neighbor First to your pre-approval.
Share this with friends or family who could benefit, and let’s help them unlock their dream home.
Reach out now to get started. With Neighbor First, your new home is closer than you think!
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