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June 20, 2025
The Internet is much more than a tool for casual browsing. It’s ingrained in everything we do—from paying bills to shopping for a home. Among all generations of home buyers, the first step in the home search process is to look online for properties, according to the National Association of Realtors’ 2024 Home Buyer and Seller Generation Trends report.
With so much information available at your fingertips it can be hard to make sense of it all—especially for a process that can be as protracted and complicated as the purchase of a home.
The report also found that all home buyers surveyed in 2024 used the internet to search for a home. 24% of all home buyers last year were first-time buyers, with the median age of first-time buyers at 38 years old. With one-quarter of all home purchases being made by older Millennials, it's more important than ever to educate potential home buyers on the factors involved in purchasing a home and ensure new home buyers have a firm understanding of the process.
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corp. both have resources to help demystify the homebuying process. But having a working knowledge of the process and available programs to assist first-time homebuyers is not enough to determine the right loan to meet a consumer’s unique financial needs and budget considerations.
That’s where a community bank like New Tripoli Bank comes in. Our expert lenders can help explain not only what you can afford and what to expect during the process, but other factors to consider when determining the right time to buy a home.
For those who are ready, there are several options available in addition to conventional loans, including mortgages insured by the Federal Housing Administration. FHA loans only require a 3.5 percent down payment and typically have higher loan-to-value ratios and lower credit score requirements than conventional loans (though buyers will have to refinance if they want to avoid paying private mortgage insurance for the life of the loan).
The U.S. Department of Veterans Affairs offers generous borrowing terms to servicemembers, veterans and surviving spouses, often requiring no down payment or mortgage insurance. While the VA has only a few requirements for things like debt and sufficient income, VA lenders may add their own requirements.
In addition to available federal homeownership and home-buying assistance programs, there are numerous programs sponsored by state and local governments, as well as other organizations, that make homeownership more affordable.
New Tripoli Bank also offers assistance for first-time homebuyers. Qualified borrowers can apply for our first-time homebuyers program, which offers a low introductory rate and waives processing and document preparation fees. We understand that not everyone’s financial situation is the same and tailor our payment options to fit each borrowers’ unique needs. Our mortgage checklist provides potential homebuyers with information on what they will need to complete the application process and we have put out a number of blogs in the past that go over various aspects of the homebuying process.
During National Homeownership Month, New Tripoli Bank wants to remind you to contact us for help with the homebuying process. And if you are not ready to take the plunge just yet, we can help you to establish a budget and set financial targets, so that when the time is right, you’ll have the know-how and the confidence to secure the keys to a home of your own.
Christine Pierce has been with New Tripoli Bank since 2021. She is part of the consumer mortgage team and has years of experience helping homeowners finance their home purchases. When she's not working, Christine enjoys spending time with her family and making home improvements.
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