First Time Home Buyer Programs
There are a variety of programs available to accomodate the needs of most first time home buyers.
Talk to a local mortgage professional to determine the right program for all credit and down payment types.
A local provider can point out the best program to meet your individual needs - because everyone is truly unique.
Three basic factors determine your ability to obtain most home loans:
1. Credit, (numerical credit score)
2. Income (debt-to-income ratio) and
3. Equity (down payment on a purchase)
Understand the difference between Pre-Qualification and Pre-Approval and other basic requirements.
Get Pre-Approved whether you are a First Time Buyer or considering your next home purchase.
Click for a Free Credit Analysis and Credit Repair Tips.
Below are some of the more popular loan programs for First Time Home Buyers...
- FHA - Federal Housing Authority
3% down payment requirement, or
100% with gift from family or DPA Program
Low minimum credit score requirement
Non-traditional credit: rent, utilities, car insurance (1-yr history)
12-24 month credit review (blemishes may be explained/documented)
Bankruptcy must be discharged 2 years plus re-established credit history
Collections/judgments paid prior to closing (medical collections excluded)
- VA - Veteran's Administration
No Down Payment - 100% Financing
Most credit profiles accepted
Veterans/National Guard must have certificate of eligibility
Geographic loan amount restrictions
- UDS - Rural Development
No Down Payment - 100% Financing
Most credit profiles accepted
No Mortgage Insurance
Geographic restrictions apply
- Credit Challenged
Minimum 580 score
Collections/judgements may not have to be paid
Seller contribute 6% of purchase price for closing costs
Fixed or adjustable rate mortgages
Lower credit scores may require a down payment
- FHA Streamline 203K Renovation Loan
Repairs from $5,000-$30,000+ may be included in loan amount
- Kiddie Condo
Parent(s) co-sign for child as non-occupant co-borrower
Child does not need any income or credit history
Qualification based on combined credit, income, and assets
Acceptabe property types: Single family-townhome-condo
- 2-1 Buydown
Initial Low Payment (30-Yr FIXED)
3% down payment (may be 100% gift)
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Special programs are available for various neighborhood heroes: Police Officers, Firemen, Healthcare Workers and Teachers - contact me for more details.
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