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First Time Home Buyer Loans
FirstHomeBuyers.net offers first time home buyer programs in all 50 states. We underwrite, close, and fund all loans in-house
which saves you a tremendous amount of time processing your loan. First home
buyers must
Get-Pre-Approved and have a
preapproval letter in your hand before you start
looking for a home. Call Gerald Tribuzio at 847/516-5743 for a free phone
consultation today!
First Time Home Buyer Programs
Fannie Flex 97% Financing Program

Good credit-generally 680+ credit score will qualify
Borrower contribution is $500 and the rest of funds may come from flexible
sources such as gifts, grants, unsecured loan from relative,domestic
partner or fiancé, employer, public agency, or non-profit organization, and
loans secured by marketable assets
Single Upfront Premium Mortgage Insurance available-No monthly PMI! |
Fannie
Flex Expanded Program

5% down payment
620 minimum score requirement
30 year fixed |
My Community
Plus First Time Home Buyer Program

3% Down Payment but 5% minimum investment required
including closing costs
No credit history for co-borrower is acceptable providing their income
represents less than 50% of total income
Cash on hand okay
Boarder income from friend or relative may be used to qualify
Income from side job which can't be verified is allowed
Part-time job income is averaged over last 12 months
Frequent job changes okay as long as income is stable over last 2 years
If you are a Teacher, Nurse or health care worker, Pharmacist,
Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit
toward closing costs.
Income restrictions may apply-Call
Gerald Tribuzio at 847/516-5743 to verify maximum income requirements.
30 year and 40 year fixed, rate buydown options available
Seller can contribute 6% of purchase price toward closing costs |
Progressive
Payment Saver
Buydown Home Loan

Low initial interest mortgage rate of 4.00% (APR 4.11%) as of 6/14/09
30 year fixed
program
5% down payment required |
Home
Possible Community Lending Mortgage

3% down payment
Low-to-moderate income borrowers
Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare
Worker, or Military Personnel-Veteran
Qualify at buydown rate of 3.875% (APR 4.24% as of 1/01/09) with
5% down payment
Single family, condo, townhome, 2 unit, PUD
30 year fixed, 40 year fixed |
USDA 100% Financing
Program

Zero down payment
Property must be located in targeted rural area.
Check property eligibility.
Income restrictions apply.
Check income eligibility.
No mortgage insurance
Buydown rate option available with 0 down payment-current rate 3.50%
(APR 3.78%)
Seller can pay 6% of purchase price toward closing costs |
FirstHomeBuyers
Down Payment Asssistance
Program

You may qualify for a great loan program but the seller will
require a good faith or earnest money deposit on the purchase contract. Most first time
home buyers do not have these funds and we offer an unsecured
loan up to $25,000 which will help you get your offer accepted. These
funds may be used toward down payment.
Pay off debt. You may use the loan program to pay off debts to
help you qualify for the mortgage but you must apply early so we can
update your credit report to reflect these accounts being paid off. |
Government Loans
FHA

Great 30 year
fixed rate loan for first home buyers with 3.5% down payment
Down Payment can be 100% gift from family member or Grant Program
Seller can pay closing costs-Maximum 6% of purchase price
There is maximum mortgage amount for each county.
Check FHA loan
limit for your county.
Fair to Marginal Credit History-FHA will look mostly at last 1-2 years
of credit history. If there are some credit issues, we may be able to
overcome them with sufficient explanations and supporting documents of
why the derogatories occurred. The explanations must make sense such as
loss of job, serious illness, etc.
Bankruptcy should be discharged 2 years and you should have excellent
re-established credit history with revolving and installment loans
and/or non-traditional credit accounts such as rent, utilities, car
insurance, cell phone, etc. Less than 1 year out of Bankruptcy will be
considered on a case by case basis for extenuating circumstances.
No Credit History okay but you should have non-traditional credit
accounts such as rent, utilities, car insurance, etc that you have been
paying on for 1 year or more.
Collections and judgements must be paid off prior to closing except for
medical collections.
FHA Approved
Condos-Single family home-2-4 unit properties, manufactured
double-wide mobile homes, and PUDs are eligible
Get Pre-Approved in 10 minutes! Also, the file can be manually underwritten by
live person to get loan approval if you do not receive
approval through automated system. |
HUD Owned
Properties-Low Down Payment Initiative

Down Payment is $100
Must be HUD Owned property. Find HUD
Foreclosure Deals
Now!

580 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS
eligible |
Kiddie Condo

Parent can co-sign for
son or daughter buying their first home and not occupy property. Also,
other family members such as brother or uncle can co-sign on loan and
even a friend who has long-standing relationship may be eligible.
Qualify for loan using combined credit, income, and assets
Single family-townhome-condo-PUD
Son or daughter does not need a credit history |
Streamline 203k Renovation
Loan

Full service 203k lender
Repairs which range from $5,000-$30,000+ may be included in loan amount.
Great program to fix up foreclosures.
Visit
203K Loan for more details on Streamline 203k program
|
2-1 Buydown

Super
Low Payment and Rate which is currently 3.875% (4.03% APR) as of
6/14/09
3.5% down payment which can be 100% gift
Condo-single family
home-2-4 unit properties eligible
30 year fixed loan-not adjustable rate mortgage
See FHA 2-1 Buydown Loan
Example
|
VA

0 down payment
Great
30 year fixed loan program with 0 Down Payment for veterans or active military personnel
in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.
Fair to marginal credit may qualify
Single family home-approved condo-townhome |

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