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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