First Time Home Buyer Loans

WestAmerica Mortgage Company is a Nationwide Lender in 50 states of all the first time home buyer programs listed below. 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 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 100% Financing Program   Good credit-generally 660+ credit score will qualify Higher qualifying debt to income ratios than most traditional programs No Pre-Sale requirements for new condo construction or conversion 30 year fixed, 5/1 arm, 7/1 arm loan options

Fannie Flex Expanded Program 5% down payment required but you can get gift for entire down payment or use Down Payment Assistance Program Only 575 credit score requirement 30 year fixed

Home Possible Program  600 credit score or no credit history may qualify but you will need non-traditional credit such as rent, utilities, cell phone, health club, etc. with good payment history. 30 or 40 year fixed Get $500 discount toward closing costs when buying your first home if you are Teacher, Police Officer, Fireman, Paramedic, Pharmacist, Healthcare Worker such as Nurse, and Military Personnel.

PMI Buster-No PMI-Single Loan Only   One loan with NO PMI 620 credit score or no credit history may qualify but you will need non-traditional credit such as rent, utilities, cell phone, health club, etc. with good payment history. 30 year fixed rate program

Progressive Payment Saver Home Loan Program Low initial interest mortgage rate of 4.25% (APR 4.39%) as of 3/20/08 30 year fixed program 0% down payment required 660 or better credit score to qualify

80 20 Piggyback  First and second mortgage combination loan-No PMI Good Credit 30 Year Fixed

80 20 Interest Only First and 2nd mortgage combination home loan-Low Payment-No PMI Interest only payment required but you can pay more toward principal Safe 30 year fixed and ARM options available

Earnest Money Program You may qualify for great zero down loan program but the seller will require a good faith deposit on the purchase contract. Most first time home buyers do not have these funds and we offer an unsecured earnest money loan up to $25,000 which will help you get your offer accepted. 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.

80/20 2-1 Buydown  Great for professionals and other individuals whose income will go up in the next couple years 1st and 2nd mortgage combo-No PMI 30 year fixed-not adjustable mortgage See 2-1 Buy Down Loan example  Check out today's low buydown mortgage rate

My Community Plus First Time Home Buyer Program  Zero Down Payment Non-traditional credit history on items such as rent, phone, and utilities considered if no credit score is present 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 you will only need a 12 month rental history to qualify if you have no credit traditional credit history. Also, there is $500 credit toward closing costs.  Income restrictions may apply-Call Gerald Tribuzio at 312/851-2123 to verify maximum income requirements. 30 year fixed, 40 year fixed, and interest only options available Seller can contribute 6% of purchase price toward closing costs

Nehemiah Down Payment Assistance Program     Nehemiah will provide gift for down payment FHA and Conventional home loans eligible See FHA Down Payment Assistance Loan Example Condo-single family home-townhome-multi unit eligible www.getdownpayment.com

No Income Verification 5% down payment required State income and assets on application which will not be verified Must be employed or in business for 2 years 30 year fixed Low Rate Buydown Option available

Government Loans FHA  Great 30 year fixed rate for first home buyers with 3% down payment Down Payment can be 100% gift from family member or Down Payment Assistance Program such as Partners in Charity or Nehemiah 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. Condos-single family home-2-4 unit properties 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.

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 Son or daughter does not have to have income or credit history

Streamline 203k Renovation Loan WestAmerica Mortgage Company is full service 203k lender Repairs which range from $5,000-$30,000+ may be included in loan amount Visit 203K Loan for more details on Streamline 203k program

2-1 Buydown  Super Low Payment 3% down payment which can be 100% gift Condo-ingle family home-2-4 unit properties eligible     30 year fixed loan-not adjustable rate mortgage See FHA 2-1 Buydown Loan Example

VA  Great 30 year fixed loan program with 0 Down Payment for veterans or active 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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