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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!
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First Time Home Buyer Programs
Fannie Mae HomePath 30 Year Fixed
Purchase Fannie Mae Foreclosure-visit
www.homepath.com for eligible properties in your area
5% Down Payment
No PMI or mortgage insurance
No Appraisal fee may be required
660 credit score |
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 |
My Community
Plus First Time Home Buyer Program
5% Down Payment
680 minimum credit score
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 or part-time income from second job is averaged over last 12 months
Visit
http://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
to check maximum loan limits.
Income restrictions apply unless property is located in Targeted Area-Call
Gerald Tribuzio at 847/516-5743 to verify maximum income
requirements and geographic restrictions.
30 year fixed
Rate buydown options available-3.75% (APR 3.91% as of 9/12/09)
Seller can contribute 6% of purchase price toward closing costs
Single Family, 2-unit, condo, or townhome |
Progressive
Payment Saver
Buydown Home Loan
Low initial interest mortgage rate of 3.50% (APR 3.61%) as of 1/01/10
30 year fixed
program
5% down payment required |
Home
Possible Community Lending Mortgage
5% 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 3.98% as of 10/22/09) 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 3.25%
(APR 3.36%) as of 12/05/09
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. |
Fannie
Mae Expanded Program
620 minimum score requirement
20% Down Payment which can be gift
No mortgage insurance or PMI
30 year fixed |
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.
620-640 Minimum Credit Score
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. Less than 1 year out of Bankruptcy will be
considered on a case by case basis for extenuating circumstances.
FHA does not require that collection accounts be paid off as a condition
of
mortgage approval. However, court-ordered judgments must be paid off
before closing. Exception: An exception on a court-ordered judgment may
be made if the borrower:
• has an agreement with the creditor to make regular and timely
payments,
and
• has provided documentation indicating that payments have been made
according to the agreement.
FHA Approved
Condos-Single family home-2-4 unit properties, and PUDs are eligible.
Get Pre-Approved in 10 minutes! Also, the file can be manually underwritten by
a
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
620 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 job or down payment to qualify |
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
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2-1 Buydown
Super
Low Payment and Rate which is currently 3.25% (3.39% APR) as of
12/05/09
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
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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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