Many firsthomebuyer loan programs are underwritten, closed, and funded in-house which saves you a tremendous amount of time processing your loan. Firsthomebuyers must Get Pre-Approved and have a preapproval letter in your hand before you start looking for a home. There are many down payment options available and you need to consult a loan officer to determine which programs best suits your financial needs.
USDA 100% Financing Program
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility.
Income restrictions apply. Check income eligibility.
Low annual guarantee fee-no monthly PMI or mortgage insurance
Seller can pay 6% of purchase price toward closing costs
Fannie Mae HomePath
Purchase Fannie Mae Foreclosure-visit www.homepath.com for eligible properties in your area
660 credit score
NO PMI or mortgage insurance
No appraisal is required
Good Neighbor Next Door
Get home at 50% discount on home in target areas-Check out homes now!
Law enforcement, police officers, teachers, firefighters, and emergency technicians are eligible for this program
Conventional, FHA, VA loan programs available
Home Possible Neighborhood Solution Mortgage
620 minimum credit score
Low down payment
You may be eligible if you are a Teacher, Law Enforcement Officr, Fireman or Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), Active Military Personnel, or Veteran in Armed Forces.
Lower mortgage insurance
No minimum contribution from borrower's funds-down payment and closing costs can come from flexible sources such as gift, affordable second mortgage, or unsecured loan from employer.
More flexible income underwriting guidelines
Income restrictions do apply
Single family, condo, townhome, 2 unit, PUD
Fannie Mae HomePath Renovation Program
The Fannie Mae HomePath Renovation program allows borrowers to combine the purchase of a home with the costs to renovate or extensively remodel the property.
660 minimum score
Down Payment Assistance/Grant Programs
Most first time home buyers do not have funds for down payment and closing costs and there are many great programs which can assist you with these funds. Check your state for local programs or email Dream@FirstHomeBuyers.net for grant programs available in your area.
FHA and VA Loans
Low Down Payment which 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.
600 Minimum Credit Score
More flexible underwriting guidelines and extenuating credit and income circumstances may be considered by the lender.
Non-occupant co-signers are allowed on this program.
FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible.
Fast automated underwriting approval available. Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system.
FHA Foreclosure Program
Must be HUD Owned property or FHA Foreclosure in HUD Participating Communities
$100 Down Payment*
660 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
Find Foreclosures Now!
FHA Back To Work Program
Individuals who had adverse credit due to a 20% reduction in household income for a period of 6 months from loss of employment, loss of income, or combination of both.
Underwriting will look at the extenuating circumstance but you will need to demonstrate full recovery from this event with recent on-time payment history in last 12 months.
640 minimum score
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
Son or daughter does not need their own down payment funds to qualify but must meet certain underwriting qualifying guidelines.
Streamline 203k Renovation Loan
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
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.
620 credit score
Single family home-VA approved condo-townhome
Loan amounts greater than $417,000 are available
Dream Makers Program
Grant program which matches your contribution three-to-one up to maximum up $5,000
Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program
FHA, VA and USDA 30 year fixed zero down loan programs available
There are maximum income limitations
Apply for grant
*200,000 purchase, $100 down payment, $203,398 loan amount with 1.75% financed mortgage premium, 30 year fixed loan paid in equal and consecutive monthly installment payments of $983.39 plus taxes and insurance, 4.25% rate(4.377% Annual Percentage Rate as of 2/14/14).