First Time Home Buyer Programs
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 rural area. Check property eligibility.
Income restrictions apply. Check income eligibility.
Low mortgage insurance or PMI
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 Required
Fannie Mae NO PMI Program
720 credit score
No PMI or private mortgage insurance
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
My Community First Time Home Buyer Loan
Fannie Mae Program
680 minimum credit score
If you are a Teacher, Nurse or Health Care Worker, Pharmacist, Fireman, Police Officer, Paramedic, or Military Personnel receives $1,000 credit toward closing costs (Minimum loan amount $100,000).
More Flexible Guidelines-Overtime income or part-time income from second job is averaged over last 12 months
Visit Fannie Mae website to check maximum loan limits.
Income restrictions apply unless property is located in Targeted Area-Email Dream@FirstHomeBuyers.net to verify maximum income requirements and geographic restrictions
Reduced mortgage insurance or NO PMI options available
Seller can contribute 3% of purchase price toward closing costs
Single Family, 2-unit, condo, or townhome
Home Possible Mortgage
660 minimum credit score
Low-to-moderate income borrowers
Flexible options if you are are a Teacher, Law Enforcement, Firefighter, Healthcare Worker, Emergency Medical Technician (EMT)or Military Personnel-Veteran in Armed Forces
Single family, condo, townhome, 2 unit, PUD
Family Opportunities Loan
Parent can purchase home for child who is college bound or has a disability. The child does not have to be on the loan.
740 minimum credit score
NO MI or mortgage insurance
Fannie Mae Renovation Program
Roll up to 50% of as-completed value in repairs and improvements into mortgage
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 firstname.lastname@example.org for grant programs available in your area
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 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. Extenuating circumstances will be considered for loss of employment due to recent economic conditons.
Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 2 years out of Bankruptcy will be considered on a case by case basis for extenuating circumstances.
FHA may not require that collection accounts be paid off as a condition of
mortgage approval. However, court-ordered judgments may have to be paid off before closing except if borrower has made payment arrangements and has made a minimum of 3 on-time payments.
FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible.
60 Second Preapproval-Get automated underwriting approval within seconds. 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
$100 Down Payment**
620 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
Find Foreclosures Now!
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
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.
640 credit score
Single family home-VA approved condo-townhome
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, $7,000 down payment, $196,377 loan amount with 1.75% financed mortgage premium, 30 year fixed loan paid in equal and consecutive monthly installment payments of $966.06 plus taxes and insurance, 4.25% rate(4.377% Annual Percentage Rate as of 11/09/13).
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 11/09/13).
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