First Time Homebuyer Specials
We offer many programs geared towards giving first-time homebuyers the tools they need to find their way to homeownership. Many of our programs help first-time homebuyers qualify for a mortgage through relaxed down payments and credit options.
FHA loans are an excellent option for first-time homebuyers because they provide an easier path to homeownership with relaxed qualification requirements. For example, down payments may be as low as 3.5% of the sales price, and the minimum credit score requirement is 580. However, borrowers with higher credit scores may get lower interest rates.
Fannie Mae HomeReady is a conventional mortgage with a down payment requirement as low as 3% of the sales price. The HomeReady mortgage offers high loan-to-value financing to help homebuyers who would qualify for a mortgage but may not have the resources for a larger down payment. In addition, home Ready loans offer lower mortgage interest rates and reduced mortgage insurance costs. This loan is popular with first-time homebuyers with low to moderate incomes.
Other programs that are popular with First-time Homebuyers include:
- State Housing programs that offer down payment assistance
- Freddie Mac HomePossible is like Fannie Mae HomeReady but back by Freddie Mac.
- Veteran Administration Loans
- USDA Loans
- Renovation Home Loans are designed to provide financing for a home that may need some repairs or upgrades.
And more, contact our loan officers to learn more.
