First Time Home Buyer Programs
First-time home buyers in across the USA are eligible for special loan programs and down payment assistance. Do you have your eye on a house and don’t think you can afford it. Think again. First time home buyers have it easier than ever to purchase their dream home. HUD Housing and Urban Development and FHA “Federal Housing Administration have programs that have been available forever for First Time Home Buyers
If you have a job for at least 2 years and just 3% down that you should probably be owning your own home. Home ownership is the best way to build wealth today. What’s more with our First time home buyer program you can be approved with a FICO as low as 550 and for some programs with deposits as low as 3% down.
The HUD HomeReady™ program offers people a chance at owning a home and only requires 3.0% of the property purchase price to be put down. This specific program allows the family to include all income from the household rather than just the borrower and co-borrower’s income.
FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment. Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage.
FHA and HUD First time Home Buyers Programs
The U.S. Department of Housing and Urban Development (HUD) sets specific criteria to classify first time home buyers. This helps lenders properly identify these consumers and allows HUD to track that number annually.
FHA and HUD First Time Home Buyers Program If you have not purchased a home in the past three years and you have a starting FICO of over 550 than you are eligible for a First Time Home Buyer Loan. The two most competitive programs are the HomeReady HUD program and the FHA First time home buyer. These programs allow for just 3% or FHA from 3.5% down payment respectively.
These government guaranteed loans also allow part of that payment to be gifted to you by a relative and closing costs to be contributed by the seller in the form of a seller contribution. You can request up to 6 percent for an FHA home loan and up to 4% for VA Home loans. Closing costs typically run 3-4% and you are permitted to use any balance to buy your interest rate down.
The best way to qualify is to get pre-qualified by filling out the questionnaire to the right. A licensed and knowledgeable loan advisor will contact you to discuss your options.
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VA Loans
This is the best program for those currently serving and those that have served in our military armed forces. For first time home buyers that have served a VA loan is the best choice. A Zero Down VA home loan. You can send your DD214 or Certificate of Eligibility and click here to fill out an application for your first time home buyer VA Loan. To look up VA loan limits in Click below.
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FHA Loans
This is the best and most popular program for first-time home buyers with credit scores that are sub par. The FHA, Federal Housing Administration allows down payments as low as 3.5% down for those with credit scores of 580 or higher. Due to Covid 19 the minimum FICO has moved to 620 for many lenders, but we can still get you qualified with a 580 score and help you increase that for a better rate with some of our bank tools. The FHA will insure the borrower loan with scores as low as 500 but requires a higher down payment , 10% down payment for credit scores that low. Please check current score requirements at 800-826-5077. FHA loans require Mortgage insurance for the life of an FHA loan. Although the insurance cannot be canceled. you can refinance once your equity reaches 20% of the homes value.
HomeReady Mortgage
Low down payment HomeReady®
HomeReady is a low downpayment home buyer program that allows for just 3% down. Credit scores however are higher than FHA with starting requirements for a FICO at 620 vs 580. Borrowers with credit scores of 680 or more can potentially receive better rates. Cash for down payment can come from multiple sources including grants, gifts and community seconds with no minimum requirement to use your personal funds.
The HomeReady® program requires you to take a quick class in home ownership. You can check the education requirements HERE. and offers very competitive rates.
EXPERT HOME BUYING INFORMATION
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