|
Many
home loan programs have been specifically created
for first time home buyers. These loans feature
low down payments and approval guidelines that
make it easier to qualify. Some of the more popular
first time homebuyer programs are listed below.
Please fill out our on-line application and let
us help match your requirements with a lending
program.
Many
people dream of owning a home but the home loan
process can be confusing for many first time home
buyers. Mortgage lenders offer first time buyers
with many home loan options and assist the buyer
in finding the best home loan for them. First
time home buyer programs can offer lower interest
rates, low down payments, or reduced taxes.
Top
First
time homebuyers often experience the most difficulty
amounting a significant down payment and everyone
should have the opportunity to buy a home. For
this reason the Federal government has developed
two loan programs to assist homebuyers that have
a little or no down payment. These programs are
called the Federal Housing Administration (FHA)
and the Veteran's Administration (VA). These
programs are not solely intended for first time
home buyers; your home loan advisor will be able
to determine if you qualify and if so which program
is acceptable for your needs. FHA and VA loans
can be especially advantageous when combined with
a HFA or MCC first time homebuyer program.
Top
First
time home buyer programs are designed to help
borrowers who may not have enough money to pay
the full cost of the down payment or the closing
costs on a mortgage. These programs make obtaining
a mortgage more cost effective. There are even
programs specifically for residents of each state.
First time home buyer programs are available to
those who have not owned a home for the past three
years.
Top
Community
homebuyer programs reduce the down payment the
borrower must pay to 3%, which must be the borrower's
own funds. The closing costs can be gift funds,
a grant, or seller assistance up to 3% of sale
price. This type of home loan requires the home
buyer to take a class on home ownership in their
state. Upon completion of the class, the homebuyer
will receive a certificate that reduces the cash
requirement and expands the qualification ratios.
Community homebuyer programs have been making
it possible for many people to have the opportunity
to buy a home.
Top
Escrow
is a deposit of funds, a deed or other instrument
by one party for the delivery to another party
upon completion of an event. In simpler terms,
escrow is where the transaction changes hands
and prevents the seller from not receiving the
money from the sale and prevents the buyer from
not receiving the home that was purchased. Escrow
is important to both buyers and sellers during
the mortgage process.
Top
A
Mortgage Credit Certificate or MCC is a certificate
awarded by your local government agency authorizing
the home loan borrower to take certain federal
income tax credits. The credits awarded help to
free up funds and make the monthly home loan payments
more affordable for the homeowner. First time
home buyers are typically the candidates eligible
for an MCC but in special cases that you may discuss
with your home loan advisor this requirement may
be waived. Income and purchase price requirements
also vary state to state and should be covered
in conversations with your home loan representative.
Top
|
