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First Time Home Buyer Programs

First Time Home Buyers

First Time Home Buyers

In 1994, we set our sights on a house located in a pleasant, quiet suburban enclave called Bixby Knolls in Long Beach, CA.  Although we could barely afford the home’s 0,000 purchase price – a fortune for us at the time – it was a small, neat, modest home situated in a good neighborhood with appreciation potential.  So, we dove into the home buying market.  It was a perfectly manageable house located in a perfectly acceptable neighborhood.

                                                           

We did not have a clue at the time that home prices would slowly begin to climb and climb and climb thanks to an extended period of historically low interest rates. Low interest rates spurred consumer demand, which soon grew to overwhelming consumer demand for homes to call their own.  Consequently, home prices reached stratospheric levels in our neighborhood as well as in most major metropolitan markets (Texas, Oklahoma, the Dakotas and a few other affordable markets being the exception). 

Ten years later, in the middle of April 2004, a devastatingly tragic electrical fire took the lives of our beloved Italian Greyhounds, Ben and Rusty.  Although we rebuilt our home better than it was before, it was still a sad time for us; we ultimately sold our first, “first home”.  The offers made for our modest 1,600 square foot home were obscene – obscene amounts, that is.  It was undeniably the most profitable yet most heartbreaking investment of our lives.

In retrospect, recalling the loan application process and qualifying for the mortgage in order to buy our perfect little house, well, we recollect that process was NOT so perfect. 

In 1994, when we were struggling to qualify for the mortgage, we were not aware of available first time home buyer programs created for folks of low to moderate income.

Furthermore, our loan officer did not introduce us to these options, either because he was as clueless as we were about the existence of such programs or, the bank with whom he was employed at the time elected not to participate in specialty programs for first time home buyers. 

Neither we nor our loan officer had any idea the city of Long Beach, county of Los Angeles and yes, even the State of California all had available specialty loan programs designed specifically for folks like us: first time home buyers, short on cash for a 20%, 10% or even 5% down payment, not to mention funds to cover closing costs. 

We were wholly unfamiliar with mortgage credit certificate programs, below market interest rate programs, mortgage revenue bond programs, and we would have given our left arm for help with no-strings-attached gift money and forgivable grant money provided through city, county and state housing agencies. 

If we only knew . . . the home buying process would have been so much easier and much less stressful.   Driving our decision to buy a home we could barely afford was  exacerbated by our landlord’s demand we vacate the house, which was once rented by my husband and his former wife (the landlord’s daughter), within 30 days.  Great – no pressure there. . .

Fortunately, with the generous help of parents and with a loan borrowed from our 401K, we were finally able to produce a minimal down payment.   Our motivated home seller, an 80 year old retiree who wanted to move closer to her daughter in another town, helped us pay some of our closing costs through seller concessions. Then after all that, we SOMEHOW managed to scrape up sufficient funds to substantiate cash reserves to satisfy our lender and cover our personal moving expenses after escrow closed. 

Did we consider buying new furnishings and/or major appliances to update our 50 year old new house?  Fuggedaboutit!  And THEN we had to take into account recurring costs associated with debt servicing the new mortgage and maintaining our new home like water, electricity, property taxes, etc. 

If your borrowers are anything like we were back in the day, the sticker shock associated with a new home purchase and maintenance costs can discourage even the most motivated buyers.

Timely solutions to the above-described challenges may not be easily found or forthcoming at all.  Notwithstanding the charity of parents, other relatives and/or through the liquidation of assets in order to meet most lenders’ minimum mandatory requirements for down payment and cash reserves, a substantial number of  first time home buying hopefuls will consequently shelve their Dream of Homeownership.

This is the sad, sad shelf upon which dust will gather, accumulate and ultimately completely obscure the light-filled Dream of Home Ownership which once burned brightly in their mind’s eye – snuffed out, extinguished. 

What you must know is it doesn’t have to end this way.

Be the Hero.  With new information provided through the OFFICIAL LOAN OFFICER GUIDE,   solutions to the above-described challenges are placed at your fingertips.

In most real estate markets today, it remains virtually impossible for the average consumer of low to moderate income to qualify for a modestly sized mortgage without benefit of a substantial out-of-pocket investment.  Depending on a variety of qualifying factors, we’re talking a down payment investment equal to  10, 15, 20 or 25% of the home’s sales price plus closing costs (points, title, insurance, etc.). 

Be the Hero.  Be the “Go to Guy” for information about down payment assistance programs and products.

Programs like those that are the focus of the Official Loan Officer Guide will well serve your marginally qualified borrowers and help support the real estate industry overall by providing another way to shore up buyer qualifying and loan viability. 

Be the Hero.  Reserve first time home buyer program funds on behalf of your borrower before your competition does.  When I worked for a major national mortgage bank (a bank  heavily vested in first time home buyer loan programs),  I observed first hand fierce competition between loan officers and competing lenders for the right to secure programs funds on behalf of their constituencies – first time home buyers. 

I observed borrowers anxiously await word from their loan officer for assurances that they too would get their piece of the first time home buyer mortgage assistance pie.  Anything less could, and often did, jeopardize the borrower’s ability to qualify for a mortgage and close escrow on time (if ever).

A growing number of city, county and state housing finance agencies/authorities/corporations are creating new and/or fully funding existing programs to assist first time home buyers with cash money for down payment and closing costs.  Monetary assistance can be quite substantial, ranging in amounts from ,000 to 0,000+ (amounts vary by city, county and state) or calculated as a percentage of the home’s sales price or a percentage of the first mortgage loan amount. 

Be the Hero.  Be the first in line to procure program information, educate your customer and secure funds for your stressed out client base – first time home buyers. 

Please note, programs addressed in the OFFICIAL LOAN OFFICER GUIDE are primarily used exclusively in conjunction with purchase money first mortgage loans with 30 year fixed loan terms.   Alt-A, sub-prime and non-traditional hybrid loan first mortgage loans types are strictly prohibited.

Bottom line?  There is hope, and it begins with this quick read, bare-bones approach to assisting the neophyte loan officer and veteran loan officer to better understand how such first time home buyer programs work in tandem with step-by-step processes and procedures and ways to pinpoint available programs in your borrower’s selected subject property city, town and/or surrounds.   Some first time home buyers may elect to buy (or not to buy) in a particular city or county based on the availability (or lack thereof) of first time home buyer programs. 

The OFFICIAL LOAN OFFICER GUIDE provides a fast track to inside knowledge regarding useful specialty programs created specifically to assist first time home buyers of low to moderate income on a NATIONWIDE scale.

There is a dearth of information available to educate loan officers on a nationwide scale about the many beneficial programs that are the focus of this guide.  As I complete the writing of my first book on this topic, it is my hope, desire and intention that the OFFICIAL LOAN OFFICER GUIDE: Below Market Interest Rate Programs – Down Payment Assistance Programs, First Edition, will serve to educate and empower you to help cash strapped first time home buyers produce tangible results in the form of new, affordable housing that falls within the budgetary means of all eligible citizens nationwide.

To you guys and gals in the mortgage finance trenches, you are amazing!  This book was written for you.  May you make many a first time home buyer and real estate agent happy, satisified clients by your effective utilization of the information contained within this book.

  

Best of luck to you all and happy down payment assistance hunting!

Esperanza J. Creeger

Author

www.FTHBGuru.com

First Time Home Buyer Programs

Esperanza Creeger currently resides in Dallas, TX. A mortgage industry veteran for 21 years and counting, Esperanza is currently working on her manuscript for film \”An Akashic Tale\”. Inquiries: Contact Ecreeger@hotmail.com or (469) 438-9659. Esperanza’s book “First Time Home Buyers’ Guide” is available for purchase at FTHBGuru.com 96 pages

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First Time Home Buyer Programs

Tax Credit for First Time Home Buyers – Down Payment Assistance – RealEstateMarketingThisWeek.com

realestatemarketingthisweek.com – Interest rates hit bottom, first time home buyers should buy before the prices go back up – Part 1 – We have a special guest back in the studio today. Dan Havey has been a great promoter for Velocity Financial . Dan and I have been working together for about 14 years now. Dan has brought with him some really, really interesting facts and figures for people who are wondering whats happening, wondering if we are at the bottom of the market, wondering how much further we are going to have to go. We are going to talk about lots of different things like that. Hes got some really good information, in my opinion some good stuff, some good solid data to make some good decisions about whether or not you should or should not buy right now. So, Today was the official day that President Obamas Plan was rolled out. It was designed to help some 8 to 9 million homeowners, responsibly homeowners they called them, people who purchased homes at the peak of the real estate market with 20% or more down. The plan is just so darned convoluted, it is very complicated, people are calling wondering whats real, whats not real, whats going to happen. The bottom line is about 19% of all the homes were financed utilizing Fanny Mae or Freddie Mac financing. People, who have Fanny Mae or Freddie Mac loans, these conventional type loans, that put 20% down, that used full documentation, which means tax returns to qualify for the loan, those are the only people that are …
First Time Home Buyer Programs

Visit www.slideshare.net to view and download this special report that highlights programs you may not have heard about. You will find that it IS possible to purchase a home with as little as 0 down. If you are in Minnesota, you can visit www.VentureLoanApp.com to begin to get pre-qualified for a loan or http to find begin an online MLS search to find a new home.
First Time Home Buyer Programs

Buying A House

Is it a Good Time to Buy a House?

Is it a Good Time to Buy a House?

It’s a constant question now in the real estate market: Is it a good time to buy a house? Of course it is difficult to answer in an article since you may be reading this years after it is written, when conditions have changed. But whenever you find this article, the following three crucial factors are what you’ll want to look at to answer the question for yourself.

Home Values

At the moment, the first thing most people are wondering when they ask if it’s a good time to buy a house, is whether prices have finally stopped falling. Since a home is seen as an investment of sorts, we all like the idea of buying when values are rising. I am writing this in early 2009, and no, home values not only are not rising in most areas, but they don’t seem to have stopped falling.

We just bought a home anyhow, and there are several reasons why we felt comfortable doing so. The first is that prices don’t seem to be falling much in our area (Canon City, Colorado). Apart from the various foreclosures that are dragging prices down a bit, the market here is much more stable than in other parts of the country. A stable job base and the fact that prices never rose too far too fast during the “boom times” helps.

The real estate market does not act the same everywhere in the country. So to see if a bottom is near or if prices are rising, pay close attention to what is happening where you are. On the other hand, we did not buy counting on rising prices, because that is not the only determining factor. In fact, it is possible that the problems in the country will get worse and drive prices down 10% or 15% even here. So what else made us decide that for us it was a good time to buy a house?

Interest Rates

At the moment you can get fixed rate 30-year mortgage loans at about the lowest interest rate in your lifetime (no matter how old you are). Our own rate is 4.5%. That’s not a variable or “teaser rate.” It is fixed for the thirty years of the loan.

Let’s look at why this matters so much – as long as you plan to stay in the house for a while, as we do. Suppose you pass on a house that is selling for 0,000 and waited a couple years while prices fall another 10%. But suppose that at that time interest rates were up around 7.5%. You buy the house for 0,000. The payment (assuming you have a 10% down payment and borrow 2,000) is ,132 each month for principal and interest.

But what if you had bought at 0,000 and put 10% down? Then your payment on the 0,000 loan would have been 2. That’s right, you would be paying 0 more each month if you waited and bought at the lower price. That amounts to ,200 more that you would pay over the thirty years if you stayed in the house that long (,200 more in payments, but you saved ,000 on the down payment). This demonstrates the importance of the interest rate in determining your true cost.

Personal Situation

Is it a good time to buy a house, then? That depends not only on prices and their direction, and not just on interest rates, but on where you are financially. How secure is your income? If you lost your job, could you make the house payments for six months while you looked for another? Can you count on finding another job that will provide enough income to pay for the house? Are you going to be staying in the area long enough to justify buying (renting can often make more sense if you will be moving within a few years)? These are the more difficult questions to answer, but perhaps the most important in determining if it is a good time for YOU to buy a house.

First Time Home Buyer Programs

Copyright Steve Gillman. For more on whether this is a good time to Buy a House, and for a free real estate investing course and ebook on how to buy cheap homes, visit: http://www.HousesUnderFiftyThousand.com

If you are thinking of selling your home, The Guardian Realty Center produces high definition video to sell your home fast on the internet. If you are thinking of buying a home you must remember the home is only a small portion of your decision . It is important to remember you are also buying a neighborhood and a school district. …We have other town videos running for your convenience…Call us if you would like to go out and see homes in Putnam Valley. The Guardian Realty Center is located at 160 Bryant Pond Rd, Mahopac NY…Call us at 845-661-1339 or visit the website: www.guardianrc.com
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First time Home Buyers Program- A Key to your Own Home-The Federal Government’s Incentive Program

First time Home Buyers Program- A Key to your Own Home-The Federal Government’s Incentive Program

The housing crisis has virtually brought the housing market to a standstill. Houses are now worth half the price, they were three years ago. Even with the low prices, the recession was so crippling to the economy, that people still would not buy these homes. Prospective home buyers were also in fear that they may lose their jobs, and would not want to commit themselves based on an uncertain future. Banks have frozen lending, and mortgage funding has all but dried up. Thousands of homes went into foreclosure, and many people filed bankruptcy to save their homes. The crisis is so severe, that many real estate

The Banks and mortgage companies have thousand of unpaid mortgages on their books, and many homes that were foreclosed on, in their inventory, that they either have to sell at a loss, or keep the houses until the value is closer to the balances on the mortgage. Even homeowners find themselves in an upside down position. Their homes are valued much less than their mortgages. The housing crisis is at the heart of the recession, and the near collapse of the banking sector. The government as a part of the stimulus package, tried to help the housing industry by offering help to first time home buyers.

1. Tax credits

 2. Down payments assistance

3. Lower interest rates

In order to speed up the sale of the houses on the market, the government offered 00 as a tax credit to first time home buyers, who purchased their homes between January 1, 2009 and November 31, 2009. The claim must be made within two years of buying the home. Congress recently extended the program to April 2010, and include current home owners, who have been living in their homes for 5 years and over.

 The second option is a down payment assistance program of 10% of the sales price, for example, ,000 on a 0,000 house. The government also offers you a loan with lower points, which results in lowering the closing costs or a lowering the monthly mortgage. This program is designed to assist individuals with income of up to ,000, or couples with joint income of up to 0,000.

A final alternative is a tax rebate on the loan’s interest. Persons who own investment properties can avail themselves of the tax rebate. This can be used to upgrade the property’s value and can be claimed as an income tax deduction.  

 Your real estate agent, and mortgage broker, will guide you through the process, while you search for your dream home.

 

 

First Time Home Buyer Programs

Patricia Bardowell has been a professional writer over five years. She writes for Triond.com, Western Examiner, Demand Studios, Newsvine, and commentator with Huffington Post.

She has a wide ranging experience in the financial sector, namely banking, life insurance and real estate. Patricia is also a medical assistant, and worked in the health field for several years.

She earned a Bachelor’s Degree in Criminal Justice (2008) and Masters of Business Administration (MBA) (2009), both from Keiser University.

First Time Home Buyer Programs

Which First Time Home Buyer Programs Are Right for You?

Which First Time Home Buyer Programs Are Right for You?

So, you want to buy a home. I congratulate you. Now, you need to know what first time home buyer programs are right for you. Where do we begin?

Let’s get down to the basics. First you want to have your credit file in order. By this I mean, no collections or late payments in the last 2 years.

Assuming this is the case, you can begin shopping around for some first time home buyer programs. There are plenty out there. But, for the sake of time and space in this article, I’m going to share with you two options. FHA and VA.

Once you get a feel for these two programs, you will have the knowledge to talk the talk and walk the walk. There are others programs however.

FHA FIRST TIME HOME BUYER PROGRAMS

Now, hands down the FHA is one of the best first time home buyer programs. Why? It has relaxed credit standards over the conventional loan and also has a low down payment feature.

First let’s talk about the credit requirements. In the past FHA would let you buy a home without any credit score at all. Now they seem to be requesting a score around 620. This is still lower than a conventional loan which requires 700 and above.

A credit file is not all that hard to build if you do not have one. Talk with a large national lender about this. Look for a loan officer that has years of experience with FHA home loans. He/she can give you some ideas.

When it comes to a down payment, FHA since 1934 has offered this 3% low down payment option. This makes it possible for you, the first time home buyer to get into a home with very little money.

In fact, the down payment can even be a gift from a relative or charity. I’ve written other articles about down payment assistance, which are awesome when you see how they work. You can in effect buy a house with no money down.

FHA loans do have MIP or a mortgage insurance premium of 1.75% of the loan amount. You have to pay this up front at the loan closing. This amount is added onto your original mortgage amount. So it increases your payment by about .55% of the loan amount until you pay off the mortgage.

If you ever go to sell a house that has FHA mortgage insurance on it, or pay off the loan early you may be entitled to a refund of this insurance premium. Check with your lender about this.

VA FIRST TIME HOME BUYER PROGRAMS

Now the VA loan program is even better. However, you must be a veteran to take advantage of these first time home buyer programs.

When it comes to credit, the VA loan works much the same way as the FHA home loan. So I’m not going to spend much time on this. VA loans may allow a little bit lower credit score.

With the VA home loan, the down payment and MIP is a horse of a different color.

VA loans require NO DOWN PAYMENT. Yes they are 100% financing. Again this is a benefit for veterans only.

The mortgage insurance premium is another reason the VA loan is for first time home buyers. They do not have any MIP to be paid. HUD guarantees the loan 100%. However, there is a VA Funding fee which could range from 0-3% of the loan amount. If the veteran is injured in combat and can have this documented by the VA, then it is 0% funding fee.

So unlike the FHA loan which your loan amount and payment increases slightly, with a VA loan the payment amount does not increase, but the loan amount may increase because of the funding fee.

This is the best loan option if you ask me.

Let me tell you a brief story about a VA loan I did several years ago. There was this really nice couple with one child that wanted to buy a home.

They came to me for a mortgage. After talking with them I learned he was a veteran. When I discussed the benefits of a VA loan they got excited.

He was an injured Vet and had the paperwork to prove it. He had been permanently injured in the face because of shrapnel.

So a long story made short, they bought a house for ,000 with no money down and no VA funding fee. If I recall the maximum out of pocket he put into the deal was less than 0.

Now they are buying a home for less than what they were paying in rent. Again, what VA offers is one of the greatest of all first time home buyer programs.

Explore all your options when looking for a mortgage. Ask questions of your loan officer. Be sure to get your education first, then go looking.

First Time Home Buyer Programs

Jeff and Melinda Ragan want to help learn more about first time home buyer programs available and other helpful information on their website, First-Time-Home-Buyer-Solutions.com.

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First Time Home Buyer Programs

First Time Home Buyer Programs and Mortgage Refinancing Options

First Time Home Buyer Programs and Mortgage Refinancing Options

Several first time home buyer programs exist to help future homeowners obtain home loan financing. Not all programs are available to everyone and each has unique eligibility requirements. In order to determine which home buying programs are available, buyers can conduct research online or consult with a mortgage adviser.

The most common first time home buyer programs include: HUD homes, FHA loans, VA loans, Fannie Mae financing, and Making Home Affordable; a U.S. government program for mortgage refinancing and loan modification.

First time home buyers can also benefit from the Worker, Homeownership and Business Assistance Act, which provides an 00 tax credit for properties purchased by April 30, 2010. The Recovery Act also extends up to 00 tax credit to borrowers who have lived in their house for at least five years and want to purchase a higher priced home.

The U.S. Department of Housing and Urban Development (HUD) offers a variety of first time home buyer programs. HUD programs vary by state, but most home buying programs involve purchasing HUD homes at significantly reduced prices.

Individuals who work in teaching and public service professions such as law enforcement, firefighters and emergency responders, might qualify for HUDs ‘Good Neighbor Next Door’ program. Good neighbor home purchase incentives include buying houses at up to 50-percent off realty listing prices.

FHA loans are backed by the Federal Housing Administration and provide financing opportunities for first time home buyers with less than perfect credit. Applicants who have filed bankruptcy or possess inconsistent employment sometimes find it easier to obtain FHA financing.

One major benefit of FHA loans is the low down payment requirement of 3-1/2 percent. Down payment money can come from outside sources such as a gift or loan from family or friends. FHA financing is the only home loan program which allows down payment assistance from an outside source.

VA loans are available to veterans and active duty service personnel. The Department of Veterans Affairs offers no money down financing and guarantees up to 25-percent of home loans; making it easier for veterans to obtain a home loan. First time home buyer incentives and mortgage assistance can be found at va.gov.

Fannie Mae presents first time home buying programs and mortgage refinance options. One of the more popular is the Home Path® program which offers an assortment of homes for sale. Fannie Mae homes are foreclosure and deed in lieu properties sold at reduced prices through approved realtors.

Fannie Mae home buying incentives include flexible mortgage terms, no appraisal fees, low down payment requirement, and home loan financing for individuals with bad credit. First time home buyer and mortgage refinance information can be located at FannieMae.com.

First Time Home Buyer Programs

Author and real estate investor, Simon Volkov, offers a comprehensive real estate article library to help home buyers make informed decisions. Topics range from first time home buyer programs to developing real estate investment portfolios. Buyers, sellers, and real estate investors are encouraged to visit www.SimonVolkov.com to learn more about Simon and the services he offers.

realestatemarketingthisweek.com – First Time Home Buyer should use a Mortgage Planning Expert – Part 8 – Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees. Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back. I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income. In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business …
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First Time Home Buyer Programs

First Time Home Buyer Programs

First Time Home Buyer Programs

With the collapse of the Subprime mortgage market, the mortgage landscape has changed dramatically in recent months. Many of the more lenient mortgage programs have been discontinued. How will this effect the demand for first time home buyer loans?


From approximately the year 2000 until the year 2004 interest rates were continually lowered, reaching multi-decade historic lows by late 2004. This historic reduction in interest rates powered a multi-year boom in the real estate market. Real estate prices were rising rapidly with each passing day, and it seemed that everyone wanted to be involved in real estate.


That included lenders, who were happy to gain new business. In the frantic race to make as much profit from real estate as possible, lenders lowered their standards and created new lending requirements that were so lenient it seemed that anyone with a pulse would qualify!


Loose lending standards, historically low interest rates, and rapidly rising real estate values combined to make the perfect formula to attract millions upon millions of people, and create a real estate bubble along the way.


And that is exactly what happened.


And then disaster struck.


In August of 2007, the subprime home loan industry begin to break down. Large investors, monitoring the default rates of mortgage portfolios and concerned about the continuing fall in real estate prices nationwide decided to stop purchasing subprime loans. By late fall of 2007 the entire subprime industry as we knew it had vanished.


For the first time home buyer, as well as seasoned real estate investors, it was easy to take advantage of the lax guidelines offered by these lenders. They had flocked to the real estate market in droves. And then suddenly, the subprime market came to a screeching halt.


With the downfall of the subprime industry, millions of potential home buyers are now searching for alternative mortgage products that will accommodate their financial and credit history.


Does this mean that first time home buyers will no longer qualify for a home loan? No. There are other alternatives besides the subprime mortgage loan.


There are several solutions. Fannie Mae’s American Dream Commitment offers the most exciting, affordable first time home buyer loan solution that we have seen. To quote Fannie Mae, “Many Americans still are being overlooked, underserved, and overcharged in their search for affordable homeownership.” In defining their goals, Fannie Mae strives to “expand access to homeownership for first time home buyers and help expand the minority homeownership percentage with the ultimate goal of closing the homeownership gap entirely.”


This commitment translates into flexible, accommodative, and low cost home financing available to first time home buyers with less than perfect credit and restrictive budgets. But that’s not all. Reading into the guidelines carefully one will discover some amazing and thoughtful criteria. Amongst these guidelines are included a surprising and liberal allowance for “undocumented income”, expanded seller contribution tolerance, and a complete absence of saving and asset reserve requirements. All of these flexible rules make possible the lowest cost, no money down mortgage program available anywhere.


Credit score requirements are now the easiest of all of the first time home buyer loan programs available in the home loan market. The guidelines provide for a score of 620, but with moderate compensating factors lenders may approve loans with scores as low as 600.


In addition to this program, nearly every state offers some form of downpayment help for first time buyers. First home buyers are not completely shut out of the market. There remains ample state and Federal funding for first time home buyer programs.

First Time Home Buyer Programs

J Stromsteen is a small business owner with many years experience in the finance and insurance industry. She writes for the website First Time Home Buyer to provide information for various First Time Home Buyer Programs.

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