Mortgage Program for First Time Home Buyers

If you're new to the home buying game, you may have started to read about the process in a number of places online and may be confused about what's right. NEVER FEAR!...

Mortgage Program for First Time Home Buyers Close
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Mortgage Program for First Time Home Buyers

Posted by Danny Force on Tuesday, February 2nd, 2016 at 9:38pm.

If you're new to the home buying game, you may have started to read about the process in a number of places online and may be confused about what's right. NEVER FEAR! I specialize in helping first time buyers understand the process and guide them along the right path to home ownership. It's a huge chunk of my business. There are mortgage programs out there tailored specifically to help people buy their first home, and as explained by The Mortgage Nerd, you DO NOT NEED 20% down in order to buy! In fact, they come with better conditions, in most cases, than if you were not a first time buyer.

There are a couple different First Time Buyer Programs out there, and i'll break them down into what each includes.

0% Down 3% Down
  • Minimum Credit Score is 620
  • Income Cap determined by county buyer is purchasing in

  • All funds needed to close can be gifted from a relative
  • Buyer must complete a Home Buyer Education course

  • First Time Buyer is someone who hasn't owned a home in the last 3 years
  • Minimum Credit Score is 620, but 640 is preferred
  • No Income Cap
  • Lower interest rate than typical non-first time buyer loan

  • All funds needed to close can be gifted from a relative

  • First Time Homebuyer is someone who's never owned a home before

Like any other mortgage, it is subject to things like income, Debt to Income ratios, and other government guidelines no one else really cares for. If the lender determines your application doesn't qualify for the First Time Program, don't worry. They may be able to look at your application and help guide you on how to get approved for it, or there are several other traditional loan programs available as well.

I take great pride in helping first time buyers achieve the dream of buying their first home. It's an honor to see every buyer at closing ready to move into their new home. I work with a couple mortgage lenders who are very good at these programs, as well as the others, and are also very good at making the buyer understand what goes on in the loan process. I would be happy to connect you, as it's very important to be approved for a loan before going out and looking for homes.

If you've been thinking about buying your first home, and want more information on this program, contact me.  I wrote a First Time Buyers Handbook for all my clients to use to know what to expect during the home buying process, and always give them a copy. I'll be happy to help get you in touch with the right person before I help you find the right home!


Danny Force, Realtor
DFW Legacy Real Estate Group
613 N. Walnut St.
Roanoke, TX 76262
C: 817-903-5442
danny@dannyforce.com

20 Responses to "Mortgage Program for First Time Home Buyers"

Holly Beam wrote: Hello,

I am needing more information about buying a home for the first time. I am looking to be able to get this process started and get a house by July 2016. Thanks in advance.

Posted on Sunday, February 7th, 2016 at 3:17pm.

Jhirmany butler wrote: I want to know more about the program

Posted on Monday, February 22nd, 2016 at 8:45pm.

Ashley Cardenas wrote: I would like more info please

Posted on Sunday, February 28th, 2016 at 5:39pm.

Chris wrote: More info on loan please including rates thank you

Posted on Friday, March 4th, 2016 at 8:33am.

Krystal wrote: I would like more information please.

Posted on Thursday, March 17th, 2016 at 11:55pm.

LEsly Ovalle wrote: hello I would like more information about this program. Thank you in advance

Posted on Saturday, April 2nd, 2016 at 7:07am.

mayra wrote: I would like more info on this program please

Posted on Wednesday, April 6th, 2016 at 12:19am.

Shenica wrote: I would love to get information about a first-time home buyer I think I do have a credit score just want to know about the down payment how much money

Posted on Wednesday, April 13th, 2016 at 5:57pm.

The Unknown Costs of Home Buying wrote: [...]also added into your monthly mortgage if you're putting less than 20% down, or if you're using the First Time Home Buyer Program. It is in place to reimburse the lender in case a borrower defaults on their loan and cannot make[...]

Posted on Monday, April 18th, 2016 at 3:22pm.

Jennifer Valdez wrote: I'm interested and want more information on first time buyer.

Posted on Friday, April 22nd, 2016 at 11:52am.

Miguel Garcia wrote: Would like to know more about the first time home buyers program.

Posted on Thursday, May 19th, 2016 at 7:36pm.

Melissa Walker wrote: I am very interested in more information. Looking to buy first home next year.

Posted on Monday, July 4th, 2016 at 9:51pm.

The Different Mortgage Types wrote: [...]as conventional, but requires 20% down




There’s also USDA, Home Renovation Loan, CRA (First Time Home Buyer), and Professional loans. Not all lenders offer these, and not all buyers qualify for them. If you[...]

Posted on Monday, July 18th, 2016 at 12:14am.

Diego Rojas wrote: Me and my family have been trying to buy a 4 bedroom house. I would like more information about this first time buyers program.

Posted on Thursday, July 21st, 2016 at 8:35am.

Antonia ramos wrote: I'm interested in this program for first time home buyer

Posted on Tuesday, September 13th, 2016 at 8:29pm.

Katrina Pratt wrote: I am interested in more information regarding first time home buyer programs.

Posted on Friday, September 30th, 2016 at 9:20am.

Please Be Honest With the Mortgage Lender wrote: [...]few programs everyone has, but there are several lenders who offer specialized products (like the First Time Home Buyer program). I know lenders who do these special loans, so make sure to ask.
So if you're in the[...]

Posted on Sunday, December 4th, 2016 at 11:38pm.

Buying a Brand New Home wrote: [...]out there which may be better for you than the ones offered by the in-house lender, such as First Time Buyer Programs or Medical Professional Loans. Be informed, and let me help you do your research before deciding on[...]

Posted on Friday, December 30th, 2016 at 4:07pm.

Tina lam wrote: Hi Danny I'm Tina lam, I want ask u question? If I want buy a house but my credit score is not good. And what can I do to buy the house?

Posted on Thursday, September 7th, 2017 at 12:15pm.

Danny Force wrote: Hi Tina, The lenders I recommend can help raise your score.

Posted on Thursday, September 7th, 2017 at 12:24pm.

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