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|
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!