Mortgages for First Time Homebuyers!

olan-bwAre there still mortgage available for First Time Homebuyers with limited funds and credit?

Many FTHB’s (First Time Homebuyers) have heard you need 20% down or perfect credit to get a mortgage right now.  Lenders have been in the news a lot, and the natural reaction is that when lenders struggle or fail, loans are harder to get.  I am not denying that there are less loan programs now than 24 months ago or even 24 days ago, but there are still great programs available for the FTHB!
Let’s take a look at the programs available today…

#1  USDA Rural Housing Loans

Everyone has heard of USDA Choice beef, but most people are unaware that USDA also has a housing division.  Rural housing loans were created to encourage home ownership in rural areas, and this loan quickly becoming a popular choice for first timers.  USDA loans offer 100% financing and no monthly PMI!  Combine that with low fixed rates and you have yourself a great mortgage program!!

The only drawbacks are income limits (which are generous) and area restrictions.

#2.  FHA Mortgages

It’s hard to find someone who hasn’t heard of FHA.  It’s an oldie and goodie!  FHA has great loan limits and no income limits, so almost all first time buyers can use FHA.  Only 3.5% is required for down-payment and credit requirements are fairly easy to meet.  FHA is certainly the most widely used programs for the first time buyer.

#3.  VA (Veteran Affair) Loans

If you have served our country with the Armed Forces, you might qualify for a VA mortgage!  VA offers 100% financing and no monthly mortgage insurance, similar to USDA.  Loans are available up to $417,000.  If you aren’t sure if you are eligible, I can help you find out fast.

If you would like more information about mortgages available in your area, please give me a call at 980-721-7478.  You can also visit my website at www.LoansByOlan.com.

Comments

  1. says

    It’s funny when you talk to anyone who is not in the market for a home, they think there are no loans available for anyone unless you have 40% down a fico of 800 and willing to use a child with a strong back for collateral!

    There are really a lot of programs to help FHB. Here in Las Vegas, we have programs available for downpayment assistance. Some of these programs can help with as much as 25,000 in first time home buyer assistance. There is also another program here called NSP,Neighborhood Stabilization Plan. Though still in final planning stages, it is set up to help the hardest hit areas of our Las Vegas Valley. I don’t know if NSP is a plan for every city or not.

    First time home buyers are picking up a home at one of the best possible times ever. Lowest prices, large amount of inventory and the 8k credit. It’s hard to not be jealous!

  2. says

    I’m trying to buy a home in the Las Vegas area. I spoke with NSP and a few other programs and i can’t make a decision. I’m not sure if the 47,000 dollar loan the bank is going to give me is going to be enough.

  3. says

    It is getting tougher to get loans these days. Thank you so much for sharing many programs available to get the loan. I hope that market will revive faster, so that getting loan would be easier for us.

  4. says

    After the credit crunch you can surely say that lenders won’t be freely handing out money any more, the whole “anyone qualifies” days are gone – that’s what landed the economy in such a mess. You can bet the lenders are doing their due diligence on loan applicants, to avoid a situation such as the one that took place over the last 18 months. Be smart and only borrow what you can pay back.

  5. says

    I’m not seeing that it’s harder to get a loan…its just a longer process and more information is needed at the beginning. I think the market is start to turn for the better, but we just need to be patient. Thanks

  6. says

    Unlike adt, I am finding that in the current economic downturn our country is facing, getting a loan is definitely much harder than it was a couple years ago. Thanks a bunch for your list of available lenders! I’ll try to make use of them in the very near future.

  7. says

    nice , A down payment is good for starters, but not always necessary as there are loans out there for no money down, and there are a lot of programs for first time buyers. A stable job history is necessary. thank you.

  8. says

    An irritating thing about USDA loans is how they classify areas as rural. Trvis County, where I live, is home to Austin, TX. As Austin is the 16th largest city in the country, the USDA folks have classified all of Travis County as non-USDA territory. However, western parts of the county are an hour from downtown and way out in the sticks. Not cool.

  9. says

    Getting loans is not that easy nowadays. Yes, down payment is quite good for starters but today there are a lot of loans that doesn’t require any down payment to own a house. This post provides a great list of where to find loans for owning a house. Thanks for the wide list! Keep up the good post!

  10. says

    After reading this I thought it was incredibly enlightening. I appreciate you taking the time and effort to place this article together. Again I discover myself wasting way too enough time both reading and also leaving comments. Although so what, it was even now significant!

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