Mortgages for First Time Homebuyers!
Are 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!! (more…)
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