Are you a first time home buyer?
Are you a first time home buyer?
Here are some of the loan programs we offer for the first time home buyer.
Conventional:
- Minimum credit score:620
- 5% minimum down payment required
- Private mortgage insurance (PMI) required if less than 20% down
- Gift funds allowed
VA:
- 100% home financing – no down payment
- Minimum credit score 550
- No monthly PMI
- Competitive interest rates
- Allows the seller to pay the first time home buyers closing costs
- Finance up to $6000 towards energy efficient improvements
FHA:
- Down payment as low as 3.50% for credit scores 580 and higher
- Creidt scores down to 500 accepted with our Freedom First Time home Buyer program
- 5 minimum down payment
- Occupancy must be primary
- Up front mortgage insurance premium financed: monthly MI required.
USDA
- Minimum credit score 580 with manual UW
- No down payment required
- Occupancy must be primary for first time home buyer
- Annual fee required, paid monthly
first time home buyer
Mortgage Misconceptions. You may be able to put a smaller down payment than you think. There are many loans that have been written with as little as 3% down payment. There are even zero down payment options available.
Credit Issues. We are able to take first time home buyers with credit scores down to 500 with our Freedom First Program and even home buyers with no scores. Credit scores below 580 may require a 10% down payment.
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