What Loan Programs are available for First Time Home Buyers?

Buying your first home is huge. It’s probably the biggest single purchase you’ve ever made and coming up with all the funds to make it happen can be daunting. So, if you’re wondering if there are ways to make all this a little easier, the answer is, yes.

We offer programs designed to help provide homebuyers with less-than-ideal financial circumstances an opportunity to achieve their dream of homeownership.

Possible assistance for first-time homebuyers include:

  • Grants for use toward down payments or closing costs.
  • Low or no down payment requirements.
  • Paying for or subsidizing interest payments.
  • Special lower interest rates.
  • Partial debt cancellation after a designated time period.
  • Deferred payments.
  • Reducing closing fees by capping or waiving closing costs.

Not all of these programs may be available in your area, but it is definitely worth your time to find out if you qualify for financial assistance.

Government programs for first-time buyers.

The good news is local, state, and federal governments offer programs to help first-time buyers secure their loans. Often, they offer insurance to the lender because first-time buyers are considered risky. Many programs offer the lender insurance to protect them for taking on that risk. The most common programs include:

  • FHA Loan. An FHA loan is insured by the Federal Housing Administration and allows borrowers to qualify with as little as a 3.5% down payment. This loan is best for buyers with low credit scores or those who can only afford a small down payment. A credit score of 580 allows for a 3.5% down payment.
  • VA loan. VA loans are insured by the Department of Veterans Affairs. They come with no down payment for military personnel, veterans, and their families, and require a minimum 580 credit score.
  • USDA loan. A USDA loan is 100% backed by the Department of Agriculture for low-income borrowers in rural areas. These loans are limited to certain areas and only to borrowers who meet certain income limits.
  • Fannie Mae and Freddie Mac. These two government-sponsored enterprises insure qualifying loans, requiring as little as a 3% down payment and allowing a higher debt-to-income ratio. Borrowers need a credit score of at least 620, have good credit, and must pay for private mortgage insurance (PMI) for a down payment less than 20%.
  • Home renovation loans. Programs like FHA 203(k), or HomeStyle® help buyers purchase a home to remodel, or renovate. They helping you buy more for your money by covering cost of improvements, extending loan limits, or lowering the down payment.

We offer a growing portfolio of financing options designed especially for first-time homebuyers. In fact, we’re one of the top-rated mortgage companies in the country because we offer many unique solutions and deliver a high level of personal support and attention.

I would be honored to walk you through all the options and help you find the best loan for your situation. With our team, you can move ahead with confidence. Contact out team with any questions or concerns, no question is too small, we look forward to your call!

First-time buyers

Mortgage Calculator

Contact our office with any questions, concerns or ideas.  No Question is too small. 

Social Share

Kernel Security Check Failure How to Restart the Kernel in Windows 10

You’ll see this error when there’s a problem with the service key, or more than …

Read More

Raspberry Pi OS: Betriebssystem und Anwendungen aktualisieren

Außerdem benötigen Sie für die Installation Zeit und Ruhe, da es sich um ein neues …

Read More

Xiaomi Poco F4 vs Xiaomi Poco X3 Pro comparison

This file can be used for fix hang on logo and bricked device. Poco X3 …

Read More
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!

Search Local Homes for FREE Now!

Access 1000’s of homes in the local area and surrounding communities! Simply enter your search criteria below to get started now!
Step 1 of 17
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!

Get Your FREE Pre-Approval Letter

Do you know how much home you can afford? Take the first step by getting pre-approved here for FREE!
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!
Step 1 of 17
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!

Low Home Insurance Rates & Great Service

Get a FREE Quote in Just Seconds!
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!

Get Your FREE Refinance Analysis

Just answer the simple questions below to calculate a lower mortgage rate & payment. We make the process quick & easy.
Step 1 of 22
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!
Step 1 of 22

What's Your Home or Condo Worth?

Never trust home value estimates based solely on your home address! Get the REAL value of your home here in just 60 seconds or less!
Step 1 of 22
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!
Step 1 of 22
  • EastValleyMortgageBroker.com
  • Your “EastValley home loan search” is over!
Step 1 of 22