First Time Homebuyers

For folks that are first time home buyers, there are a few programs that apply, but not as many as there used to be. 

Most loan programs currently available are income-restricted, meaning there are maximum limits on household income.  These are generally in the $50,000-60,000 range for a family of four.  Their main benefit is that they offer downpayment assistance through various ways, but usually through a small second mortgage which is originated in conjunction with a first mortgage.  After the first and second, buyers will need a downpayment which may be anywhere between $100-1000.  There are loans which instead of a second to assist in the downpayment normally required (usually 3 1/2% for FHA), will offer a lower down payment bar in exchange for a higher rate.

Lastly, these programs are normally made available through local or state governments and are approved in connection with FHA financing.  Some local banks also offer them as part of their requirements established by the Federal government.

Call anytime and we can run through the options and choices that fit your situation.