First Time Homebuyer Programs

We have several programs that assist first time buyers - who usually have less money to put down.  The rates are good, but the PMI (mortgage insurance) is higher with less money down.  If you have 5% or more to put down, you qualify at the same good rates and good PMI rates as other homebuyers.

That being said - we have many ways to help you get into a home.

Note: Almost all of these programs are available to 2nd time homebuyers, and refinancing, as long as your fit the qualifications below.

1) HUD Median Income - most homebuyers, since they are fairly new in the working world, make less than the median (average) income for their county.  See this link for income limits in your county.  Up to 100% financing available at great rates.  You might be surprised at the income levels for your county. 

2) 100% Financing - with an outstanding credit history, you can qualify for 100% financing at .25% higher than conforming rates.  With a damaged credit history, 100% financing can be available, but the rates are higher, depending on the amount of late credit.  These are available in 1 loan to 100%, or 80/20 programs with no PMI.

3) FHA or Flex 97 - 3% down programs - with good credit, and even with damaged credit with our FHA Loans.  Sometimes down payment assistance programs can be used to raise the 3%.  Or in some cases - gifts or even credit card advances.

4) Teacher, Police Officer, and Firefighter loans - if you are a full-time or part-time state accredited school teacher, a school administrator, a Police Officer, or Firefighter, you have earned some special consideration in the loan process.  Up to 100% financing, expanded credit and ratio guidelines, and reserves can be gifted.  Income requirements apply in certain areas.

5) Census tract - if the home is in a certain census tract, you can qualify for great financing.  This is to encourage development of certain areas.  Check your census tract here.  Then compare against this list if you live in a metropolitan area, or this list if you live in an non-metropolitan area.

6) Over equity financing - sometimes you will need to consolidate debt at the same time you are financing a home, to lower your debt ratio.  We have programs that will allow you to consolidate up to 107% of your homes value.  Good credit required for 107%, OK credit required for 103%..

7) Non-Occupant Borrowers - sometimes an individual doesn't have the credit history, or the income to qualify.  A relative can co-sign for the loan to assist.  This is very common with college students that want to buy a place to qualify for in-state tuition.  The parents co-sign with them.