First Time Home Buyer Loans

Loan options for 1st time buyers

FHA

– 3.5% down payment required
– Fico scores as low as 580 allowed
– Lenient guidelines
– Gifts allowed

Conventional 97

– 3% down payment required
– Conforming loan limit
– 30yr Fixed, backed by Fannie Mae or Freddie Mac
– 1-4 units allowed
– No income restrictions apply

Home Ready

– Requires a minimal down payment required of 3%
– 640 minimal fico score required
– Conforming loan limit
– 30yr fixed loan, backed by Freddie Mac
– lower PMI
– 1-4 units allowed
– Homebuyer education course required for at least 1 borrower
– income restrictions
– no income restriction apply if property is located in an eligible census tract as determined by LP

See if you are eligible for the Home Ready loan https://homeready-eligibility.fanniemae.com/homeready/

Home Possible

– 3% down payment required
– 640 minimal fico score required
– Conforming loan limit
– 30yr fixed loan, backed by Freddie Mac
– lower PMI
– 1-4 units allowed
– Homebuyer education course required for at least 1 borrower
– income restrictions
– no income restriction apply if property is located in an eligible census tract as determined by LP
See if you are eligible for the Home Possible loan http://www.freddiemac.com/homepossible/eligibility.html

5% down payment High Balance

– High balance is
– Down payment required is only 5%
– 640 minimal fico score required
– 30yr fixed loan, backed by Fannie Mae
– 1-4 units allowed

Piggy back loans (80-10-10)

– Allows you to put 10% down payment and avoid paying PMI
– 1st loan is 80% of value, fixed rate is available
– 2nd loan is 10% of value
– the second is either a home equity loan or line of credit
– this allows you to obtain a lower rate by dividing up the two loans with no PMI

VA loan (Certified Military Housing Specialist)

– Allows 0 down payment for active military and veterans
– No PMI
– Non allowable fees

Down Payment Assistance

– Income and loan amount restrictions may apply
See if you qualify for down payment assistance: https://www.workforce-resource.com/dpr/lopmt/MWFW?branch=jmcclure%40uamco.com&phone=714-713-0172