First Time Homebuyer - A first time homebuyer can purchase a home and obtain a home loan with zero money down many times. The better your credit is, chances are the better your mortgage interest rate(s) will be.

You may also be able to use a down payment assistance program if you cannot secure 100% financing and have no down payment of your own.

Lenders are constantly coming out with new mortgage programs to help first time home buyers purchase a home. Check with you local mortgage professional to see what programs are available for you.

First time homebuyers who don't have a down payment end up doing an 80/20 and usually on a 2/28 or similar product. It just makes better since because getting one loan or a fixed rate would result in a larger monthly payment.

When you are making an offer on the home you should ask for seller concessions. Many lenders allow seller concessions up 6%. These concessions will cover all the closing costs and will allow you virtually zero out of pocket expenses.

In some states/counties, first time home buyers are entitled to a discount on some of the fees associated with purchasing a home. There is often a discounted transfer tax. You may be required to sign an affidavit stating that you are a first time home buyer. The affidavit will also define what qualifies as a first time home buyer. In some instances you can not have owned any interest in any property ever, in some cases it is if you have not owned any property in the past three years

Buying your first home can be confusing. To help you through this process, you should pick a mortgage professional who will answer all of your questions promptly, professionally and patiently.