There are numerous loan programs for first-time homebuyers. Fannie Mae offers programs such as Mycommunity mortgage and its Expanded Approval Level programs. These programs require little or no down payment.

First-Time homebuyers also qualify for FHA and VA home loans which also require little or no down payment. Plus, numerous sub-prime lenders have mortgage programs that allow First-Time Homebuyers to qualify.

It may take some creativity on the part of your loan officer to tailor the exact loan to fit your needs. When using a mortgage broker, ask for more than one option. That way you will also know of the officer doing his/her due diligence.

There are many options for first time home buyers. You should consult your mortgage professional to find out which one(s) might be right for you. Tell your mortgage broker up front if you are a first time home-buyer because this fact may open up some doors for you for specific first time home-buyer programs or it may close a few doors for you based on the terms you require for your financing.

If you are in or close to a rural area, you may want to ask your mortgage professional about possible Guaranteed Rural Housing programs. These programs are great for first time homebuyers and those with previous credit problems. This program requires no money for down payment or closing costs and is a great way to avoid costly private mortgage insurance premiums. It is also an excellent way to obtain a low interest rate.

 

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