Mortgage Help for 1st Time Homebuyers Comes in Many Forms
As a 1st time homebuyer, you may be new to the mortgage process, but rest assured there is plenty of assistance available, including flexible mortgage programs, to help you achieve your home ownership goal. These programs may offer low down payments, down payment assistance and grants – or a combination of solutions -- to help you get your foot in the door and start enjoying your special piece of the American Dream.
For instance, Fannie Mae and Freddie Mac allow borrowers to put down payments as low as 3%, and your down payment can be a gift from a friend or family member. Similarly, Fannie Mae’s HomeReady Homepath program offers a mortgage loan with a down payment of 3%. In the same range, FHA-insured mortgages permit down payments as low as 3.5% if you have a minimum 580 credit score – and there’s even more credit flexibility if you come in with a 10% down payment. Meanwhile, if you’re a veteran or active military member, you may qualify for 100% financing, and if you’re a teacher, fire fighter or police officer, you might be eligible for other programs. To learn more about these and other 1st homebuyer programs, speak with your New American Funding Loan Consultant today.
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