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First Time Homebuyer Programs                                                                                                  

First time homebuyer programs are my specialty. Below are  first time homebuyer programs allowing you to buy a home with a low down payment. Many programs allow more debt than "conventional" loans making your dream of homeownership possible. 
  1. FHA – Often the best choice in first time home buyer programs.
  2. Aggressive Home Loan - FHA clone but allows 3% down payment to $350,000
  3. Neighborhood Advantage – 100% Financing. Requires good credit and has some income restrictions but great flexibility. 
  4. No down payment loan - First time home buyer program allows 100% financing.
  5. Nehemiah Foundation Program – No down payment program. Standard FHA underwriting guidelines.
  6. Nehemiah Conventional Program - Higher loan limits. 102% financing 1% downpayment. 
  7. VA –100% to $240,000 including VA Funding Fee. 
  8. 80/20 –No money down combination program. 
  9. CreditFlex 97 – 97% LTV requires 1% cash. Remaining funds may be gift/loan with closing costs financed. 
  10. Option Arms- A new series of arms offering extremely low minimum payments and 40 year terms. To 95% with Lender Paid Mortgage Insurance 
  11. Homebuyer's 107% LTV - 107% LTV. Purchase or refinance and finance the sales price, closing costs, and reduce your consumer debt all in one loan
  12. 103% LTV Program 30 year fixed rate or 7 year ARM program finances sales price and closing costs.
  13. Combination financing - to 95% combined LTV. Referred to as 80/15/5 or 80/10/10. Eliminate Mortgage Insurance and maximize your tax benefits.
  14. Teacher-Flex - Special program for teachers and school employees
  15. Interest Only Mortgages- Offer low payments and flexibility. You may qualify for more home than you think!

I am seeing more first time homebuyers evaluating an interest only approach to help you qualify for a larger loan or to reduce your payment.

I have a page on calculating first time home buyer program qualification ratios. I have a page on first time home buyer mortgage documentation requirements.

Learn more about first time homebuyer programs in the Mortgage Library  I also have a Free report "Buying your First Home" available by email.

This gives you an idea of the variety of low down payment loans available for the first time home buyer. Please let me know your situation and I will prequalify you for several first time homebuyer programs. If you are sure about the right program for you, request a Good Faith Estimate before you apply.

Many of my clients are converting from fully amortizing payments to an interest only approach with a significantly lower monthly payment. I have some extensive information available. Read more to see if this powerful tool could work for you.

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                                                                                 Last update October 17, 2006