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Welcome to
Carteret Mortgage!
Your source for consumer information
Option Arm Manage your Mortgage!
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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.
- FHA – Often the best
choice in first time home buyer programs.
- Aggressive Home Loan - FHA clone but
allows 3% down payment to $350,000
- Neighborhood Advantage – 100% Financing. Requires good credit
and has some income restrictions but great flexibility.
- No down payment loan - First time
home buyer program allows 100% financing.
- Nehemiah Foundation Program – No down payment
program.
Standard FHA underwriting guidelines.
- Nehemiah Conventional Program - Higher loan limits. 102% financing 1%
downpayment.
- VA –100% to $240,000 including VA Funding Fee.
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80/20 –No money down combination program.
- CreditFlex 97 – 97% LTV requires 1%
cash.
Remaining funds may be gift/loan with closing costs financed.
- Option Arms- A new series of arms
offering extremely low minimum payments and 40 year terms. To 95% with Lender
Paid Mortgage Insurance
- 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
- 103% LTV Program 30 year fixed
rate or 7 year ARM program finances sales price and closing costs.
- Combination financing - to 95% combined LTV. Referred to as
80/15/5 or 80/10/10. Eliminate Mortgage Insurance and maximize your tax
benefits.
- Teacher-Flex - Special program for
teachers and school employees
- Interest Only Mortgages- Offer low
payments and flexibility. You may qualify for more home than you think!
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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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