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Interest Only Mortgage

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First Time Mortgage                                                                                                  

First time mortgage products are my specialty. Here are first time mortgage products allowing you to buy a home with a low or no down payment. Many allow more debt than "conventional" loans making homeownership possible. Email any questions on your first time mortgage. I have included a page on calculating first time mortgage ratios. Read more about First time mortgage Closing Costs
  1. FHA – Often the best choice in first time mortgage programs.
  2. Aggressive Home Loan - FHA clone first time mortgage allows 3% down payment to $417,000
  3. Neighborhood Advantage – 100% first time mortgage. Requires good credit and has some income restrictions. 
  4. No down payment loan - First time mortgage program allows 100% financing.
  5. Nehemiah Foundation Program – No down payment first time mortgage program. Standard FHA underwriting guidelines.
  6. Nehemiah Conventional Program - Higher loan limits on your first time mortgage. 102% financing 1% downpayment. 
  7. VA –100% to $417,000 including VA Funding Fee. An excellent first time mortgage
  8. 80/20 –No money down combination first time mortgage 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 included a page on first time mortgage documentation requirements. I also have a Free report "Buying your First Home" available by email.

Here is a short PowerPoint presentation for first time buyers

The list gives you an idea of the variety of low down payment loans available. Please let me know your situation and I will prequalify you for several loans.

Learn more about improving your credit scores

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

First Time Mortgage Prequalify for your First Time Mortgage. 

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage