First Time Home Buyer Program For Easy Loan Qualifying








	Choosing the right mortgage program is vital when purchasing your first home. There are countless options varying from the type of down payment program to mortgage rate flexibility. The program examples below fit just about every situation, so please browse through them, decide which might work best for you, then Find a Lender. If you have problems deciding which program suits your needs best, utilize our mortgage calculator, visit some of our links or familiarize yourself with the terminology used throughout our First Time Home Buyer site.
Here is a partial list of typical lender program options, and solutions used, click each to learn more ... No Down Payment Program - avoid up front costs Low Down Payment Program - 3-5% down payment, no maximum income restrictions, loans up to $300,000 Combination Program - 5-10% down payment, avoid paying mortgage insurance, opportunity for tax deduction Non-Conforming Program - loans up to 2 million dollars, investment properties, second homes and condos Basic Fixed Rate Program - stability of fixed principle/interest payment, down payment as low as 5% Adjustable Rate Program - start with a low payment, as little as 5% down, rate adjustments each year
80/20 (80% 1st mortgage plus a 20% second mortgage). No down payment required. Eliminates the need for private mortgage insurance. Build equity faster as you pay off second mortgage. Closing costs may be covered with a slightly higher rate. Available on 30 and 15 year fixed rate programs. Mortgage Loan amounts up to $500,000. See Affordable Housing Program Click here if you are ready to begin building equity, pride, and want to make a positive impact on life. If not, return to program list. 5% down payment program. No income restrictions. Flexible underwriting guidelines. Allowed on all standard fixed rate products up to $450,000. 3% down payment program. Source of down payment can come from gifts or grants. Financing options available for closing costs. Expanded qualifying ratios for income and debt. Community assistance allowed on some programs. Available on most fixed rate programs. Some programs have maximum income restrictions by area. Loan amounts up to $375,000. Click here to begin providing independence, boosting the quality of life, and making a positive impact. If not, return to program list. Best for customers with a 5%-10% down payment. Allows you to avoid the cost of traditional Private Mortgage Insurance. Provides an opportunity for a tax deduction, as it offsets the cost of Private Mortgage Insurance through your interest rate. Potentially lower payments than a similar loan with Private Mortgage Insurance. Available on most loan programs. Another mortgage insurance alternative is an 80-15-5 or 80-10-10 Program. These fixed rate programs are designed to help borrowers purchase a home with as little as 5% down while avoiding mortgage insurance. Not only does it save you money, it also maximizes your tax benefits (ask your tax advisor for details). Some advantages of taking part in this program include ... - greater equity build up - 2nd lien is 100% tax deductible (mortgage insurance isn't) - 2nd paid off in 5-15 years helps college expenses or retirement - allows for expanded underwriting qualifying ratios - allows borrowers to manage their own escrows - there are no prepayment penalties on 1st or 2nd lien Click here for flexible options and solutions with our nationwide network for homeownership needs. If not, return to program list. General Program Borrow amounts exceeding the conforming loan amounts allowed by Fannie Mae/Freddie Mac). Typically has a slightly higher interest rate and different requirements for down payment than smaller loans due to different underwriting requirements. Excellent product mix — Many investors to ensure we can meet all your borrowing needs. Loan amounts up to $3 million. Reduced Documentation Loan Program Minimum 20% down payment. Available for salaried or self-employed borrowers. Income and employment verified. 15, 20 and 30 year fixed rate loan. 1-year Treasury ARM maximum loan $650,000, minimum 30% down payment. Owner-occupied primary residence and second home. Maximum loan up to $2 million. Expanded Exception Program Minimum 5% down payment. Excellent credit required. Maximum required debt to income ratio 40%. 30 year fixed rate loans. Owner-occupied primary residence, second home and investment property. Maximum loan amount up to $1 million. Excellent Credit program requirements are tougher. Examples of disqualifying factors may include: Late payments. Balances on accounts too high. (e.g., credit cards are all at the limit). Credit history too short (<2yrs). Too many accounts with balances. Condominium Program Low-rise less than 5 stories. High-rise 5 stories or more. Expanded condominium enhancement allows financing of condominiums in a project where less than 50% of the units are sold and closed. Condotel* Condominium property that offers many of the special services available at hotels such as food service and maid service. It is operated as a commercial hotel even though the units are individually owned. Second or Vacation Home Program Minimum 20% down payment. Borrower may finance a maximum of 4 properties with one investor and may own a maximum of twenty 1-4 unit properties. 15, 20, 25 and 30 year fixed rate loans. 1-year Treasury ARM. Maximum loan amount up to $2 million. Investment Property Program Minimum 30% down payment. Borrower may finance a maximum of 4 properties and may own a maximum of twenty 1-4 unit properties. 15, 20 and 30 year fixed rate loans. Maximum loan amount $2 million. Foreign National Program Minimum 10% down payment. Available for self-employed and salaried borrowers. 15 and 30 year fixed rate loans. 1-year Treasury ARM — owner occupied primary residence and second home, maximum loan $1 million, minimum 20% down payment. Owner-occupied primary residence, second home, investment property, 2-4 unit property. Borrower must have social security number. Maximum loan amount up to $2 million. Click here* to see why our fast, free, and easy Lender Search has become a nationwide model. If not, return to program list. As little as 5% down payment program. Adjustment periods - 6 months or 1 year. Maximum Life caps of 5-6 percent on most programs. Periodic Adjustment caps vary from 1-2%. You have a choice of treasure, LIBOR and COFI indexes. Assumable (credit qualification is required). Conversion option is available on some programs. Owner-occupied, second home and 1-4 properties. Loan amounts up to $2 million. For certain people, an Adjustable Rate Mortgage program is the right mortgage. It allows you to fix the interest rate for the length of time that you plan to hold the loan without paying extra for interest rate protection you don't need. The biggest advantages of an Adjustable Rate Mortgage program is a lower initial interest rate. This gives you more buying power by allowing you to borrow more. A lender is taking less risk that interest rates will go up and they won't be able to raise your rate, they offer lower initial interest rates, which means a lower monthly payments, too. The initial interest rate on an Adjustable Rate Mortgage program is fixed. The main difference among Adjustable Rate Mortgages is the length of this fixed period. The shorter the initial fixed period, the lower your initial rate will be. The disadvantage of an Adjustable Rate Mortgage program is that your interest rate may go up. If it does, and you stay in your home longer than expected, you may have to face larger payments. Click here to begin leveraging First Time Home Buyer benefits and achieve the opportunities. If not, return to program list. Minimum down payment of 5% required. Fixed principal/interest payment over the life of the loan. Wide variety of loan terms to fit your home ownership goals (30,25,20,15 or 10 years). Owner-occupied primary residence, second home, investment property, 1-4 unit properties A conforming and non-conforming loan amounts to $2 million. Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. 15 year and 30 year mortgages are the most common fixed rate loans. A large percentage of the monthly payment is used to pay the interest during the early amortization period. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount. Click here for help with our community partners, including lenders, real estate agents, and builders. If not, return to program list.

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