First Time Home Buyer Real Estate Mortgage Loans
Purchase Your Dream Home with First Time Buyer FHA, VA, or Fannie Mae Home Loan Programs
As a first time buyer on an investment property there are a number of steps you must take. First time home buyers are purchasing their first home at a great investment time in the real estate REO market, where prices are low and inventory is high.
VA offers a VA No/No Loan Program. The first No indicates that under this VA home loan program there is no down payment required. The second No indicates that the closing costs are not allowed to be paid for by the buyer, these must be paid for by the seller. The veteran must have a certificate of eligibility from the VA to qualify for this first time buyer VA loan program.
Under FHA's home buyers program a 3% investment into your new home it is often all you will need for a down payment. It is often possible to convince the seller to pay for any additional closing costs (lender guidelines do not allow down payments to be paid for by the sellers). Some down payment assistants programs are normally obtainable, currently this money is not being offered under these market conditions for this first time buyer VA loan program.
First time buyer Fannie Mae home loans traditionally require a 10% down investment on their first time home loan programs. Credit scores and your documentation will change this scenario some. (Some areas are considered to be in declining markets so another 5% down payment may be required for First time buyer Fannie Mae home loans).
7 easy steps to our first time hom buyer's loan approval process:
- Get all of your income and account information together
- Call to fill out a borrowers loan application
- Sign a borrowers authorization form to run credit report
- You should receive a pre approval letter
- You should receive a good faith estimate (detailing costs of the transaction)
- Locate a real estate professional
- Find yourself a home and make an offer
