There are many loan programs available for first time home buyers in Tennessee, Alabama, New York and every state in America. Programs are available for as little as 0% down. Because of the complexity of a mortgage, it is very important that we speak so we can find the loan program that best meets your needs.
Below you will find a brief overview of the most popular loan programs for first time buyers.
Find First Time Buyer Loan & Pre Approval Programs By State
- Current California Buyer Programs & Pre-Approval
- Tennessee Buyer Programs & Pre Approvals
- Nevada Buyer Programs & Pre-approvals
- Utah Home Buyer Programs and pre-approvals
- North Carolina Buyer Programs List & Mortgage preapproval
- Colorado: First Time Buyer Programs & Mortgage pre-approval in 2017
- Florida: First Time Buyer Programs & Mortgage Pre-Approvals 2017
- Alaska: First Time Buyer Programs & Mortgage pre-approvals
- Alabama: First Time Buyer Programs & Mortgage pre-approvals
- Minnesota Preapprovals & First Time Program Details
- Arizona Buyer Programs & Pre-approvals
- Ilinois Loan Program Details
- New York for First Time Buyers
Want to get a professional opinion on what programs might work for you or request a loan pre-approval? Give us a call! 615-873-0367
These First Time Buyer Loan Programs Are Available Nationwide in 2017:
Loan Program Name
Loan Program Requirements
Loan Program Benefits
|USDA||Property must be located in an eligible area. Check property eligibility.||100% financing and 0% down payment||Income restrictions do apply. These are determined by county.||100% financing and 0% down payment|
|HomeReady Program - Purchase or Limited cash-out rate and term refinance.||1.) Home Ownership education is required and certificate must be retained in the mortgage file. |
2.) Occupancy is 1-4 units Principal Residence.
|1.) Standard debt to income is 45%, in certain cases up to 50%. |
2.) Occupant may not have an ownership interest in any other property at the time of closing.
|1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.|
2.) Loan to Value up to 97%.
|1.) NO First Time home-buyer requirement.|
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
|100% GIFT FOR DOWN PAYMENT||Can be Conventional or FHA Loan||Gift can come from a family member, church, employer, etc..|
|FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment||1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.||3.5% down payment required||Check single family, condo, and 2-4 unit property loan limits||1.) Flexible underwriting guidelines|
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed
Are you a first time buyer? It doesn’t matter if you’re in Colorado or Utah we can help you get pre-approved!