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Home Purchase

5 Premier First Time Home Buyer Mortgage Loans

byNicholas Auriemma, NMLS# 1455001
4 years ago
inPurchase
5 Premier First Time Home Buyer Mortgage Loans

5 Premier First Time Home Buyer Mortgage Loans

A lot of low down payment options do not require a borrower to be a first time home buyer. Often lenders have a internal guideline on top of an agency guideline that can make qualifying for a mortgages more difficult or do not offer all. These loan programs promote the American dream of home ownership through their low down payment options.

Low Down Payment Options

There are options when it comes to qualifying for low down payment mortgages. Some grants do not even require a down payment.

FHA Down Payment Assistance Grant

The down payment assistance FHA grant:

  • Is 2% to 6% of the first total loan amount to pay for down payment and/or closing costs.
  • Not required to be a first time home buyer.
  • Minimum credit score depends on the grant, but starts at a minimum of 620 FICO.
  • There are income limits, but the FHA grant has higher income limits than the conventional grant.

Conventional Down Payment Assistance Grant

The down payment assistance conventional grant:

  • Is 5% grants of the first total mortgage amount.
  • Or a 2% grant that requires only 1% borrower contribution.
  • Not required to be a first time home buyer.
  • Harder to qualify for than the FHA grant due to requiring a higher credit score for an Automated Underwriting Approval and lower income limits.

3.5% Down FHA Loan

An FHA loan:

  • Is more lenient on credit than most loan programs.
  • Not required to be a first time home buyer, but limitation on having multiple FHA loans.

The down payment for 1 to 4 unit properties:

  • Is 3.5% for credit scores 580 FICO and above.
  • 10% for credit scores under 580 FICO.

3% Down Conventional Loans

The conventional 3% down payment loan programs are:

  • Home Possible that allows 3% on one unit and 5% on 2 to 4 unit properties.
  • HomeReady, which is available to first time and repeat home buyers.
  • HomeOne that has no income limits or geographical restrictions.

100% Financing

100% financing for VA loans and USDA loans:

VA loans are more lenient on credit than most first time home buyer mortgage loans.

  • Available to eligible Veterans.

USDA loans are available to borrowers that live in an eligible rural area and meet income requirements.

Getting Pre-approved

Guideline vary depending on the down payment options. Borrower should contact a licensed Loan Officer so they can:

  • Gather information and go over the pros and cons of the loan programs available.
  • Get a list of documents that are required for underwriting and processing.
  • Start the pre-approval process.

The pre-approval process starts with a borrower gathering documents and sending them over to a licensed Loan Originator. A Loan Originator will run the Automated Underwriting System (AUS) – not just go over verbal information for a pre-approval letter.

Getting properly pre-approved alleviates stress during the underwriting process.

TBD Underwriting Pre-approval

For more difficult case scenarios, a borrower can go through the process of a TBD underwriting pre-approval.

  • This is the strongest type of a pre-approval a borrower can get.
  • The underwriter looks over credit and capacity before issuing a pre-approval.
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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
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Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
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​Oakbrook Terrace, IL 60181
NMLS # 276777
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