First Time Home Buyers

FHA– Most common Government program for FTHB w easier qualifying guidelines

MY COMMUNITY MORTGAGE– Low down payment & less than perfect credit score

VA– Veterans 100% financing available

USDA– Rural areas 102% financing available

FHA 203b
The 203b loans allow financing up to 96.5%, lower credit scores, higher debt to income ratios & gift funds for down payment & closing costs. The 203(b) is the most common mortgage loan product insured by the FHA.
• Only a 3.5% down payment is required W 580 score, 500 credit score up to 90%
• More flexible underwriting criteria than conventional loans
• Down payment & Closing costs may be all gift
• Allows for Non Occupying Co-borrower
• Debt ratios up to 56+%

MY COMMUNITY MORTGAGE
My Community program allows up to 97% financing for qualified first-time homebuyers. Community seconds or grants for closing costs.
• 97% financing
• No upfront PMI
• Typically lower rates than conventional
• Fixed & Adjustable rates
• Primary residence’s, 2nd Homes & Investment properties
• For additional info contact us or go to; https://www.fanniemae.com/content/fact_sheet/mcm-product-matrix.pdf

VA
VA loans are available to most current or prior Veterans. VA Purchase Loans allow up to 100% financing up to $453,1000 (in most counties) with just a small down payment for loan amounts over $453,100 to over $1M.
• 580 credit scores
• No private mortgage insurance requirement
• 100% Financing up to $453,100, with small down payment for loans up to 1M
• Spouse w no credit score allowed
• For additional info contact us or go to; http://www.benefits.va.gov/homeloans/index.asp

USDA
USDA supports Rural and Low to moderate income borrowers with up to 102% financing, credit scores as low as 620. Household income must meet certain guidelines and the home to be purchased must be located in an eligible rural area as defined by the USDA.
• Typically lower interest rates than Conventional
• Closing costs financed up to 102%
• Closing costs may be financed
• No private mortgage insurance requirement
• For additional info contact us or go to; http://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program