Lately I have been asked by a large group of people if I can get 100% financing for first time home buyers.  There is been so many changes to mortgage guidelines lately that most of us get really confused on who we can really qualify for a home.  So I will set the record straight by first stating that YES first time home buyers can get 100% financing, and attached below of some of the most popular financing products for this type of client.

I will rank this list based on what I feel are the best 100% financing programs:

1. FHA Loans with Down Payment Assistance:  This program is actually 97% financing, but the buyer can use down payment assistance.  Down payment assistance is basically a gift of the 3% down payment.  The gift can come from many sources such as a family member, a church or a non-profit organization.  Down payment assistance programs such as Ameridream or Nehemiah can be used, but require the sellers participation in the program. 
2. VA Loans:  If you are a Veteran and need a mortgage, then this loan product is a great for you.  VA loans have higher loan limits then FHA and can allow you to buy more of a home.  Also VA loans do not have Mortgage Insurance and helps keep the cost of the mortgage payment down.
3. My Community Products:  This product has some restrictions, however if you qualify for the program, then you will end up paying reduced mortgage insurance.
4. Fannie Flex Products:  This product is the least restrictive all of the products here on the list.  It also has an option with NO Mortgage Insurance if you qualify.
5. Some Alt. A Products:  Yes the mortgage lenders are finally starting to loosen up on the guidelines a little and buyers who may have some unique situations can be reassured that there are some products for you. 

There might be other programs and products available, remember guidelines are still changing.  Our business of lending is never in a bubble and programs can appear and disappear daily.  The best thing to do is to talk with a trusted mortgage professional and figure out what your unique situation may be and work on getting qualified for home financing.

We are unique people out there.  We expect better then "would you like fries with that drink".  I just have learned to use my Midwest values and transfer them into my mortgage business.  If you are looking for something a little more unique in your next mortgage loan, please do not hesitate to get a hold of me. 

My name is Gary Miljour and this is what I do best.