Even with all the negative changes impacting the ability of First Time Homebuyers to purchase a home, First Time Homebuyers Continue To Have Option To Purchase A Home. There are still several mortgage program available to First Time Homebuyer that require little to no money down.
Today there are more Conventional Loan Programs available to First Time Homebuyers, and FHA has modified their program guidelines to make FHA mortgages more viable again. FHA's reduction of their Monthly Insurance Premium (MIP) from a 1.35 factor to a .85 factor has made FHA more affordable and more of an affordable option for all Buyers.
Conventional Programs making it more possible for First Time Homebuyers to purchase a home include the My Community Mortgage which only requires a 3% down payment. Also the Conventional HFA Program which is very similar to the My Community Mortgage, and being offered through local Housing Finance Authority's like our local Connecticut Housing Finance Authority (CHFA) have been a great help. FHA insured mortgage programs offered through the Housing Finance Authorities, are still available and when the Conventional HFA, and the FHA insured loans are combined with a Down Payment & Closing Cost assistance loan, the Borrower is able to borrower up to 100% of the funds needed to purchase a home.
Besides these three programs which are targeted to help First Time Homebuyers purchase a property, there are two other Mortgage Programs that have been around for many years which are also ideal for First Time Homebuyers, VA and USDA. With many of our young men and women returning home from oversees, many of them will be looking to re-establish their lives, and what better way than to purchase a home to start their new life in. Service Men and women who are stationed here in the U.S. also may be looking for a place they can call their own, and will be looking to purchase. The VA Mortgage Program is an excellent Loan Program for these brave men and women, and a Mortgage Program we should make them aware of, and encourage to use.
USDA Mortgage Program is another excellent Mortgage Program for First Time Homebuyers, if they live in one of the towns that qualifies for this exceptional Loan Product. USDA like the VA Mortgage Program provides the ability for Borrowers to purchase a home with no money down, at a great interest rate, and low monthly payments.
As you can see First Time Homebuyers Continue To Have Option To Purchase A Home. To learn more about all of these Mortgage Programs just click on their links for a more in-debt description of each, and who can qualify for them.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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