1st Time Buyers

First Time Homebuyers

First Time Homebuyers have many options in today’s mortgage marketplace. The program guidelines vary depending upon down payment, credit, household income and property type.

Government backed loans tend to be the most popular as the required credit scores and down payment requirements are usually the lowest. There do exist some conventional programs (Fannie Mae and Freddie Mac) specifically designed for individuals purchasing their first home, but the credit requirements are a little more stringent than that of FHA, VA or USDA.

Ultimately, the changes in the mortgage guidelines in recent years have made qualifying for first time buyers a little more difficult than they were before the mortgage crisis, but they also help ensure that those who are buying these days will be able to afford the payment and be much less likely to default or lose their home.