{"id":3916,"date":"2019-03-29T09:00:16","date_gmt":"2019-03-29T13:00:16","guid":{"rendered":"https:\/\/staging.migonline.com\/blog\/?p=3916"},"modified":"2019-04-17T14:04:29","modified_gmt":"2019-04-17T18:04:29","slug":"mortgage-programs-for-first-time-buyers","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2019\/03\/29\/mortgage-programs-for-first-time-buyers\/","title":{"rendered":"Mortgage Programs for First-Time Buyers"},"content":{"rendered":"<p>Generally, first-time homebuyers are defined as borrowers who have not had ownership in real property for 3 years.\u00a0 Saving for a down payment and closing costs is a great accomplishment. However, there&#8217;s more work to be done to find the perfect home and secure the best mortgage for your circumstances. Luckily, many loan\u00a0products are geared toward <a href=\"https:\/\/migonline.com\/first-time-buyer-programs\">first-time<\/a><a href=\"https:\/\/migonline.com\/first-time-buyer-programs\"> buyers<\/a>.<\/p>\n<h2>Friendly Loans for First-Time Buyers<\/h2>\n<p>Conventional, FHA, VA and USDA loans have products that are designed to help first-time homebuyers secure a mortgage.<\/p>\n<ul>\n<li><strong>Conventional Loans<\/strong> have three products that offer a 97% LTV loan\n<ul>\n<li>Fannie Mae\u2019s HomeReady 97% LTV product and Freddie Mac\u2019s HomePossible 97% LTV product both do not require a borrower to be a first-time homebuyer, however, when the qualifying income is within the county-established income limit, the borrower may be eligible for a lower mortgage insurance.<\/li>\n<li>Fannie Mae\u2019s 97% LTV product and Freddie Mac\u2019s HomeOne 97% LTV product both require at least one borrower to be a first-time homebuyer.\u00a0 This loan will require private mortgage insurance at a higher cost than the products with income limits.<\/li>\n<\/ul>\n<\/li>\n<li><strong>FHA loans<\/strong> are useful if you don&#8217;t have a huge down payment and your credit isn&#8217;t perfect. The\u00a0Federal Housing Administration backs these loans so that new buyers can put down less cash up front, and FHA loans have a\u00a0lower credit score requirement\u00a0than other\u00a0conventional loans.<\/li>\n<\/ul>\n<p>First-time homebuyers with a minimum credit score of 580 can get a loan for 3.5 percent down.<\/p>\n<p>FHA loans have an upfront mortgage insurance charge (1.75%) and an\u00a0annual premium (paid monthly) that is calculated based on the LTV of the loan\u2013the insurance protects the lender, not the buyer.<\/p>\n<ul>\n<li><strong>USDA loans<\/strong>\u00a0guaranteed by the U.S. Department of Agriculture make it possible for families or individuals to purchase rural homes at 100% financing. \u00a0You don&#8217;t have to buy a farm or move to a remote wilderness to take advantage of this program since USDA-eligible areas are quite expansive.<\/li>\n<\/ul>\n<p>These loans are subject to income limits and a minimum credit score of 620. Lower credit scores (620-639) require additional documentation to prove a favorable payment history.<\/p>\n<p>USDA loans have an upfront guarantee fee (1.00%) and an\u00a0annual premium (0.35%; paid monthly).<\/p>\n<ul>\n<li><strong>VA loans<\/strong> help eligible U.S. active-duty military personnel and veterans get lower interest rates on\u00a0their first homes. VA loans carry low interest rates and require no down payment.<\/li>\n<\/ul>\n<p>There is a\u00a0funding fee, but it can be rolled into the cost of the loan and some service members are exempt from the funding fee. Other plusses include no PMI and no minimum FICO score.<\/p>\n<p>The VA can also help you negotiate if you struggle to make\u00a0your\u00a0mortgage payment.<\/p>\n<p><a href=\"https:\/\/migonline.com\/contact\">Contact us<\/a> at the Mortgage Investors Group to find out more about these loans and other programs that can help new homeowners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Generally, first-time homebuyers are defined as borrowers who have not had ownership in real property for 3 years.\u00a0 Saving for a down payment and closing costs is a great accomplishment. However, there&#8217;s more work to be done to find the perfect home and secure the best mortgage for your circumstances. Luckily, many loan\u00a0products are geared &hellip; <a href=\"https:\/\/migonline.com\/blog\/2019\/03\/29\/mortgage-programs-for-first-time-buyers\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Mortgage Programs for First-Time Buyers<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3917,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71,61],"tags":[],"class_list":["post-3916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-first-time-homebuyers","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Programs for First-Time Buyers - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2019\/03\/29\/mortgage-programs-for-first-time-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Programs for First-Time Buyers - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"Generally, first-time homebuyers are defined as borrowers who have not had ownership in real property for 3 years.\u00a0 Saving for a down payment and closing costs is a great accomplishment. However, there&#8217;s more work to be done to find the perfect home and secure the best mortgage for your circumstances. 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