Have you always wanted to purchase your first home but thought you could not afford the down payment? Well now you are in luck as there are mortgage programs available specifically aimed to help you buy your first home.
1) HomeReady Mortgage by Fannie Mae
The Major Features Include:
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Offering a 3% down payment option.
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For the first time ever, income from a household member who is not a borrower may be used to help buyers qualify.
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There is no need for all borrowers to reside in the property.
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Rental payments may be considered as another allowable income source to help qualify a buyer.
To Qualify You Need:
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Minimum credit score of 620.
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Buyer must complete an online homeownership education course.
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Buyer must escrow for taxes and insurance
2) USDA – 100% Financing
The Major Features Include:
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Offering a 0% down payment option.
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No Maximum Purchase Price.
To Qualify You Need:
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Minimum credit score of 660.
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Property & borrower have to be eligible.
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Income restrictions apply.
For more information on buying your first home please contact me. I can be reached via phone or txt at 469-556-2393.
3) FHA 203(b) Loans
The Major Features Include:
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Offering a 3.5% down payment option.
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Less stringent and more flexible qualification requirements.
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The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs.
To Qualify You Need:
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Minimum credit score of 580.
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Borrowers with FHA loans pay for mortgage insurance (PMI).
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Loan limit is $334,650.
4) Conventional Loans
The Major Features Include:
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Offering a 5% down payment option.
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Borrowers pay lower mortgage insurance costs than FHA.
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Cover much higher loan amounts.
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cheaper monthly payment.
To Qualify You Need:
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Minimum credit score of 620.
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Loan limit is $417,000.
5) VA Loans
The Major Features Include:-
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Offering a 0% down payment option.
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Veterans do not have to be first-time buyers and may reuse their benefit.
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No monthly mortgage insurance.
To Qualify You Need:
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Be an active-duty military or veteran.
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Loan limit is $417,000.
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Minimum credit score of 620.
For more information on buying your first home please contact me. I can be reached via phone or txt at 469-556-2393.
We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.
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