– Mortgage Loan Options for First-time Buyers. First-time homebuyers may want to consider choosing a loan program specifically designed to help get you into a home with a smaller down payment. Many first-time buyers are interested in loan options that allow them to purchase a home with 3.5% down, such as FHA or fannie mae loans.
Even if you don’t have much savings, buying your first home is possible with low-down-payment loans and state and local down payment assistance programs.
· One thing you should know as a first time or repeat home buyer is that mortgage lenders allow financial gifts to be used toward the down payment on a house.
Chicago-Based Countryside Bank Helps First-Time Home Buyers Save for Down Payment With New High Yield Savings Plan – Chicago-area residents seeking to buy a new condo, townhome or single family home will have a little extra help this fall from Countryside Bank. The bank is launching a First-Time Home Buyers Savings.
Down Payment Requirements for First Time Home Buyers. – Therefore, several loan programs are available to first time home buyers that offer a low minimum down payment: fha loans require only a minimum of 3.5% down, although borrowers must have sufficient credit to mitigate the risk and qualify for this low down payment.
How Much For Down Payment On First House A large down payment helps you afford more house with the same payment. In the example below, the buyer wants to spend no more than $1,000 a month for principal, interest, and mortgage insurance.Types Of Home Buyers Shopping for a new-construction home? One of the first things to decide is what type to choose: a custom, spec or tract home. Ask yourself if you want to help design a home that’s a perfect fit or fit into one already built. As you begin your search, here are some pros and cons to help you make your decision. Custom homes