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It is tough to keep up with all of the different mortgage options that are available. For first time home buyers, there are specific programs that can help those that need it to get into their first home. This help will usually come in the form of first time home buyer programs that require little or no down payments.
One of the biggest reasons that people stay away from their first home purchase is the thought of coming up with a down payment. However, the reality is that lenders are anxious to expand their market by bringing new people into the realm of home ownership. This translates into specific first time home buyer programs that offer reduced down payments without too large of a rate change. When my wife and I purchased our first house, we took advantage of a first time home buyer program that allowed us to secure our home mortgage with only a five hundred dollar down payment. Two years later, we refinanced that first mortgage into a long-term fixed loan and built up enough equity in that time to eliminate our mortgage insurance.
The right first time home buyer program is out there for you. Get your information together and set an appointment with a mortgage broker or lender. Let them know what you are looking for and they will be sure to show you programs that can fit your needs.
|Jennifer Mathes, Ph.D.|