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First Time Home Buyer

First-Time Home Buyer Programs

Fidelity Home Groups First-Time Home Buyer Programs help hopeful homeowners even if they are low- to moderate-income individuals. These programs also assist Americans in securing mortgages when they don’t have the best credit scores. Some even cater to specific professions like those in Firefighter, Law Enforcement, Educators, Health Care Workers and the Military.


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First-Time Home Buyer Conforming Mortgage Programs


Pros

Low down payment requirement
Multiple loan styles available
No credit necessary for certain loans

Cons

Higher interest rates than other federal programs

Eligibility

Cannot earn more than location-specific income requirements unless you’re buying home in low-income census tract.

Best For

Anyone looking for a low down payment loan, but doesn’t qualify for any other federal options

Conforming Mortgages – Freddie Mac and Fannie Mae government-sponsored mortgage providers offer a few different loans for first-time homebuyers.

The HomeReady® loan from Fannie Mae, for one, requires down payments as low as 3%. That makes it a great choice for anyone who’s strapped for cash, has a credit score of at least 620 and makes an income at or near the U.S. median. With a HomeReady® loan, you must have private mortgage insurance at the time of purchase. Once you’ve accrued 20% equity in your new home, you can cancel it.

One of the more popular Freddie Mac mortgages is the 97% LTV Home Possible loan. LTV stands for loan-to-value, meaning down payments are 3% here.

You don’t need a strong credit history to qualify for a Home Possible loan and you can choose both the length and terms of the loan. It also has that cancelable private mortgage insurance we talked about above. Perhaps best of all, you won’t need a strong (or any) credit history to qualify. The Home Possible Advantage mortgage is essentially the same, except it has credit requirements and only comes in fixed-rate variations.

 

First-Time Home Buyer FHA Mortgage Program

Pros           Low down payment requirements
Low credit scores accepted
     
Cons   Higher down payments needed for those with a low credit score
     
Eligibility   Credit score of at least 620 
     
Best For   Anyone that doesn’t have a perfect credit history or sufficient funds for a down payment          

The Federal Housing Administration backs FHA loans. A great option for anyone who lacks adequate savings, FHA loans generally require a 3.5% down payment. Consider that standard mortgages require 20% down and you’ll realize what a substantial benefit that is.

To receive this perk in its full glory, you must have a credit score of 620 at this time. If your credit score is closer to 620, you could need to make a down payment of up to 3.5% of your home’s value. Still not too shabby compared to 20%. In fact, even with the credit score requirement, an FHA loan is one of the easiest federal programs to qualify for.

 

First-Time Home Buyer USDA Mortgage Program

 

Pros      No down payment requirement for those with decent credit scores
Low credit scores accepted
     
Cons   Only available to those that don’t qualify for a conventional mortgage
     
Eligibility   Cannot earn more than 115% of the adjusted U.S. median in most cases
Home must be in an eligible rural area
     
Best For   Low- to mid-income individuals willing to live in the country

 

The United States Department of Agriculture (USDA) sponsors “Section 502 Single Family Housing Guaranteed Loan Program,” better known as USDA mortgages. USDA mortgages attract new homebuyers to less populous areas of the country, whether they be rural or semi-rural.

Borrowers must earn less than 115% of the U.S. median income and prove that they are unable to secure a conventional mortgage in order to secure a USDA loan. Depending on your credit score, you might not have to pay any down payment at all. If your score falls a bit lower on the scale, you may have to pay a down payment around 10% of your home’s value.


First-Time Home Buyer Veterans [ aka VA ] Mortgage Program

Pros        Loan coverage up to 100% of your home’s value
No private mortgage insurance requirement
Usually comes with lower closing costs
     
Cons   Must pay VA fee
Long application process
     
Eligibility   Current or former military members, spouses, or other beneficiaries
Credit score of at least 620
     
Best For   Veterans with little monthly income or savings
     

The Department of Veterans Affairs insures VA loans, which help veterans without adequate savings or significant income. Depending on your circumstances, a VA loan may not require any down payment at all. Plus, since the government will back part of your risk, you won’t have to get private mortgage insurance (PMI).

While significant, those aren’t the only benefits. VA loans also tend to come with lower closing costs than other mortgages. To qualify for a VA loan, veterans usually need a credit score of at least 620. You also need to pay between 1.25% to 2.4% of your home’s value into the VA fund. The exact amount will depend on how much you put down upfront, if you choose to make a down payment at all.

 

 

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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions
 
 
Copyright © 2021 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile PolicyFair Lending Policy  |  File a Complaint Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use 

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Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839

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