I met with a lender this morning that is offering a financing option for first time home buyers that might be worth considering. Their product allows first time home buyers to obtain financing with a low down payments, waived fees and no mortgage insurance.
Some of the requirements for qualification of this financing are: minimum 680 credit score, 5% down payment, maximum loan amount of $417,000 and a purchase of a single family detached home. Some of the benefits of their program are no origination, processing or underwriting fees as well as no mortgage insurance. Removing mortgage insurance from your monthly payment can be a big savings. Another incentive to this program is the first mortgage payment is not due for 3 months! Having a delay in the start of your monthly payments can help many first time home buyers with all the other expenses that are normally incurred during moving like new appliances, window treatments and furniture.
As always I recommend that you start the home buying process by meeting with a mortgage professional to discuss the best options for you. It is not a one size fits all.
Contact me if you need a referral to a mortgage professional and lets get you pre-qualified so you can start home shopping!