First Time Home Buyer Programs

IMG_8479-EditMany of the loan programs that we offer are great for fist time buyers, but the programs below are made specifically for first time buyers.

1% with Equity Boost

  • Conventional Loan with 30 year fixed rates
  • Buyer puts down 1%; lender puts down the other 2%
  • The 1% can even be gifted
  • Program Incentives that help keep interest rates low
  • Available with NO Mortgage Insurance
  • Minimum credit score of 700 required
  • Home Education course required (online class)

Home Ready/Home Possible Loans

  • Conventional Loan with 30 year fixed rates
  • 3% down payment (entire amount may be gifted)
  • Program Incentives that help to reduce mortgage insurance premiums, including no PMI option available
  • Program Incentives that help keep interest rates low
  • Minimum credit score of 640
  • Home Education course required (online class)

Other Great Programs for First Time Home Buyers

  • FHA Loans with 3.5% down payment & a minimum credit score of only 580 (down payment may be gifted)
  • USDA Loans are 100% financing with No Down Payment required and a minimum credit score of 620 (This program is only available in certain “rural” areas) Call to see if your property address is eligible.

It is important that you work with someone who will spend the time with you to explain your options and who has access to all of these types of first time home buyer opportunities. Our experienced loan officers will help guide you through the entire buying process and will help make your first time home buying experience is a fun and enjoyable one.

For more information please call Raleigh’s Local Loan Experts at 919-866-0212 to answer any questions you may have!