Many of the loan programs that we offer are great for first time buyers, however the programs below are made specifically for first time buyers.
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 600 (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 has access to all of the first time homebuyer loan programs. Our experienced loan officers will explain your options and guide you through the entire home buying process to make your first time home buying experience 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!