First Time Home Buying-

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Many first time home buyers falsely believe that there are FHA First Time Home Buyer programs designed for them with low, low rates.  The fact of the matter is that the FHA rate offered to a homebuyer is determined by the Lender (Loan Officer) with whom they are dealing.  Further, if a borrower has good to excellent credit, he/she may save thousands over the course of a 30 year loan by opting for a Conventional loan program.

97% FHA loans may be most attractive to borrowers with lower credit scores or no established credit histories.  FHA loans are government insured mortgage loans- and borrowers will pay extra money each month (for the duration of the loan) for that mortgage insurance. Bankruptcies must be seasoned for a minimum of 2 years (some cases 3 years) and all income must be documented. FHA also imposes a maximum loan amount per county (click here to view) and the maximum loan amount in the state of California for single family residences is $239,250.

There is a 100% Financing alternative! Lenders have created a variety of attractive, flexible loan packages to encourage first time home buyers.

Savvy home buyers with good credit can avoid the monthly mortgage insurance with 100% conventional financing!  No mortgage insurance can mean a potential savings every month, and perhaps tens of thousands of dollars over the life span of the loan!

Additionally, conventional loans do not require the following:

► Seller contributions to non-recurring closing costs

► Special FHA appraisals

► 45 day escrows

► Pre-payment of mortgage insurance

► 3% down payment

Conventional loans are also available to borrowers with recent bankruptcies, slow pays, stated income, and jumbo loan amounts.

Click Here to compare Conventional Purchase Loans to FHA Loans