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First Time Home Buyer Mortgage Loan Options

For a First Time Home Buyer, selecting the right mortgage loan is an important decision, which could save you thousands, or conversely cost you a lot of money now or down the road.

As a first time home buyer you have options. Even if, like most first time home buyers you have limited funds for a down payment or poor credit. Some of the most popular first time home buyer mortgage loan programs include:

• FHA Mortgage Loans help lower income families and/or borrowers with less than perfect credit purchase housing. FHA allows to receive comparable interest rates to those with good credit.
• 80/20 Mortgage loans consist of 2 loans which equal 100% of the purchase price. The first mortgage is 80% and the second mortgage is the remaining 20% of the purchase price. 80/20 Mortgage Loans allow you to finance 100% of the purchase price and avoid PMI.
• Balloon Mortgages are short term mortgages which are available with as little as 5% down and have a term of 5 to 7 years.