Many first time home buyers ask about first time home buyer loans. In reality, that doesn’t exist. There isn’t a loan that is specifically created for the first time home buyer. There are many low down payment and no down payment loans that are used though. I don’t love the no down payment options, as the fees associated with them equate to a 3-3.5% down loan.
FHA at 3.5% down is very popular with first time home buyers. It allows you to purchase with a low down payment and allows the seller to pay up to 6% in closing costs.
Conventional at 3% down is also very popular with first time home buyers. This loan allows the seller to pay up to 3% in closing costs.
There are also options to help with your down payment such as a gift or a loan from your 401k.
I have different videos that go into more detail about all of this information, but this is a good overview.
Jeff Stanyard Pakulla Professionals Re/Max Advantage Realty 410.608.5100 [email protected]
