First Time Buyer Loan Programs-Specific financing programs available for first time buyers or those who have not had an interest in a home for the past 2 to 3 years.
Home sales are down by 3% and lenders want to make up for the difference by giving extra incentives, specially to first-time buyers, many of the programs offer less restrictions and lower guide lines, in order to qualify more prospective buyers.
If you do not own a home, or have not owned a home in the past, simply because you think you may not qualify, or you think the down payment will be too high....think again! We have many great programs, that are designed for first-time buyers, and those with credit problems also, at 100% financing, for 30, 40 or even 50 years mortgages.
If you've owned a home-- don't worry, there are still many great programs for you, What are the benefits? First, usually they allow for no down home loans. The specifics vary depending on your location, income, credit and other criteria. The important thing to remember is that if you fit into the criteria for your area, it can usually reduce your interest rate, payment amount, or down payment requirement so that you receive a no down home loan.
Down Payment Assistance and Cash Grants
There are many agencies, charities, municipalities, etc... that will either lend you part of the down payment, all of the down payment, (usually repaid over 20 years), OR, many many programs in which your down payment is actually given to you, (this is common, one just needs to know where and how to apply). Some of the Down Payment assistance programs have income limitations-- the rational being that if you make over a certain amount of money you should have been able to save your down payment. Many others programs have no such constraints. Let us know your situation and we'll find the one that works best for you.
Absolutely No Money Down Home Loans
There are many government and conventional loan programs that allow for no down home loans even with questionable or even bad credit. This means that we can provide a loan of 100% of the purchase price. However, remember there are still closing costs that must be paid. (Note: we work in conjunction with your realtor to negotiate a transaction in which the seller, pays most if not all of your closing costs) For a Realtor who knows how and is willing to work hard to minimize or even eliminate your closing costs, contact us today!
107% LTV Loans
These are loans in which the lender will give 107% of the purchase price. A loan for more than the house is worth! Why would they do that? That extra 7% covers all of your closing costs. Requires good credit and reasonable debt ratios.
At Bad Credit Mortgage loans we look beyond a person's credit score or how long they have been at a particular job. If you are in a bad situation and your dream is to purchase a home, your dream can become a reality.
For further assistance, Please email us or call us directly at: (888) 805-0746 to discuss any of these matters in further detail.
