Oct

18

Product of the month: First Time Homebuyer Programs

Filed Under mortgage 

Editors Note: Due to the mortgage and credit crunch, many First Time Homebuyer Programs may no longer be available. If you’re in need of a Denver Colorado mortgage, contact us to discuss your mortgage options.

Today, there are many first time homebuyer programs to choose from. Here’s a sample of what’s available:

  • FHA – often the best choice in first time home buyer programs. Requires 3% down and upfront mortgage insurance.
  • Neighborhood Champions – allows 97% and 100% financing for Teachers, Firefighters, Policemen, and Medical Workers.
  • Credit Flex – allows 97% and 100% financing on 7 year ARMs and 30 year FRMs.
  • Fannie Mae Flex 97% – allows 97% on 7 year ARMs and 30 year FRMs.
  • Fannie Mae Flex 100% – allows 100% on 7 year ARMs and 30 year FRMs.
  • Freddie Mac 97% – allows 97% on a 30 year FRM.
  • Freddie Mac 100% – allows 100% on a 30 year FRM.
  • Nehemiah Foundation Program – FHA no down payment program.
  • Nehemiah Conventional Program – conventional no down payment program.
  • VA – military veteran loan that allows 100% financing. Requires a VA Funding Fee.
  • 80/20 – no money down combination program. Eliminates mortgage insurance with 80% First mortgage, 20% Second Mortgage.
  • 80/15 – eliminates mortgage insurance with 80% First mortgage, 15% Second Mortgage. Requires 5% down payment.
  • 80/10 – eliminates mortgage insurance with 80% First mortgage, 10% Second Mortgage. Requires 10% down payment.
  • 103% – allows 3% of the purchase price to be rolled into the loan.
  • 107% – allows 7% of the purchase price to be rolled into the loan.
Is your rate too high? Get a rate quote on a Denver Mortgage Loan now!

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