First Time Buyer Mortgage Quote

Its a big step in life, make no mistake. Becoming a first time mortgage buyer for obtaining a home. Its a scary and yet exciting process. In reality, the process for first time buyers are essentially the same as someone buying their second home. To begin the process, they too can just use an online quote service, but they need to be as prepared as possible.

Today's mortgage industry is very competitive. This in turn causes more creative financial products to be created in the hopes of attracting more first time buyers. The FHA has a first time buyer's program where they will lend a new home buyer up to 97% of the purchase price of the home. The new home buyer only has to come up with the other 3% to complete the transaction.

WRONG!

Remember I said creative products. Here's an inside tip. The FHA allows the remaining 3% to be funded from other sources. You could have your parents or other relative gift you the money. Up to 3% of the down payment can be derived from 'sweat equity'. This is when negotiating with the seller and you know some minor work needs to be done. So, your agreement with the seller is that you'll do the minor work (ie sweat equity) and the seller will credit you up to 3% as part of your down payment. This is a perfect example of a 'no money down' strategy. There are so many options.

Even without any federal programs, there are plenty of creative products being created in the conventional lending arena. One program first time buyer mortgage quote seekers may be interested in is the 80/20 program. This is when the first time buyer obtains a 80% loan and the seller holds a mortgage for the remaining 20%. Another no money down option. Not only will you not need a traditional down payment, but you'll also save on PMI. PMI (private mortgage insurance) is insurance that protects the lender against losses. If the property is foreclosed and goes to sale but doesn't sell for enough to cover what the lender is owed, PMI kicks in and makes up the difference. Of course, this is a very over simplified example.

OK, so all you first time buyer mortgage quote seekers, you should be very excited about the opportunities that are available to you. Good credit..or bad credit, you CAN get a mortgage. Don't let your dream home pass you by. Let over 2000 lenders fight for your business and make your dreams come true - First Time Buyer Mortgage.

Your Partner In Success,

Christopher Wright, Financial Cancer Specialist
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