25 Jun Holly Walther Lending Team: First Time Homebuyer Advantages – Fun Fact Friday
Holly: Hey, happy Friday, we made it through another week. Congratulations. It is Holly and little miss Daisy, and we are here with your fun fact Friday. As this crazy market continues, we wanted to highlight some of the amazing advantages that are still out there in being a first time home buyer. So, first of all, a lot of people think that you have to be a first time home buyer to get an FHA loan. That is not necessarily true, but it is a fantastic option if you are a first time home buyer. Now it will require a three and a half percent down payment. But it is super lenient when it comes to credit and debt to income ratios, meaning how much debt you currently have compared to how much you make. So that is a great program out there for our first home buyers.
Also, Fannie Mae and Freddie Mac offer a great conventional loan with this little as 3% down. Now, unlike FHA, it’s going to be a little more restrictive when it comes to qualifying, but if you meet the qualifying requirements, it allows you to purchase with 3% down. So that is fantastic. It saves you that extra half a percent in down payment. Now there are also a lot of first time home buyer programs out there. They are going to be specific to borrower qualifications that will allow you to qualify for down payment assistance.
Now we will need to talk to you personally because these are specific to your situation, how many people are in your household, and how much you make. They have credit score and debt to income ratio limits that we must meet. But give us a call. We want you to know that if you’re a first-time home buyer and you’re thinking about getting in this crazy real estate market, don’t sit on the sidelines and think there aren’t options for you. There are plenty, and we would be honored to have the opportunity to discuss them with you today. That’s this week’s fun fact, Friday. Have a great weekend and we’ll see you next week.