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Home / LOAN PROGRAMS / First Time Home Buyer

First Time Home Buyer

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Summary

We offer a variety of loan options for first time home buyers. Some of the most common are listed below:

Available Programs

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FHA Loan: Long considered the top choice for all first-time homebuyers. FHA allows for more flexible underwriting guidelines with as little as 3.5% down.
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Conventional Loan: The most common and secure home loan option. Conventional loans offer the widest variety of options for first time home buyers including the 3% down option.
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VA Loan : 100% financing available for all eligible service members, veterans, and surviving spouses!
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USDA Loan : 100% financing available for eligible buyers in rural areas
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Jumbo Loan : We offer jumbo financing for loan amounts greater than the conforming limit of $548,250. 3.5% down up to $1.5 Million & 5% down up to $2 Million!
■ Programs
EXPLORE OUR LOAN OPTIONS

FHA Loan

An American staple over the last 100 years. No mortgage program has been used more to help first time home buyers purchase their first home. FHA loans are backed and insured by the Federal Housing Administration (FHA). FHA allows low rates and down payments with flexible underwriting guidelines.

QUALIFICATIONS

MINIMUM DOWN PAYMENT
3.5% OF SALES PRICE (CAN BE A GIFT FROM FAMILY MEMBER)
MINIMUM CREDIT SCORE
580
MAX DEBT-TO-INCOME RATIO
57%
NON-OCCUPANT CO-BORROWER
ALLOWED
MANUAL UNDERWRITE
ALLOWED
MAX SELLER CONCESSIONS
6%
ELIGIBLE PROPERTY TYPES
SINGLE FAMILY RESIDENCE, 1-4 UNIT, TOWNHOUSE, CONDO, PUD, MODULAR, AND MANUFACTURED HOMES
MAX LOAN AMOUNT
VARIES COUNTY TO COUNTY – CLICK THE FOLLOWING LINK TO FIND OUT MORE HTTPS://ENTP.HUD.GOV/IDAPP/HTML/HICOSTLOOK.CFM

Conventional Loan

The most common home loan. Conventional loans conform to the guidelines of Fannie Mae and/or Freddie Mac. Conventional loans can be used for first home, second home, or investment homes.

QUALIFICATIONS

MINIMUM DOWN PAYMENT
3% OF SALES PRICE (CAN BE GIFT FROM FAMILY MEMBER)
MINIMUM CREDIT SCORE
620
MAX DEBT-TO-INCOME RATIO
50%
NON-OCCUPANT CO-BORROWER
ALLOWED
MANUAL UNDERWRITE
ALLOWED
MORTGAGE INSURANCE
OPTIONAL (CAN BE BUILT INTO LOAN)
ELIGIBLE PROPERTY TYPES
SINGLE FAMILY RESIDENCE, 1-4 UNIT, TOWNHOUSE, CONDO, PUD, MODULAR, AND MANUFACTURED HOMES
MAX LOAN AMOUNT
$548,250

VA Loan

The VA helps service members, veterans and surviving spouses purchase homes allowing 100% financing. Those who qualify also get the benefit of super low interest rates with no mortgage insurance. We love our Veterans!

QUALIFICATIONS

MINIMUM DOWN PAYMENT
NO DOWN PAYMENT REQUIRED
MINIMUM CREDIT SCORE
580
MAX DEBT-TO-INCOME RATIO
60%
NON-OCCUPANT CO-BORROWER
NOT ALLOWED
MORTGAGE INSURANCE
NO MORTGAGE INSURANCE
ELIGIBLE PROPERTY TYPES
SINGLE FAMILY RESIDENCE, 1-4 UNIT, TOWNHOUSE, CONDO, PUD, MODULAR, AND MANUFACTURED HOMES
MAX SELLER CONCESSIONS
4%
MAX LOAN AMOUNT
$548,250

USDA Loan

The USDA helps our rural communities and allows 100% financing in eligible areas. Check out the might below to see if you are eligible.

QUALIFICATIONS

MINIMUM DOWN PAYMENT
NO DOWN PAYMENT REQUIRED
MINIMUM CREDIT SCORE
640
MAX DEBT-TO-INCOME RATIO
50%
NON-OCCUPANT CO-BORROWER
NOT ALLOWED
MORTGAGE INSURANCE
YES
ELIGIBLE PROPERTY TYPES
SINGLE RESIDENCE, TOWNHOUSE, CONDO, PUD, MODULAR
ELIGIBLE AREAS
HTTPS://ELIGIBILITY.SC.EGOV.USDA.GOV/ELIGIBILITY/WELCOMEACTION.DO
MAX LOAN AMOUNT
$484,350

Jumbo Loan

We offer jumbo financing for loan amounts greater than the conforming limit of $548,250. 3.5% down up to $1.5 Million & 5% down up to $2 Million!

QUALIFICATIONS

MINIMUM DOWN PAYMENT
3.5%
MINIMUM CREDIT SCORE
620
MAX DEBT-TO-INCOME RATIO
55%
NON-OCCUPANT CO-BORROWER
ALLOWED
MORTGAGE INSURANCE
NO
ELIGIBLE PROPERTY TYPES
SINGLE FAMILY RESIDENCE, 1-4 UNIT, PUD’S, TOWNHOUSE, CONDO, NON-WARRANTABLE CONDO, AND CONTELS.
MAX LOAN AMOUNT
$10,000,000

Frequently Asked Questions

I'm a real estate investor, what's your minimum credit score?
Case by case basis but usually 500
Do you offer any 100% for first time home buyers?

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.

What's the minimum down payment needed for a first time home buyer?

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.

What's the min credit score for a first time home buyer

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.

What if my credit score is less than 580?

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.

Can cash be used for down payment?

We know the industry and know how much other companies are trying to make off every loan. We have our comp levels set at least a half point lower than the competition which allows our company to always provide the lowest rate at the lowest cost on any given day.