First Time Home Buyer Loans
Great information on first time home buyers loans can save you thousands......

First Time Home Buyer Loans Options 

Looking to buy your first home?  The down payment can stop a lot of people from purchasing their first home.  Luckily good old Uncle Sam has came to the rescue for first time home buyers.

What is a first time home buyer?  Well the first myth is you could never have owned a home.  This is completely false.  Usually the guidelines say that a individual and or their spouse can not have owned a home 3 years before obtaining a government loan.  This means you can qualify for first time home buyer loans if you have not owned a house in the past 3 years!

Another qualification is you cannot exceed 80% of the medium income for the area.  So basically if you are not making more than what 80% of the population in the area makes you should qualify for a first time home buyer loan.

The loans can only be use to purchase single family home up to a four  family housing (i.e. duplex or a 4 unit apartment), condominium unit, cooperative unit, or manufactured housing.  Buying a duplex and renting the other side is a great way to start becoming a landlord.  Not only do you get some great first time home buyer loans but you can actually profit from buying your own home!

The loans funds can be used for down payment, closing costs and, even remodeling the home.  The remodeling funds cannot usually exceed 20% of the assistance and the remodeling has to be done within one year of the home purchase.

Every state receives these first time home buyers loans.  It is through the American Dream Down payment Initiative.  The American Dream Down payment Initiative was designed to help increase homeownership rates among the lower income and to help rebuild neighborhoods.

The Most Popular First Time Home Buyer Loan

A buyer can get in a FHA loan for as little as 3%.  This 3% down can even come in the form of a gift.  You will need a gift letter signed and motorized from who ever gives you the gift money for your down payment.  The money can come from parents, grandparents, aunts, uncles, brother in law some who is related to you.

I am a buyer but how do I find out about the FHA requirements?  Visit the FHA Loan Requirements page.

As you can see a buyer has many opportunity's to get a mortgage loans.  The only reason a buyer doesn't get a home is because they have the knowledge of where to get their mortgage.

First time home buyer loans do exist just submit an application online and you will receive offers from different lenders and compare them for the best deal.

Loans do seem difficult to get a first but don't just rush out there make sure you get bids from online lenders and local lenders.  Mortgage loans will get easier and easier the more loan officers you talk to.

Source: http://4kcmortgage.com

 
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