First Time Home Buyer Mortgage Programs 2019! Best Home Loans for First Time Buyers
In this video, actual property agent and Realtor Matt Leighton talks with Sean Glennon, Sr. Vice President & Partner of Home Savings & Trust Mortgage concerning the sorts of financing accessible for first-time dwelling patrons.
Fannie Mae – HomePrepared Program:
Freddie Mac – Home Possible Mortgage:
Sean Glennon breaks down first time dwelling purchaser applications into three completely different classes:
1:05 – The ‘cash-strapped’ first-time dwelling purchaser. This is for patrons wanting for as much as 100% financing. In Virginia, we have now the VHDA program. In your state, there’ll in all probability be some 0% down (100% financing) choices accessible. Talk to your native lender or actual property agent to be taught extra about these applications.
2:55 – Buyer has some money, however could have credit score points, debt-to-income points or some points alongside these traces. The program that you are looking for right here is most probably an FHA program. The downpayment quantity for FHA is 3.5%. A co-signer is a risk.
5:18 – First-time dwelling purchaser has some money, has an honest/good/nice credit score rating and would not want a co-signer. The HomePrepared program by Fannie Mae is an efficient choice in the event you fall into this class. It is a 3% down, standard program. You do not essentially must be a first-time purchaser however you may nonetheless benefit from this system. It is an efficient different to FHA and could also be a greater deal than the FHA choice.
Do you’ve got a query about mortgages for Sean? You can attain out to him instantly:
Sean Glennon
sglennon@hstmortgage.com
Home Savings & Trust Mortgage
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Matt Leighton – Arlington VA Real Estate Agent
Licensed in VA and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
