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What Loan Programs are available for First Time Home Buyers?

Buying your first home is huge. It’s probably the biggest single purchase you’ve ever made and coming up with all the funds to make it happen can be daunting. So, if you’re wondering if there are ways to make all this a little easier, the answer is, yes.

Caliber Home Loans offers programs designed to help provide homebuyers with less-than-ideal financial circumstances an opportunity to achieve their dream of homeownership.

Possible assistance for first-time homebuyers include:

  • Grants for use toward down payments or closing costs.
  • Low or no down payment requirements.
  • Paying for or subsidizing interest payments.
  • Special lower interest rates.
  • Partial debt cancellation after a designated time period.
  • Deferred payments.
  • Reducing closing fees by capping or waiving closing costs.

Not all of these programs may be available in your area, but it is definitely worth your time to find out if you qualify for financial assistance.

Government programs for first-time buyers.

The good news is local, state, and federal governments offer programs to help first-time buyers secure their loans. Often, they offer insurance to the lender because first-time buyers are considered risky. Many programs offer the lender insurance to protect them for taking on that risk. The most common programs include:

  • FHA Loan. An FHA loan is insured by the Federal Housing Administration and allows borrowers to qualify with as little as a 3.5% down payment. This loan is best for buyers with low credit scores or those who can only afford a small down payment. A credit score of 580 allows for a 3.5% down payment.
  • VA loan. VA loans are insured by the Department of Veterans Affairs. They come with no down payment for military personnel, veterans, and their families, and require a minimum 580 credit score.
  • USDA loan. A USDA loan is 100% backed by the Department of Agriculture for low-income borrowers in rural areas. These loans are limited to certain areas and only to borrowers who meet certain income limits.
  • Fannie Mae and Freddie Mac. These two government-sponsored enterprises insure qualifying loans, requiring as little as a 3% down payment and allowing a higher debt-to-income ratio. Borrowers need a credit score of at least 620, have good credit, and must pay for private mortgage insurance (PMI) for a down payment less than 20%.
  • Home renovation loans. Programs like FHA 203(k), or HomeStyle® help buyers purchase a home to remodel, or renovate. They helping you buy more for your money by covering cost of improvements, extending loan limits, or lowering the down payment.

Caliber Home Loans offers a growing portfolio of financing options designed especially for first-time homebuyers. In fact, we’re one of the top-rated private mortgage companies in the country because we offer many unique solutions and deliver a high level of personal support and attention.

I would be honored to walk you through all the options and help you find the best loan for your situation. With Caliber, you can move ahead with confidence.

First-time buyers

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Contact our office with any questions, concerns or ideas.  No Question is too small. 

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In the past 15 years, I have moved multiple times and worked with many different realtors throughout the country. None of the past experiences compare to the experience my wife and I received from Austin Heredia and Chicago Rentals. Austin was extremely patient and professional throughout the process of finding a new home. He went above and beyond in helping my wife and I to find our first home after marriage. We had a lot of needs and he made sure to hit all of them!
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