First Time Home Buyer Loan

First Time Home Buyer Loan

This low down payment First Time Home Buyer Loan allows you to obtain loan amounts up to $484,350 with only a 3% down payment. To be considered a first-time buyer, you must not have owned a home in the past three years. However, with this loan program, you simply must not own any properties currently.

You can use your own funds or gift funds from a family member for the down payment are allowed, and the home must be an owner-occupied single unit home (including condos). This means you can’t buy two- to four-unit properties, a second home, or investment properties with this loan.

Conventional 97% mortgages are 30-year fixed loans and do require mortgage insurance. Mortgage insurance is an extra fee on top of the monthly mortgage payment.

What are the Requirements for getting a First Time Home Buyer Loan?

  • 620 minimum credit score.
  • Condos, single-family homes, and townhomes.
  • 4 year waiting period for prior short sales, and bankruptcies.
  • 50% maximum DTI.
  • 3% down payment can be gifted from a relative.

Can you get a First Time Home Buyer Loan with only a  3 Percent Down Payment?

Yes, you can for primary residence purchases!

Do you have to pay Monthly Mortgage Insurance (PMI) on a First Time Home Buyer Loan?

Yes, mortgage insurance is required for our First Time Home Buyer Loan!

Client Reviews

Comparing Current Florida Mortgage Rates

Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best interest rate is a big deal.

Current Florida Mortgage Rates

When you “CLICK HERE” you’ll instantly see today’s lowest mortgage rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote.

Why Should You Choose Us For Your Home Loan?

We work for You & Not the Bank.  When working with us, your not “stuck” with ONE bank’s restrictive set of underwriting guidelines, which can put caps on your debt to income ratio or require a lot of mortgage reserves! We always seek out the best lender to suit your specific situation and find lenders with the Best Mortgage Rates! Oh, Ya we don’t keep bankers hours we always answer your phone calls and text messages in the evening and on the weekends…. because we don’t get paid a salary…. we only get paid when your loan closes and most of the time we get paid by the lender and not by you!

We offer the Best Mortgage Rates!

Our “Outside The Box Thinking”  gets home loans approved and closed every day through a variety of unique loan products! One-Year Tax Returns, Cross Collateralizing Properties, Assets as Income, Bank Statement as Income, and No Income Verification Investment Loans. Along with our years of experience and understanding tax returns, knowing what expenses to add back in and how to stretch your funds to pay off debts to reduce your DTI. If necessary, we can try to increase your credit score, then do a rapid credit re-score.

Get Pre-Qualified Fast, see you’re credit scores immediately, and close in 30 days or less with our E Zip Mortgage! It’s all online, reduces paperwork, and provides you with a secure, collaborative document upload portal that regularly notifies you via text messaging & emails with all loan updates. Get Started Now!

Our Professional and Experianced Team of Loan Officers are ready to help you.

Back To Top