4 AMAZING first time home buyer mortgage programs in 2017

4 AMAZING first time home buyer mortgage programs in 2017



if you're a first time homebuyer you may believe that the only way you can get a mortgage is by putting 20% down and getting a rest on loan from a bank however this couldn't be further from the truth there are hundreds of different homebuyer programs out there and they all vary based on your specific location and your specific situation as far as how you are financially your credit and other different factors but in today's video I'm going to talk to you about four major programs that are out there nationally that are the most popular and the most well-known stay tuned hello I'm Michael Hicks real estate agent and investor and the first thing I want to say is before you go out and apply for any of these different programs is that you should talk to a financial adviser or your financial institution of choice to see if there are any better options for you that may work better for your situation or if you even qualify for these options that I'm going to be speaking about in this video the first program I want to talk about is the most popular by far and that is the FHA mortgage program this one is the most popular because of the simple fact that is the most flexible as far as what you need to be able to apply in order to obtain this loan whether it be your credit score or your down payment with the FHA loan your down payment can be as little as three point five percent and that three point five percent can be gifted to you from an approved source so it doesn't have to come out of your pocket with the FHA loan the interest rates are usually considerably lower than they are for conventional loans plus your credit score only has to be around 580 for most financial institutions to be able to lend you money for this type of loan for those of you that were in the military and our veterans or active duty there is always the VA loan and this one is a perfect option for you if you are looking to purchase a house this is one of the best programs when it comes to purchasing a house if you're in the military or you fit their qualifications to get a VA loan because you need zero money down to purchase the house as well as the fact that there is no PMI or mortgage insurance when it comes to getting this loan or there is no credit score minimum it all depends on the lender itself and they all have to look at each applicant individually and also just like the FHA loan rates are considerably lower than conventional mortgages this is a great loan that a lot of investors have used to start their real-estate investing career if they have the ability to actually obtain this loan because you can use this loan more than once after you met the qualifications for it so after you put zero money down in one house you can put zero money down on the next house and keep repeating the process over and over the third loan you can take a look at is a Fannie Mae product known as the conventional 97 loan with this type of loan the minimum down payment is around three percent of the purchase price you have to actually pay for it in this one I like in the FHA loan as well as the fact that your credit score has to be above 620 for most lenders as stated in the name of the loan this one is a conventional type of loan so the interest rates are going to be comparable to other conventional loans at the time that you're looking to actually purchase house the last mortgage program I want to talk about could be perfect for you if you're looking to stay out of the city in a populated area more in a rural land and that could be the USDA Rural Development Loan Program there are a few restrictions on this type of loan depending on the type of area that you're going to be moving into what you're going to be doing with the land and whatnot but outside of that is pretty forgiving as the minimum credit score most lenders are looking for is around 640 but there is no down payment required just like an FHA and the VA loans there is going to be a lower interest rate seeing as how this is a special type of loan not a conventional loan however with this type of loan there's no PMI or mortgage insurance but there is a monthly fee associated with it but it is much lower than usual PMI is and that's my list ladies and gentlemen and once again I want to state but you want to talk to a financial institution of your choice that may be able to give you information on what may work specifically for you in your specific area much better than any of these four programs that I've talked about today however these are some good starting points to take a look at to see if you're eligible to possibly be able to get a loan and ladies and gentlemen if you like the video and you got anything out of it be sure to leave a like down below if you're new here be sure to subscribe for more videos and as always my name is Michael Hicks and I'll see you in the next one

18 thoughts on “4 AMAZING first time home buyer mortgage programs in 2017

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  2. HEY MIKE, I JUST SUBSCRIBE. GREAT VID. OK DO YOU KNOW ANYTHING ABOUT M & T BANK IN THE NYC OR NJERSEY AREA AND THEIR SUBSIDY PROGRAM FOR FIRST TIME BUYERS WHEN BEING PRE APPROVED FOR FHA ??

  3. There are also USDA direct loans… no minimum requirement for credit score…rent receipts are considered towards credits…as long as income is sufficient to pay some bills and house payment… certain percentage of income. My daughter and her husband just did the pre-qualify paper work.

  4. Hi Michael, I live in the Charlotte NC area. I heard about USDA rural recently. I'm getting ready to complete an application soon. My question is I received a credit card offer and applied for it, was approved and have not received it yet. Someone told me I should not apply for a credit card when applying for a house. I thought that was during the application process through closing. I haven't done anything with USDA Rural yet other than ask to be mailed an application. My scores are good and average, only have a car loan, college loan 17years old and one secured credit card 0 balance. Will that card I recently applied for hurt me? Was told whatever I do don't close it, to activate and put away.

  5. Hello Mike, So the USDA Loan will be a good fit for due to me moving to Raleigh, NC? I will be a first time home buyer due to that should I reach out agents out there?

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