| |
Many home loan programs have been specifically created for first time home buyers. These loans feature low & no down payments and approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are listed below.
To get started immediately click here for my on-line application.
Return to Loan Programs
| |
 |
|
Many people dream of owning a home but the home loan process can be confusing for many first time home buyers.
I offer my first time buyers many home loan options and assist you in finding the best home loan for your needs.
My first time home buyer programs can offer lower interest rates, low down payments, or reduced taxes, just to mention a few of the benefits.
I can be reached at 773-255-5989 or joe@joespisak.com
|
|
First time homebuyers often experience the most difficulty in saving a significant down payment and everyone should have the opportunity to buy a home. For this reason the Federal government has developed two loan programs to assist homebuyers that have a little or no down payment. These programs are called the Federal Housing Administration (FHA) and the Veteran's Administration (VA). These programs are not solely intended for first time home buyers; I will be able to determine if you qualify and if so which program is acceptable for your needs. FHA and VA loans can be especially advantageous when combined with a HFA or MCC first time homebuyer program.
|
|
First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.
|
|
Not available at this time.
|
|
Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the transaction changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process. In some cases, earnest monies, are given from a potential buyer of a property to the seller of the same property. Usually, the seller's attorney places the money into an interest bearing escrow account. These same monies are then applied towards down payment and/or closing costs at the closing of the transaction.
I can be reached at 773-255-5989 or joe@joespisak.com
|
|
A Mortgage Credit Certificate or MCC is a certificate awarded by your local government agency authorizing the home loan borrower to take certain federal income tax credits. The credits awarded help to free up funds and make the monthly home loan payments more affordable for the homeowner. First time home buyers are typically the candidates eligible for an MCC, but in special cases that you may discuss with Joe, this requirement may be waived. Income and purchase price requirements also vary state to state and should be covered in conversations with Joe.
|
|
At Joe Spisak our mortgage brokers offer a wide variety of first time buyer programs to first time buyers. First time buyer programs in can make securing a home loan easier and more affordable. Contact your mortgage lenders at Joe Spisak to begin your first time buyer loan.
|
|
| |
