Question : What Kind Of Programs Do Mortgage Companies Offer For 1st Time Home Buyers?
Curious to know what type of programs or incentives do the mortgage companies or government offer for first time home owners.
mortgage programs

Best answer:

Answer by Tom
The Federal Housing Administration also known as FHA has many programs to help first time home buyers achieve home ownership. FHA does not lend money, the Federal Housing Administration insures lenders against loss. The program is great for First time home buyers. Some advantages to FHA loans are

Minimal Down Payment and Closing Costs.

Down payment less than 3% of Purchase price.

Gift for down payment and closing costs allowed.

No reserves or required.

FHA regulated closing costs.

Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:
No minimum credit score requirements.

FHA will allow a home purchase 2 years after a Bankruptcy.

FHA will allow a home purchase 3 years after a Foreclosure