First Time Home Buyer Mortgage Programs 2019! Best Home Loans for First Time Buyers In this video, real estate agent and Realtor Matt Leighton talks with Sean Glennon, Sr. Vice President & Partner of Home Savings & Trust Mortgage about the types of financing available for first-time home buyers.
Fannie Mae - HomeReady Program:
Freddie Mac - Home Possible Mortgage:
Sean Glennon breaks down first time home buyer programs into three different categories:
1:05 - The 'cash-strapped' first-time home buyer. This is for buyers looking for up to 100% financing. In Virginia, we have the VHDA program. In your state, there will probably be some 0% down (100% financing) options available. Talk to your local lender or real estate agent to learn more about these programs.
2:55 - Buyer has some cash, but may have credit issues, debt-to-income issues or some issues along those lines. The program that you're looking for here is most likely an FHA program. The downpayment amount for FHA is 3.5%. A co-signer is a possibility.
5:18 - First-time home buyer has some cash, has a decent/good/great credit score and doesn't need a co-signer. The HomeReady program by Fannie Mae is a good option if you fall into this category. It is a 3% down, conventional program. You don't necessarily have to be a first-time buyer but you can still take advantage of the program. It is a good alternative to FHA and may be a better deal than the FHA option.
Do you have a question about mortgages for Sean? You can reach out to him directly:
Sean Glennon
sglennon@hstmortgage.com
Home Savings & Trust Mortgage
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Matt Leighton - Arlington VA Real Estate Agent
Licensed in VA and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
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