Tampa First Time Home Buyers Mortgage Loans

Most first time home buyers think they are paddling upstream in the river of home ownership. That is, the dream of owning one's own home is being capsized by the weight of worrying about that massive dreaded down payment. Keep in mind, the definition of first time home buyers includes buyers who have not owned a principal residence in the last 3 years.

Consider the latest in first time home buying mortgage programs before giving up the dream of new home ownership. Some of the standard programs you may be familiar with include Fannie Mae's ALT97, FLEX 100 and the FLEX 80/20.

One of the most popular programs this year is the Emerging Markets National Program. With reasonable credit (minimum middle score 580) you can put as little down as $500. And with good credit (minimum middle score 620) there is no down payment requirement. The Seller can contribute up to 6% towards closing costs and escrows; and/or you may obtain a "gift" from a relative. Call us now to discuss this latest in first time home financing, 1-888-399-0520.

The ALT 97 financing features only a 3% down payment and was created for people with a modest income who wish to be new homeowners. This program also requires a home buyer education course for qualification and private mortgage insurance.

The FLEX 100 mortgage loan requires no down payment. There is no home buyer education class to complete; however, the credit requirements are more critical. The interest rate is generally higher and private mortgage insurance is required.

The FLEX 80/20 home loan removes the down payment and more importantly, the need for private mortgage insurance. Keep in mind, the interest rate for this type of mortgage is obviously higher.

Veterans should consider the advantages of a VA Guaranteed Home Loan.

Like some other first time home buyer programs; the VA Guaranteed Home Loan offers no down payment to qualified Veterans.

Veterans can also enjoy the fact that there is no monthly private mortgage insurance.

A VA Funding Fee is required and can be financed. This VA Funding Fee varies according to the Veterans previous Entitlement usage. More information is available at www.va.gov.

These are just a few financing options first time home buyers should consider before resigning their lease agreements and remain renters. Consider your local county or state-housing agency sponsored programs such as HANDS of Central Orlando, Orlando Housing Authority, CCCS of Orlando and Homes in Partnership.

Consider these alternative down payment assistance programs as well: The Nehemiah Program at www.nehemiahprogram.org, or The Ameridream Charity, Inc. at www.ameridreamcharity.org. All of these programs are available to assist first time home buyers with down payment assistance and/or closing cost assistance. For more information on these programs, contact our office at 1-888-399-0520 and mention that you are a first time home buyer.

Contact BeechTree Mortgage and we will provide a very accurate Good Faith Estimate and answer any questions you have regarding this article. Call now at 1-888-399-0520

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