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Are there any programs for first-time homebuyers?
Stephen,
My daughter is trying to buy her first house, but she doesn't have much money to put down. Are there any programs for first-time homebuyers?
- Robert F. in Sandy Springs
Yes, there is a new fixed rate program just for first-time homebuyers. The loan is set up as a 97% first mortgage, coupled with a small 3% second. Both loans are at the same low fixed rate (currently under 6%). The loan program has no mortgage insurance and no prepayment penalties.
There are income limits based on property location, but many first timers should qualify. If you know someone who is renting, this is a great program to help them get into their first home. Please feel free to call me for more details.
Stephen
If you have a question that you would like me to answer please email me at Stephen@katzmortgageteam.com.
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