First time home buyers

Bend first time home buyers

Almost all Bend first time home buyers have the same question, “What is the best loan program for me?”  The answer to that question is far from simple.  There are many loan products that can be used to help first time home buyers. The best one is usually highly specific to the individual buyer.  I will help you find the best loan program for you.

 

No two first time home buyers are the same so the best loan will be based on your individual buyer profile.  Are you looking for the lowest monthly payment?  Do you need help with the down payment?  Do you have credit challenges?  Do you make too much money for some loan programs?  Do you have gift or grant funds available for the down payment?  Where are you looking to buy?  It takes a lot of questions and a lot of loan products to be able to find the best loan for each Bend first time home buyer.  Make sure you are working with someone who has all the tools to fit your situation.  We can even work with your Realtor to structure an offer that fits your needs.

HomeReady and Home Possible


Pros: 3% Down payment, Reduced mortgage

           insurance, and Flexible qualifying.

Cons: Income limits in most areas.

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FHA Loans


Pros:  3.5% Down payment, Good rates for                those with less than perfect credit

Cons:  Mortgage insurance can’t be dropped

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USDA Loans


Pros:  0% Down payment, Good rates, and                  reduced mortgage insurance.

Cons:  Can’t be used in all areas.

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Conventional Loans


Pros:  3% Down payment, good rates,                          Mortgage insurance can be cancelled

Cons:  Best for well qualified buyers

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VA Loans


Pros:  0% Down payment, good rates,                          flexible qualifying

Cons:  Only for current or former military

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