First Time Buyer Programs

first time buyer programs

Who is eligible for First Time Buyer Programs

Conventional products provide a wide variety of homebuying and refinancing options for well-qualified borrowers. Government products restrict lending to only primary residences, but Conventional Mortgage Programs allow borrowers to purchase primary residences, investment properties, second homes, vacation homes and even multi-family properties. Contrary to popular opinion, perfect credit is not required for Conventional Mortgage Programs. With Equity One Lending, borrowers can qualify for Conventional Mortgage Programs with credit scores as low as 620.

Many borrowers need flexible products with low interest rates, flexible terms and minimal down payments. Affordability is the key to many borrowers being able to buy homes or refinance. This is where Conventional Mortgage Programs are a great help. Equity One Lending offers Conventional Mortgage Programs that meet these consumer needs.

Low down payment

Homebuyers love the low down payment options that Conventional Mortgage Programs provide. At Equity One Lending, we offer Conventional Mortgage Programs that allow borrowers to buy homes with low down payments. In fact, there are mortgage options with down payment requirements as low as 1%. Conventional Mortgage Programs offer some of the lowest down payments for well-qualified consumers.

Fixed & adjustable interest rates

Conventional Mortgage Programs offer either the security of a fixed interest rate or the lower possible payments through adjustable rate mortgages. The choice is yours. At Equity One Lending, we help you evaluate your budget and needs to select the best Conventional Mortgage Programs for your family. Nevertheless, fixed rate mortgage options offer the greatest security for consumers in need of stable and predictable mortgage payments.

Minimal credit requirements

Conventional Mortgage Programs make homeownership accessible to more Americans. Equity One Lending offers Conventional Mortgage Programs to consumers with credit scores as low as 620. Also, borrowers need not have a lot of established credit. Even self-employed borrowers may qualify after one-year in business, instead of the 2-years typically required by most loans.

Special consideration for student loan debt

Today, many borrowers have student loan debt. When consumers take out student loans, they are given a set payment to pay after leaving school. However, most student loan providers offer Income Based Repayment (IBR) and will restructure the terms of repayment to meet the borrowers’ income levels. Unfortunately, FHA mortgage programs require that the greater of the regular student loan payment or 1% of the outstanding loan balance be used for qualifying for a mortgage. This policy often makes it difficult for consumers with student loan debts to qualify for a mortgage. Nevertheless, some Conventional Mortgages allow borrowers to qualify using the payment they are actually required to make, even if they have $0 monthly payments. Conventional Mortgage Programs are a great option for consumers with student loan debt.

Flexibility

Conventional Mortgage Programs can also be used for new home construction, renovation projects and for financing investment properties, vacation homes or homes for other family members. At Equity One Lending, Kwe Parker and his lending team will help you find the best options to reach your goals.

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