First Time Home Buyer Programs

Choosing the right loan is just as important as choosing your home. Before you make an offer on a home, you need to talk to a lender.  Setting yourself up for success with a little bit of preparation will take a lot of surprises out of the transaction. Once you have a pretty good idea of your priorities and budget, you are ready to start home shopping.  

Interest rates are still low, but are expected to be at 6% by the end of the year.  What does this mean to you, a first time buyer?  It means less spending power for you.  

Not all home loans are the same.  Three key choices are the loan term, the interest rate, and the type of loan.  The most common loan programs is FHA, VA, Conventional, USDA and THDA.  

  • VA is Veterans Administration loan for  US veterans. It is a 100% loan with no down payment.
  • FHA is Federal Housing Authority.  It is a government backed loan and requires 3.5% of sales price as a down payment.
  • Conventional loans require 5 to 20% of the sales price as a down payment.
  •  THDA is Tennessee Housing Development Agency.  They have many programs for buyers as well as first time buyers.  They also offer down payment assistance programs.  Right now, Spring/Summer of 2017, there is a $15,000 forgivable grant for certain zip codes in West TN as long as you stay in your home for 5 years or more. 
  • USDA or Rural Development loans are just that loans to help promote home ownership in rural settings.  They are 100% loans with no down payment. 

I have a team of excellent lenders that I can refer to you.  I look forward to working with you.  

If you have any questions, I am always a phone call, text or email away.  

                                                                                               ~Carmen

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