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Feb 18

First Time Home Buyer

If you are currently renting, you have probably thought about buying your first home.  As a first time home buyer, you should know that there are special programs for you!

If you are concerned about not having enough money for a down payment, don’t worry!  There are several loan programs offering low and no money down.  For example:

  • USDA Loans offer $0 down and low fixed rates for homebuyers who do not own any other property.  While not all areas of Yuma county are eligible for this program, many are.  Read more details about USDA Loans here.
  • Down Payment Assistance Grant money is also available.   Offered through the Arizona Housing Finance Authority, the Home Plus Down Payment Assistance Program offers Yuma homebuyers a grant of 2% – 5% to help with down payment and closing costs.  You will need a 640-660 credit score minimum to qualify.  Read more here.
  • VA Loans feature low fixed rates, $0 down payment required, and no monthly mortgage insurance.  This equates to a VA loan being one of the best ways to purchase a home for active duty or retired military personnel.  If you have eligibility, you will definitely want to consider a VA loan.  Read more here.
  • FHA Loans have flexible credit guidelines (down to 580 FICO in some cases), and require only 3.5% down.  In addition, your down payment funds are allowed to come in the form of a gift or loan from a family member.  Read more here.
  • First Time Buyer Conventional Loan offers a 3% minimum down payment exclusively for first time buyers.  If you have a high credit score, this may be the best option for you.  Ask for all the details!

For more ideas, read our article How to Buy a House in Yuma AZ With Next to Nothing Down.

Another concern of many first time home buyers is credit.  Regardless of what you may have heard, you do not need perfect credit in order to qualify to buy a house.  In fact, you may be surprised.  Don’t trust everything you may have read online.  Don’t trust the score you pulled on Credit Karma.  In any case, I would recommend coming in and having your credit pulled as a good starting point.  If you have credit challenges, we have a full service Credit Services department.  They have exclusive tools they will use to formulate a customized plan for raising your credit score.  We will go over the plan with you, and help you every step of the way.

Another thing I would highly recommend is taking a home buyer education class.  One class we recommend that is completely free, and can be done online at your own pace is offered through the mortgage insurance company MGIC.  It contains great information, and will help you feel comfortable with the decisions you are making.  Get started here.  At the end, you will receive a certificate of completion.  Keep this certificate, as it will help you qualify for some first time buyer loan programs!

You may also be interested in….

Should I Make a Low-Ball Offer?

How to Get the Best Deal on Your Mortgage

15 Year or 30 Year Mortgage?

Paperwork Involved in Getting a Mortgage

Is Now a Good Time to Buy a Home?

How to Buy a House with Less Stress

Find Out More!