Generally, there are four loan options for first time home buyers : Conventional, FHA, VA, and USDA. We match all first time home buyers with a Convential Loan. FHA, VA, and USDA loans can offer lower minimum down payments, but they each have specific eligibility requirements that require government approval -- increasing processing time, and often require the purchase of private mortgage insurance (PMI).
Our conventional loan is a tailored mortgage program that addresses typical first time buyer challenges. We offer a minimum 10% down payment for qualifying applicants and a 7 year ARM that gives you flexibility with your monthly payments.
PIGGY BACK LOAN (80/10/10)
For qualifying buyers, we have a unique loan option available described as a "piggy back loan". Structured as two separate loans, a larger loan covers the initial mortgage, or up to 80% of the home's value, and is "piggy backed" by a second, smaller loan, covering 10% of the home's value. The remaining 10% comes from the borrower's down payment. Typically, this loan is used by prospective home buyers to avoid paying private mortgage insurance. You will only be required to pay interest payments on the smaller loan, functioning similarly to a HELOC.
Contact us to learn more about the qualifications to determine if you are eligibile.