First Time Homebuyer Choices

I deal with first time homebuyers on a daily basis and I love it.  Most first time buyers need guidance, advice, and someone they can trust.  One of the main questions I get asked is what choices do I have?  Or, I want a first time buyer program.  It’s my job to ask the right questions in order to lead them down a path where they can achieve their dream of owning a home.

First time homebuyer choices:

A Conventional Loan – A conventional loan normally requires a 5% down payment.  Underwriting guidelines can be a little more stringent and may require a debt to income ratio (money coming in versus money going out) less than 45%.  Anytime you put down less than 20% you will also have a mortgage insurance premium added to your payment.

A FHA Loan – A FHA loan only requires a 3.5% down payment. …