It’s of no surprise that thelending industry has tightened the standards that led to the mortgage meltdownof the last several years. Today, first time home buyer loans are trickier toobtain.However, there’s help for anyfirst time home buyer who wants to get their first mortgage.There are many states who offerfirst time home buyers cash grants geared toward helping them with the downpayment or closing costs so long as they meet the income requirements. To learnmore about this, check out the first time home buyer grants section.

PMI is insurance lenders requirefrom most home buyers who need loans which are more than 80 percent of theirnew homes value.In other words, borrowers withless than 20 percent down would normally need PMI unless they were to use afirst and second loan combination known as 80/20, 80/15, 80/10 or anycombination of the two loans.

How would you like free money to put down as a down payment or handle closing costs for the acquisition of your first home? If you’ve answered yes, then you’ll be glad to know that you can get this money. There are all kinds of free money to help the first-time home buyer pay for a down payment or closing costs.