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.
There several lenders who have nodesire to work with any person who is a first time home buyer, opting to workwith those buyers who are previous homeowners.
The reason is that there is nohistory with first time home buyers. If you want to get a mortgage and don’tneed any financial assistance with your down payment and don’t need theassistance of a state program, consider working with ING Direct OrangeMortgage.
This Liga88 company, which managed tosurvive the mortgage bubble burst without too much damage, offers great,competitive rates, an easy to use application and doesn’t mind working withfirst time home buyers. Because they’ve been able to keep afloat, they’re stillapproving most applications.
If you have yet to apply for amortgage and need some help, quite a few states will have some additional helpusing first time home buyer loans along with cash grants.
Both options make it highlypossible for prospective homeowners to get the mortgage right for them andtheir budget when other conventional means have failed them. In many cases,tens of thousands of dollars can saved from the lower interest rates.