Ask Terry Questions first time homebuyers – mortgage ?

first time homebuyers – mortgage ?

By Terry Savage on May 22, 2015 | Housing / Real Estate

My daughter is getting married and they want to buy a house – first time home buyers – what mortgages are available to them for little to no down payment? They will be well qualified buyers (income/debt ratio) but have just a little money for a downpayment.  They are not veterans.  Where do they start?
Thank you!

Terry Says:  Many states have assistance for first-time home-buyers.  In Illinois, for example, the Illinois Housing Development Authority has programs, based on income, to help with a down payment.  Check with your state’s housing authority to see what’s available.

You can also do a google search for “first time home buyer assistance” — to see what might be available in the area in which they are buying.  And, you could consider “gifting” them the money for a down payment, which would make the entire process easier! But they would have to disclose that fact, in their financial qualifications.

I’ll give you one more resource — Leslie@GuaranteedRate.com.  Contact my friend Leslie Struthers, who I consider a “mortgage genius”!  If there is an appropriate deal out there, she will find it!

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