First-Time Home Buyer Loan in Texas or Florida

Who is a First Time Homebuyer in Texas or Florida?
According to the Federal Housing Administration (FHA), Fannie Mae (FNMA) & Freddie Mac (FHLMC), the definition of a first-time Homebuyer in Texas and Florida is someone who will 1) purchase a primary residence, 2) will live in the subject residence and 3) hasn’t owned a home for the three preceding years.

Displaced Homemaker / Single Parents
A “displaced homemaker” or “single parent” can be designated as a First-Time Homebuyer even if they had a joint interest with a spouse within the past three (“3”) years.

What are the advantages of First-Time Home Buyer Mortgages?

Common benefits are:
1) Low Minimum Down Payment Options
2) More Flexibility for using Family Gifts to assist with closing costs
3) Ability to finance home renovations as part of your mortgage
4) Lower Mortgage Insurance costs for select conforming loan programs

Examples of First-Time Home Buyer Mortgages in Texas and Florida

1) Fannie Mae Home Ready
2) Freddie Mac Home Possible
3) FHA insured Home Loans (203b)
4) FHA purchase and renovation home loan (203k)
5) USDA home loans for rural communities
6) VA (Veterans Administration) home loans
7) Indian Home Loans (Section 184). This program is available in select Texas counties and throughout Florida.
8) Physicians (“Doctor Loans”) for those with the following degrees: D./O./D.S/M.D./P.M/V.M

Minimum Down Payments for First-Time Homebuyers

Minimum Down payment examples according to published Agency guidelines:
“0 down” for VA loans
“0 down” for Doctor Loans
“2.25% down” for Indian Home Loans (Section 184)
“3% down” for Fannie Mae/Freddie Mac
“3.5% down” for FHA (Federal Housing Administration Insured) home loans.

How to Get a First-Time Home Buyer Mortgage in Texas or Florida

Contact Steve Silver at Silver Mortgage, at 1-800-920-5720.

NMLS licenses: #70160 Texas #314817 #360472 Florida #LO91968

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