At Mortgage Market Capital (MMC), we offer the full spectrum of home lending options specific to first time home buyers. Simply being a first time buyer doesn't mean that only some loan options are available. In fact, first time homebuyers are benefited by loan programs that offer low to zero down payments, expanded debt-to-income ratios, lower or no cash reserve requirements and a reduction in some of the other criteria that can impact a loan approval being granted.

Loan programs typically available to first time buyers include the following:

• FHA Products -- Backed by the Federal Housing Administration as well as HUD (Housing and Urban Development), these lines of products, which include both fixed rate and adjustable rate loans, are great for new home buyers. They allow for higher debt-to-income ratios than are typical of conventional financing options. Credit scores are not a factor in the approving of these loans. Acceptable grant and gift fund options (such as DreamHome, Nehemiah, etc.), as well as seller paid closing costs (both non-recurring and pre-paid items) make for a loan product that can result in limited or no cash requirements at closing. Mortgage insurance premiums are split between being financed and being reduced on a monthly basis (as opposed to conventional loan products with similar down-payment requirements which require higher monthly mortgage insurance rates). Rates and fees are typically in line with those offered for conventional lending.
  
  While offering great flexibility in the underwriting and approval process, FHA loans are subject to loan size limitations that are applied to each county of each state in the United States. Typically, counties that incorporate metropolitan development(s) will allow for higher loan limitations, due to the fact that HUD sets the maximum loan amounts based upon sales price data collected on a per county basis. Loan limits are often increased over time to reflect appreciating markets, and may adjust annually.
  
  
• 100% Financing -- For those applicants who exhibit strengths in credit history (if you feel that your credit may not be the best, but you are still interested in 100% financing options, please see the 'Alternative 100% Financing' section below), these options can be very affordable and yield no down-payment with very little cash due at closing. Many purchase transactions that close with no down-payment actually close with two simultaneous loan transactions, and are termed as 80/20's: an 80% first mortgage and a 20% second mortgage, equaling 100% of the home purchase price.
  
  The resulting mortgage payments associated with 80/20's are often less than what could be accomplished with other low or no down-payment loans, and have no mortgage insurance required. The secondary mortgage financing (the 20% loan) can be in the form of a home equity line of credit (HELOC) or a fixed payment second mortgage. The first mortgages can be from one of a variety of conventional loan products, including fixed rate and adjustable rate mortgages.
  
  
• VA Products -- Backed by the Veteran's Administration, these loan products offer those who have served in the military or similar service, and who qualify for lending eligibility, an excellent opportunity to purchase a home, with little or no money out of pocket. VA loans can be available to both active duty and honorably discharged members of the service. There is no monthly mortgage insurance premium applied on these loans, and the rates and fees are similar to those available with conventional loan products.
  
  
• Alternative 100% Financing -- Many lenders specialize in understanding that while an applicant's credit might not be absolutely perfect, they might still be very qualified to enjoy the responsibilities of home ownership. These loans offer greater flexibility in how they are underwritten by lenders, whether while reviewing credit history or when documenting sources of funds to close (closing costs and pre-paid expenses). Rates and products vary depending upon the specific lending scenario of the applicant.

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