It’s of no surprise that the lending industry has tightened the standards that led to the mortgage meltdown of the last several years. Today, first time home buyer loans are trickier to obtain.
However, there’s help for any first time home buyer who wants to get their first mortgage.
There are many states who offer first time home buyers cash grants geared toward helping them with the down payment or closing costs so long as they meet the income requirements. To learn more about this, check out the first time home buyer grants section.
There several lenders who have no desire to work with any person who is a first time home buyer, opting to work with those buyers who are previous homeowners.
The reason is that there is no history with first time home buyers. If you want to get a mortgage and don’t need any financial assistance with your down payment and don’t need the assistance of a state program, consider working with ING Direct Orange Mortgage.
This company, which managed to survive the mortgage bubble burst without too much damage, offers great, competitive rates, an easy to use application and doesn’t mind working with first time home buyers. Because they’ve been able to keep afloat, they’re still approving most applications.
If you have yet to apply for a mortgage and need some help, quite a few states will have some additional help using first time home buyer loans along with cash grants.
Both options make it highly possible for prospective homeowners to get the mortgage right for them and their budget when other conventional means have failed them. In many cases, tens of thousands of dollars can saved from the lower interest rates.