It’s not near as easy to get first time home loans, as it was two to three years back. No doubt, the subprime mortgage crisis caused people and companies to lose billions of dollars.
Even today, the secondary mortgage market is having problems and not running smoothly. At the majority of the lending companies, the process to qualify for a loan is far tougher than before.
Due to these stringent guidelines put forth by these lenders, it’s gotten tougher to get first time home loans.
First Time Home Loans: What Lender Is Best For Your First Time Home Buyer Needs
There are some lenders who absolutely refuse to give out first time home loans to new homebuyers. Their reasoning is that there is no pattern of payment and proven track record.
These lenders rather work with already established home buyers who are looking to sell their home and purchase another.
When you’re in the market for the perfect mortgage lender, be sure you find one that wants to give out first time home loans and work with you. You also want a company that hasn’t become stringent in their lending standards in response to the subprime mortgage crisis.
Consider ING DIRECT Orange Mortgage, which has the lowest rates you can find with an easy online application and they don’t mind giving out first time home loans.
The best part of it all is that they were not struck with the subprime mortgage crisis that other lenders were hit with, and they’re still approving most applicants for loans.
When you’re looking for first time home loans, your best bet is going to be with ING DIRECT Orange Mortgage. To learn more about the different state programs, be sure you visit both the down payment assistance and first time home buyer grants sections.