| | Many home loan programs have been specifically created for first time home buyers. These loans feature low down payments and approval guidelines that make it easier to qualify. Some of the more popular first time homebuyer programs are listed below. To get started immediately click here for our on-line application.
Return to Loan Programs
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Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.
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First time home buyer programs are designed to assist borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.
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Community homebuyer programs reduce the down payment the borrower must pay to 3% or less, which must be the borrower's own funds. The closing costs can be gift funds, a grant, or seller assistance up to 3% of sale price. This type of home loan may require the home buyer to take a class on home ownership in their state. Upon completion of the class, the homebuyer will receive a certificate that reduces the cash requirement and expands the qualification ratios. Community homebuyer programs have been making it possible for many people to have the opportunity to buy a home.
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Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of an event. In simpler terms, escrow is where the property changes hands and prevents the seller from not receiving the money from the sale and prevents the buyer from not receiving the deed to the home that was purchased. Escrow is important to both buyers and sellers during the mortgage process as it acts as an independant third party.
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At Infinity Capital Mortgage Inc our Seattle mortgage brokers offer a wide variety of first time buyer programs to Seattle first time buyers. First time buyer programs in Seattle can make securing a Seattle home loan easier and more affordable. Contact your Seattle mortgage lenders at Infinity Capital Mortgage Inc to begin your first time buyer loan.
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