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First Time Home Buyer Mortgage Loans

Definition

A first time home buyer mortgage loan is a specialized mortgage loan designed to make it easier for first time home buyers to purchase a home. A first time home buyer mortgage loan can have a fixed interest rate, an adjustable interest rate or be interest only.

The trait all first time home buyer mortgage loans have in common is that they are designed to be easy to qualify for. Typically, they accomplish this by having easier qualifying guidelines or lower down payment requirements than general loans.

Key Points

• A first time home buyer mortgage loan is a specialized mortgage loan designed to make it easier for first time home buyers to purchase a home.

• First time home buyer mortgage loans typically have easier qualifying guidelines and/or lower down payment requirements than regular mortgage loans.

• First time home buyer mortgage loans can be fixed rate loans, adjustable rate loans or interest only loans.

Pros

• The credit guidelines to qualify for a first time home buyer mortgage loan are typically less strict than the credit guidelines to qualify for a regular loan.

• First time home buyer mortgage loans typically require a smaller down payment than regular mortgage loans.

• While first time home buyer mortgage loans are easier to qualify for than regular loans, they have similar interest rates.

• There are many different types of first time home buyer mortgage loans available: fixed rate loans, adjustable rate loans, interest only loans, etc.

Cons

• There are fewer first time home buyer mortgage programs than there are regular mortgage programs, so there are some options available with regular loans that are not available with first time home buyer mortgage loans.

• First time home buyer mortgage loans are typically only available to people who've never purchased a home before, so people who have purchased homes before do not qualify for these programs.

Summary

First time home buyer mortgage loans are specialized mortgage loans designed to make it easier for first time home buyers to purchase a home. There are multiple types of first time home buyer mortgage loans available, including fixed rate loans, adjustable rate loans and interest only loans. The one thing all first time home buyer mortgage loans have in common is that they have easier qualifying guidelines than regular loans.

First time home buyer mortgage loans are a great way for first time home buyers to purchase a home. They offer similar interest rates to regular loans, but they have more flexible credit requirements and they typically require less of a down payment. While first time home buyer mortgage loans are a fantastic tool for many first time home buyers, those first time home buyers with great credit and solid income will have more options with regular loans.

If you're interested in applying for a first time home buyer mortgage loan with Arizona Mortgage Group, simply complete our Quick Application. One of our loan originators will then call you within 1 business day to answer any questions you have and get you started.