First-Time Homebuyer Loans

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First-Time Homebuyer Loans

What is a First-Time Homebuyer?

Most programs have a strict definition of a first-time home buyer. However, the term can be a bit misleading. Generally speaking, you’re considered a first-time home buyer if you haven’t had any form of ownership in any home in the last 3 years.

That means that, even if you have owned a home at some point in the past, you may still be eligible to participate in some first-time home buyer programs, provided it has been at least 3 years since you’ve owned a home and that you meet the other qualifying criteria.

NC Housing Finance Agency (NCHFA)

97% Conventional Loans

Fannie Mae and Freddie Mac both offer a special 97% Conventional product for first time homebuyers. These programs allow the ability to put down less money on your purchase and may also offer reduced Private Mortgage Insurance (PMI) rates.

Programs

Freddie Mac Home Possible
Fannie Mae Home Ready

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