There are a number of mortgage programs that are ideal for first time homebuyers. These first time buyer mortgages are can be an FHA loan with limited down payment, a VA or USDA mortgage with no down payment or a conventional loan with small down payments.
FHA loans are only limited by the county loan limit, there is no income limit for the program. Currently, the Lane County FHA loan limit is at $343,750 and can be accomplished with a minimum 3.5% down payment.
USDA requires no down payment and has a very liberal income limit of $74,750 for a family of up to 4. USDA has a funding fee and small monthly payment like mortgage insurance now.
VA is 100% financing up to the county conforming loan limit. That means that 100% financing is available in Lane County up to $417,000.
Conventional loans are readily available with a minimum of 5% down with either monthly or single payment mortgage insurance. Fannie Mae and Freddie Mac foreclosures are also available with as little as 3% down with no mortgage insurance.
Give me a call at 541-743-2966 today to see what loan program is best for your circumstances. There are excellent opportunities right now for finding the right home at the right price and the right payment.