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Are There Special Mortgage Rates For 1st Time Home Buyers?

By Eric Goodwill

Are there special mortgage rates for 1st time home buyers? Are there 1st time home buyer mortgage programs through FHA? Can I combine mortgage programs?

Many lenders offer special mortgage rates and other incentives to first time home buyers. These bonus offers often include a discounted mortgage rate for the first several years of the mortgage, lower or no cost closing fees and reduced loan points. These loan incentives are geared toward first time home buyers in an effort to encourage home ownership for everyone. Many banks, as well as private lenders, pursue first time borrowers in an effort to establish a more lasting relationship with the consumer.

Are there 1st time home mortgage programs through the FHA?

The Federal Housing Authority (FHA) has a terrific program designed to help people get into their first home. FHA programs are made to promote home ownership. FHA or HUD loans have easy qualifying methods, low down payments and lower closing costs than other types of mortgages. Currently, the FHA has the ability to qualify you for a mortgage if you apply directly online through their official website.

Can I combine 1st time mortgage programs?

You can only receive one first time home mortgage – but – you can also qualify for many other tax incentives and down payment assistance programs with your first time mortgage. There are many different programs from the federal level down to local government programs that are helping people get into their first homes. Many programs are offering down payment assistance, tax credits and other monetarily based bonuses if you purchase your first home. If you combine the benefits of a first mortgage with all these other available programs you will easily get into your first home. Check out your city, county and state websites to find the relevant programs available to you.

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2. Can I Get A Mortgage Loan With No Down Payment?
3. How Large Of A Down Payment Do I Need To Get A Good Mortgage Rate?
4. If I Am Short On Cash, Do I Have Options To Help With A Down Payment For My Mortgage?
5. Are There Special Mortgage Rates For 1st Time Home Buyers?