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Mortgage Programs for First Time Home Buyers
The 100% Mortgage
Qualify with no down payment with funds for closing costs which can come from a variety of sources, including a gift, seller’s assist, governmental grant or your personal funds. Additional flexibilities are offered to those who work in the communities we serve as teachers, firefighters, law enforcement officers and health care workers.
The 97% Mortgage
Qualify with as little as 3% down using funds for closing costs which can come from a variety of sources, including a gift, seller’s assist, governmental grant or your personal funds. Additional flexibilities are offered to those who work in the communities we serve as teachers, firefighters, law enforcement officers and health care workers.
The 3/2 ARM
This unique loan option is for members with good credit and requires a small down payment. Get a favorable start rate, which improves with a 5% down payment and an even deeper discount for those who have a down payment of 10% or more. This program does not require Private Mortgage Insurance (PMI)! Some first-time home buyers choose to go with a first mortgage equal to 80% of the purchase price and a second mortgage equal to 10%-15% of the purchase price to avoid PMI. The second mortgage, commonly known as a piggyback mortgage, usually carries a higher interest rate. The 3/2 ARM gives you the convenience of one loan and has reduced periodic payment caps than other traditional ARM’s.
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