First Time Home Buyers
Who are First Time Home Buyers?
First-time home buyers are considered new home buyers that have not owned a home in the last 3 years. These buyers are able to apply for several loans that areas could not qualify for. USDA loans are first-time home buyer loans. In order to qualify for a Fannie Mae or Freddie Mac conventional loan with only 3% down, one has to be a first-time homebuyer. One does not have to be a first-time homebuyer to qualify for FHA or VA loans.
First-time home buyers will be required to take a home counseling course. The Fannie Mae course is free. First-time homebuyers can also have co-signers.
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