First Time Home Buyer Mortgage Down Payment
Yet, with mortgage rates low and an abundance of low- and no-down payment mortgages available from mortgage lenders, there’s never been a simpler time to get approved for your very first home loan.
Fannie Mae’s first-time homebuyer program is known as a HomeReady loan. To qualify, you must also earn an income at or near the U.S. median, have a minimum credit score of 620 and pay a 3% down payment. You do need private mortgage insurance at the time of purchase. But you can cancel it once you’ve accrued 20% equity in your new home.