Given that rates are at all time lows, many buyer’s have asked me whether first time home buyer’s can qualify for these rates. So today I want to help buyer’s understand the various programs that are available, what rates might be offered, what down payments they may need and whether mortgage insurance would be required.I will lay out comparisons for the following widely available programs: Conventional, FHA, and USDA 30 year fixed rate mortgages. These are 3 major programs that are offered, however, additional programs such as Mass Housing 0r combining a first and second mortgage to avoid private mortgage insurance may be offered.
via First Time Home Buyer’s Mortgage Primer | The Massachusetts Mortgage Blog.
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